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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: JBTFD who wrote (25080)11/5/2004 2:14:59 PM
From: GraceZRead Replies (3) of 306849
 
Raised the amount of the EIC credit, raised the income cut off for the credit so it made many more tax payers eligible and raised the level that wasn't subject to tax.

I'm home sick today otherwise I'd get you the exact figures off the IRS site, but I can tell you they are all available there if you want to investigate first hand. I like to read that stuff from simple factual sources first hand instead of getting them "spun" through the media. I find that you can almost never read about taxes where someone isn't trying to sell you a bridge.

BTW I hadn't heard that Bush is "trying to push" a national sales tax but if you want to explore reform, you'd have to consider all options out there. I think almost anyone you talk to on either side of the aisle would agree that the tax system as it stands has many problems and adds an enormous reporting requirement cost that we all pay. In the past a VAT has been proposed but dropped as has the flat tax as too regressive. You have to also understand that Congressmen curry favor with special interest groups by granting/keeping favored deductions and tax incentives so they have little interest in scrapping the current system no matter how terrible it is. The advantages of a VAT being that it doesn't punish wage earners and is based on levels of consumption, it encourages savings and investing and doesn't have the various distortions and special interest groups lined up for tax incentives and deductions. It basically gets the government out of the business of directing the economy into this industry or that to reward political favors. The current tax system is rife with this kind of distortion.
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