How about a controversial thread?
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From: SoCal
The republican congress would love to pump up the economy of their corporate friends with a big investment boom. They think it's good because it will creat jobs (in China), reduce taxes (for the rich) and make some people very, very, very, rich ( the upper 5% that got most of the tax cuts last year).
If anything, the Democrats want the SS money so they can fund more of their projects. Let's face it, the Republicans want to get their hands on that money too, but a personal investment account is more in line with their beliefs--less government, more personal responsibility.
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From: Napa
Flts, besides ruining my employment, I am scared to death of a value added tax (or a national sales tax). It would likely be touted as a replacement for the income tax, but it would only be a matter of time before we had BOTH income and VAT taxes going full bore.
Remember back in '86 when congress gave us only 2 tax rates (the closest we have ever been to a true flat tax) and at the same time they took away a long list of deductions. It wasn't too bad, since they lowered the brackets considerably. Then, little by little, they started raising the rates again. Now we have 5 brackets. Did they give back the deductions? Heck no. I wish they would leave the code alone.
Remember back in '86 when congress gave us only 2 tax rates (the closest we have ever been to a true flat tax) and at the same time they took away a long list of deductions. It wasn't too bad, since they lowered the brackets considerably. Then, little by little, they started raising the rates again. Now we have 5 brackets. Did they give back the deductions? Heck no. I wish they would leave the code alone.
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I kind of like a simple code. You buy you pay you save you don't. The more you buy the more tax you pay. I don't think anyone would notice much change with a VAT. First of all their paycheck would be a lot larger with no withholding.
Now all we need is a constitutional amendment or the Supreme Court to delcare income tax illegal
fltsfshr
Now all we need is a constitutional amendment or the Supreme Court to delcare income tax illegal
fltsfshr
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From: SoCal
Agree totally with Flts.
What if we had JUST a consumption tax? when (NOT if) congress tried to increase the percentage, there would be contentious wrangling in congress, and it would become clear who is "tax and spend" and who is "supply side".
What if we had JUST a consumption tax? when (NOT if) congress tried to increase the percentage, there would be contentious wrangling in congress, and it would become clear who is "tax and spend" and who is "supply side".
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We could tie this in with Social Security reform. WOW a fixed tax rate, a partially privatized iunvestment social security system. No estate tax. Your kids can build on what you've made.
Sounds like there is an opportunity for America to own the world.
fltsfshr
Sounds like there is an opportunity for America to own the world.
fltsfshr
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From: I'm not sure
Originally Posted by fltsfshr' date='Feb 3 2005, 03:13 PM
Now all we need is a constitutional amendment or the Supreme Court to delcare income tax illegal
If you can withstand the havoc they will hail down on you if you do not pay, then you are free from income taxes. You can find all sorts of info on this. It is true.