PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: DuckTapeSunroof who wrote (710991)	11/3/2005 9:52:15 PM
From: Peter Dierks	Read Replies (1) of 769667

Buddy. You have posted innumerable times your preference for triple taxation. You seem not to like having this pointed out about you so you make up things about me while claiming you are lack the ability to comprehend that you support triple taxation. Accounting theory is not for the faint fo heart. Comprehensive Income is the change in equity (net assets) of an entity during a period of transactions and other events and circumstances from non-owner resources. (FASB 1980, para 56) Admittedly this is a balance sheet oriented approach to income measurement, but it is more accurate that the revenue - expenses approach favored in Income Statement accounting. It is may be more difficult for some people to understand. "ALL income should be taxed at one FLAT rate and with a bare MINIMUM of exceptions/loopholes/special preferences, " Except that you prefer to tax it at that one flat rate multiple times. Every time it is transferred from one entity to another. An extension of that theory would ban all deductions: businesses would simply be taxed based on revenue without regard for expenses. "You, on the other-hand, appear from my perspective to be a supporter of lots of loopholes in a complicated," The author of that quote appears to lack the ability to comprehend what I write. "and special treatment and special rates for whatever groups you personally seem to favor" Balderdash. I favor income being taxed a single time. You favor taxation of the same income event at the corporate level, then dividend or capital gains and then again at inheritance. There is no favoritism about taxing income a single time. Your preference seems to be slanted towards earn to spend consumption oriented non savers. While you are entitled to prefer the unfair taxation of capital formation, it is only your preference, not a high moral cause. "with the government continuing to pick and choose 'winners and losers' by manipulating the special preferences in the tax codes.)" Exactly. By taxing income only once, government no longer favors wage earners over accumulators of wealth. Single taxation would favor no one and would be fairer and more equitable.

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