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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Tommaso who wrote (40464)11/2/2005 4:36:37 PM
From: mishedlo  Read Replies (5) of 116555
 
Tom, for the most part I agree.
I spent all day reading that after you posted it.
It is well written and informative as well.
The simplifications to the tax code seem massive.

I am doing a blog on this right now.

One thing: I absolutely 100% fail to see how this can remotely be close to "revenue neutral".

It does seem fair and the benefits broadly spread around (other than elimination of double taxation of dividends that I think more affects the wealthy).

Let's see: we are getting rid of the AMT, reducing the marriage penalty, encouraging more tax free savings, and eliminating double taxation of dividends (under one proposal). All I see that has been given up in return is a reduction of part of the home interest deduction, elimination of deductions for state and local income taxes, and ending preferential treatment of employer provided fringe benefits such as childcare, life insurance premiums, and education costs. Note that even though part of the home interest reduction was eliminated, the plan was broadened such that more people who do not itimize are likely to benefit than before. Can someone tell me how this can possibly be revenue neutral? Is this the ultimate "feee lunch"?
Mish
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