^ Careful, ol' fella! ...Defense lawyers have claimed that Prozac could lead to rage and regret ...
You lookin' for a fight? Bring it - - on!!

 

Thanks for the statistics, Cordy. I wasn't far off, from memory.
This moring I read Allan Sloan's Newsweek column (April 18) and his thoughts on the Bush commission to revamp the income tax. I'll cut to the chase- He says "Bush's unstated (and unconfirmed) goal is to turn the income tax into a tax on wages only,...and replace the lost income taxes with a national sales tax or value added tax".
I almost threw up my breakfast. I can't see taking away money people earn with their swaet, while not touching money others get by doing nothing but investing. Yeah, I know, investments create jobs, but who wants to work and lose more and more to taxes? The commission's report will be out in July, and if this is the jist of it, I will start a letter and email writing campaign that won't quit. I may even -gulp- vote for a democrat if his/her views are more in line with mine (and her name isn't Hillary).
Uppity, since you asked me, I can't answer you about what is wealthy. It depends on who you talk to. And do you consider income, assets or both? It's whatever level you would consider yourself wealthy if you achieved it.

 

We shall see Morris. This is the first I've heard of it.

If Bush means this to be an interim step to a more simplified tax system, then maybe it isn't all bad. It also seems to mesh with the "ownership society" thought of the current administration, and would encourage more savings, which is good.

I don't buy it. I think you have a picture in your mind of some guy wearing an ascot, sipping mint julips by the pool. This could just as easily be your grandmother, living on a pension.

Last, although I'm a little fuzzy on the concept, I was led to believe that a nat'l sales (consumption) tax would instantly make our products more competitive in the export market, thus growing the economy. Maybe someone with more of a grasp can help fill in the details.

 

Flat tax, baby. Flat tax.

uts up shield from Rob. :

 

.. as long as the rate is 0%.


JonasM

 

No shield necessary. I'm in my "non-controversial" mode.

 

National Sales Tax, Value Added Tax, whatever you want to call it is regressive and it would also require a repeal of a constitutional amendment to ensure that the VAT was not ADDED to the current income tax system instead of replacing it. European countries opted for a VAT and kept the income taxes.

I agree......FLAT TAX....

 

FLAT = FAIR in my book. Hopefully we get there eventually.

 

[QUOTE=cordycord,Apr 18 2005, 10:39 AM] Last, although I'm a little fuzzy on the concept, I was led to believe that a nat'l sales (consumption) tax would instantly make our products more competitive in the export market, thus growing the economy.

 

Thanks Warren. Sometimes I "forget" that wages are added into the cost of goods. My wages are variable in that I don't get paid if my products don't sell.

If it's possible to take taxes out of the cost of the goods leaving the U.S., then they theoretically should become more competitively priced.