The president is talking about tax reform as one of his top agenda items for the next 4 years. My congressman tells me they're going to try to pass the Fair Tax bill "after the election" (this was in April.) They have the votes.
Is the president talking about the Fair Tax? He calls his plan for tax reform "revenue neutral." The press is thinking he means he's not going to cut taxes with the reform. To me this sounds more and more like the Fair Tax. In fact, it's the only major tax reform bill currently sitting in congress (Senate and House) that I know about.
I'd like to hear what people think about the idea because I frankly can't see any downside. It'll help the poor. It'll help the middle class. It'll tax currently untaxed money (crime money, black market money.) It will remove the corporate tax burden freeing up profits for jobs - not to mention free up conformance costs which are astronomical (has anyone heard how tall GM's tax return was last year?) It'll cause lower prices through competitive pressures. Everyone has more money because nothing is taken out of their checks. Sorry,
I fail to see any major problems. It's fair: if you are truly poor you won't pay taxes unless you buy something you probably can't afford like a brand new car or a big screen tv. Government costs go down.
I'm not saying it's perfect, no form of taxation is, but it's better than our current system where 10% pay 50% of the taxes before they even get to touch it.
Underour current system, a millionaire who makes $15k a year on a small business that he runs in his retirement as a hobby, would get money back where as a person making 200k might have to pay out of pocket. Under this system, that millionaire would pay taxes.
Posted by Skywalker at November 4, 2004 06:32 PM | TrackBackI think this is a bill that MUST go through.
Can you imagine how liberating this could be???
Posted by: michael at November 4, 2004 07:59 PMYes I can actually. I've crunched the numbers. a) There is almost no way government income would fall (it's possible, but it would require us going from a period of growth to a depression overnight) and b) my fammily's disposable income would go from non-existent to existent.
Posted by: skywalker at November 4, 2004 08:44 PMIf this is indeed what the President is talking about ...sounds good to me so far....let's do it.
Posted by: mrs. muddy at November 4, 2004 10:43 PMI encourage people to go to the website and read the specifics.
Posted by: skywalker at November 4, 2004 11:21 PMYes, yes...excelent idea. I, myself, am going to re-read it again as well....tomorrow. At this moment and time, however, I'm starting to get a little cross eyed over all the info about it and am begining to lose consciousnessssszzzzzzzzzz....
Posted by: mrs. muddy at November 4, 2004 11:57 PM