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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: JDN who wrote (84362)	11/6/2004 10:49:14 AM
From: MichaelSkyy	Read Replies (2) \| Respond to of 793801

Check out the "Fair Tax" website... fairtax.org Simply put, the FairTax replaces the way we're currently taxed - based on our annual income - with a tax on goods and services. The FairTax is a voluntary “consumption" tax: the more you buy, the more you pay in taxes, the less you buy, the less you pay in taxes. Everyone pays their fair share of taxes, and with the FairTax rebate, spending up to the poverty level is tax free. The Federal government is fully funded, including Social Security and Medicare, and you don't need an expert to determine your Federal taxes. It's simple.

To: JDN who wrote (84362)	11/6/2004 1:58:28 PM
From: Triffin	Read Replies (3) \| Respond to of 793801

JDN .. Tax simplification .. Here's a few ideas I've had on the subject .. 1) First $50,000.00 income from any source federally tax exempt for every taxpaying individual/entity .. Increase the base rate by the CPI or whatever measure of inflation the government wants to use after adoption. 2) Pick a flat tax rate ( 12% ) to tax all income from any source, W-2, dividends, interest, capital gains, rents, pensions, social security etc etc above the base amount ( $50,000 ) this is also the corporate tax rate .. 3) Preserve tax-exempt status of muni-bonds 4) Only deductions against gross income: interest on primary residence, standard deduction for families with children, direct medical expenses, charitable contributions. 5) National sales tax of 2-3% on all consumption except food and clothing. 6) Privitize Social Security ie you still pay into the system, but it's your account .. functions like an IRA except you can't touch it until retirement .. approved investments would include bonds and equities but no exotic transactions Am I close or nuts ????? Triff ..