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Politics : PRESIDENT GEORGE W. BUSH
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To: John Carragher who wrote (478595)10/20/2003 11:41:06 AM
From: DuckTapeSunroof  Read Replies (1) of 769670
 
"america lives on loop holes.. gg"

>>> That's maybe the saddest thing I've heard in a long while.

"I remember in the sixties talking about flat tax.. just cannot see it happening... take away childcare credits,,etc that where built into tax system during clinton.We will need to build up a larger , if possible, welfare system before flat tax."

>>> I don't think so. The two things a flat tax (& taxing all income at the same rate - no matter how earned), by it's simplicity and even-handedness, give us immediately are:

1) drastic reduction of the $500 - $800 Billion annual cost of complying with our corrupt and needlessly complicated tax code swamp.

2) a restoration of free market efficiency to our economy - as decisions will be made on the basis of sound economic potentials... not merely in an effort to capture arcane tax benefits. (New and emerging businesses - the creators of 90+ of all net new jobs over the last 30 years - will finally be able to compete on a more nearly level playing field without the unfair tax code perks that our present system offers the 'sunset industries'.)

BOTH results add directly to economic growth potential of our nation, which results in higher tax revenues also.

You are also forgetting a few things, I believe. for example, under our present corrupt system, the too- high-by-far tax rate that is accessed on money earned overseas by 'US multinationals' when it is repatriated to the US is a statutory 35%.... but you can clearly see the dominant influence of all the loopholes and special tax breaks in the corporate tax code when you see that the EFFECTIVE AVERAGE TAX RATE THEY PAY ON THESE EARNINGS (real rate after loopholes) is less than 3%.

So... where can I get my 3% income tax rate?

(I think you have been bamboozeled by flat tax opponents.)
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