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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Wayners who wrote (674460)	3/8/2005 2:00:22 PM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 769670

I'm sure CATO suggested a two rate system because they didn't believe that a one rate system would pass Congress. Still, even with their two rate system, the vast majority of people would only be taxed @ 15%... the same as the dividend & capital gain tax rate (for those 'rich' people you were talking about...), and corporations would ALSO have a 15% rate (and with most loopholes gone, including the deduction for interest on debt! Why our tax codes encourage debt over savings or retained earnings I'll never know). IMO, it would be a big improvement over the mess we have now, and I'm sure tax compliance would go way up for both individuals and corporations, and there would be much less incentive for corporations to shelter their earnings overseas like they do now. Didn't the 15% tax rate help turn Ireland from one of the poorest countries in Europe, into the richest in Europe?