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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Kelvin Taylor who wrote (871)	3/31/1998 10:17:00 PM
From: Colin Cody	Read Replies (1) \| Respond to of 5810

Kelvin, >Where to you get 15 to 30%? Sounds like the current income tax rate. >My proposal would require a "super majority to raise taxes not just >one vote extra in Congress. Until people who pay decide to send a >message at the voting booth the standard way will prevail. Higher >and higher rates then stopping at 100%. I don't understand what you said above... In the mail today came a typical Flat tax campaign: AHGO, Steve Forbes, Honorary Chairman. 1-800-760-1610 ahgo.org They call for a 17% Flat Tax. >So how do you avoid paying tax on a purchase in a department store? >Do you just refuse to pay the tax? Let me re-emphasize, that I am a practicing CPA. I am not here to teach tax evasion. (g) TODAY the State Sales taxes are faced with FRAUD, EMBEZZLEMENT, SKIMMING, SHAM TRANSACTIONS, OUT-OF-STATE SCHEMES, and so on. And that's for a tax rate of 3% to 8%. ADD the NST of say 22% on top of that and the INCENTIVE TO CHEAT will be 500% greater!!! >Where does you rate of 36% come from? Do you have >fact to back up your claim? Various rates are tossed about. To bring in similar revenues it has been computed that an NST would be far in excess of 20% on retail sales. EXAMPLE: Look at your income. Let's say it is $50,000. Look at your Federal Income taxes, let's say they are $9,000. That's 18% Tax:Gross. Now let's look at WHAT YOU SPEND, RETAIL: Rent $10,000 Food $5,000 Clothing $4,000 Automobile $8,000 Other $6,000 TOTAL $33,000 The rest is for savings and other taxes. Now compare $9,000 (the amount the Fed needs to maintain revenue) to $33,000 and we have an NST rate of 27% This is an over simplification, but it gets you to the point to understand the 15% to 30% NST rate that we'd see. >Under a National sales tax the single rate would be divided between >the state and Federal government in such a way to meet the necessary >needs to both the state and local agencies and the national >government. SAYS WHO? The 50 States have NOT agreed to this. And NO gov't will ever agree to "what necessary needs" is. >As far as cutbacks the more the better. A 15% reduction in ALL >federal programs would just eliminate the fleecing of America and >not damage the needed funding of important programs. >That not my statement but comes from the Government Accounting >Office and was reported on NBC Nightly News. I didn't suggest otherwise. What I STATED was once the Fed cuts back, the STATES, COUNTIES, CITIES and TOWNS will increase their taxes to make up the shortfalls. . Colin