Senators plan push
to end income tax
Lawmakers looking to replace current code with flat-rate levy on business transactions
Posted: October 25, 2005
3:28 p.m. Eastern
© 2005 WorldNetDaily.com
A South Carolina senator dissatisfied with the results of a Bush advisory panel's recommendations on tax reform is set to introduce a bill to abolish federal income tax in favor of a levy on business transactions.
MORE: http://www.worldnetdaily.com/news/artic ... E_ID=47036
Good-by Income Tax ?
Good-by Income Tax ?
Schooling results in matriculation. Education is a process that changes the learner.
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Accountable
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Good-by Income Tax ?
According to the Sun report, the DeMint plan, which is co-sponsored by Sen. Lindsey Graham, R-S.C., includes an 8.5 percent federal retail sales tax on all new goods and services. Corporate income taxes would be replaced by an 8.5 percent business transfer tax charged during purchases of supplies or equipment.
Not happenin'.
First, that would not simply establish a federal sales tax, it would increase sales tax by 8.5%. That means a 16.5% sales tax in my city.
Second, it would discourage spending, which is what our economy is built on. *waits for the sniggering to subside* Less spending means less demand, which increases supply, dropping prices... I think the term is stagflation.
Third (and the biggest reason it'll never make it past committee), it makes sense. Discouraging spending is a negative phrase meaning encouraging savings. The typical US citizen has huge credit card debt, makes payments on cars he can't afford because it's new, and doesn't have enough in the bank account to pay the next month's bills, should his job suddenly go away.
Good-by Income Tax ?
Accountable wrote: Not happenin'.
First, that would not simply establish a federal sales tax, it would increase sales tax by 8.5%. That means a 16.5% sales tax in my city.
Second, it would discourage spending, which is what our economy is built on. *waits for the sniggering to subside* Less spending means less demand, which increases supply, dropping prices... I think the term is stagflation.
Third (and the biggest reason it'll never make it past committee), it makes sense. Discouraging spending is a negative phrase meaning encouraging savings. The typical US citizen has huge credit card debt, makes payments on cars he can't afford because it's new, and doesn't have enough in the bank account to pay the next month's bills, should his job suddenly go away.
I can't argue with any of your points. I would sure like to see a change in the way taxes are collected though.
I think the Federal Government should be out of the collection business all together. I think the States should determine how best to collect their taxes and that the Federal Government should be paid from those taxes... by the States and not by the individuals. I think there would be some hope for restraining the growth of the Federal Government if the Governors were telling the Congress that they weren't getting any more money from their state.
First, that would not simply establish a federal sales tax, it would increase sales tax by 8.5%. That means a 16.5% sales tax in my city.
Second, it would discourage spending, which is what our economy is built on. *waits for the sniggering to subside* Less spending means less demand, which increases supply, dropping prices... I think the term is stagflation.
Third (and the biggest reason it'll never make it past committee), it makes sense. Discouraging spending is a negative phrase meaning encouraging savings. The typical US citizen has huge credit card debt, makes payments on cars he can't afford because it's new, and doesn't have enough in the bank account to pay the next month's bills, should his job suddenly go away.
I can't argue with any of your points. I would sure like to see a change in the way taxes are collected though.
I think the Federal Government should be out of the collection business all together. I think the States should determine how best to collect their taxes and that the Federal Government should be paid from those taxes... by the States and not by the individuals. I think there would be some hope for restraining the growth of the Federal Government if the Governors were telling the Congress that they weren't getting any more money from their state.
Schooling results in matriculation. Education is a process that changes the learner.
Good-by Income Tax ?
New Zealand has a GST (Goods & Service Tax) of 12.5 % on everything. Groceries, doctors bills, movies, every purchase and service. Now that would be OK if it were the ONLY tax, but they have a Income Tax as well. My concern would be that the U.S. would do the same thing if they had a flat GST. Start out with that and then add Income Tax, or keep the Income Tax as is, and add a GST.
Good-by Income Tax ?
Lon wrote: New Zealand has a GST (Goods & Service Tax) of 12.5 % on everything. Groceries, doctors bills, movies, every purchase and service. Now that would be OK if it were the ONLY tax, but they have a Income Tax as well. My concern would be that the U.S. would do the same thing if they had a flat GST. Start out with that and then add Income Tax, or keep the Income Tax as is, and add a GST.
I hate not being able to trust the folks we elect but you are right. They will find some way to make the new tax yield more so they will have more pork to buy votes with.
I hate not being able to trust the folks we elect but you are right. They will find some way to make the new tax yield more so they will have more pork to buy votes with.
Schooling results in matriculation. Education is a process that changes the learner.
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Accountable
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Good-by Income Tax ?
Clint wrote: I can't argue with any of your points. I would sure like to see a change in the way taxes are collected though.
I think the Federal Government should be out of the collection business all together. I think the States should determine how best to collect their taxes and that the Federal Government should be paid from those taxes... by the States and not by the individuals. I think there would be some hope for restraining the growth of the Federal Government if the Governors were telling the Congress that they weren't getting any more money from their state.
OOOooooooo :yh_ooooo I like that idea a lot! :yh_clap
I think the Federal Government should be out of the collection business all together. I think the States should determine how best to collect their taxes and that the Federal Government should be paid from those taxes... by the States and not by the individuals. I think there would be some hope for restraining the growth of the Federal Government if the Governors were telling the Congress that they weren't getting any more money from their state.
OOOooooooo :yh_ooooo I like that idea a lot! :yh_clap
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chonsigirl
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Good-by Income Tax ?
Hmm, reminds me of the Articles of Confederation, where the States collected the taxes, and left the Congress to rely on the States for their funding. If I recall U.S. History correctly, this didn't work. What revisions would you suggest from this system?
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Accountable
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Good-by Income Tax ?
chonsigirl wrote: Hmm, reminds me of the Articles of Confederation, where the States collected the taxes, and left the Congress to rely on the States for their funding. If I recall U.S. History correctly, this didn't work. What revisions would you suggest from this system?
I slept thru that one. Why didn't it work?
pssst! Take notes, Skittles.
I slept thru that one. Why didn't it work?
pssst! Take notes, Skittles.
Good-by Income Tax ?
I’ve spent too many years in the business of begging for money from the Federal Govt… money that they should never have had their hands on to begin with. Most local taxing authorities have the gross product needed to generate the taxes necessary to do what they are charged to do. The problem is that the Feds reach in and take the money so they can administer it, taking their cut and getting the votes for strategically distributing it to the successful beggars. Watching the people pay through the nose only to see their money go to a politically savvy beggar has caused me to think of ways to end the game. The trouble is, all I can do is think.
If the States collected all of the taxes the people would be close enough to their representatives to keep them from getting out of control. The Federal Government should have the burden to prove they need the money they get. Governors would be excellent controllers of the Federal appetite because they would have their constituents breathing down their necks to make sure of it.
The real beauty of all this is that it would put Congress back in the business of making law. They would be out of the business of bringing home the bacon. Can you imagine what a Congressman who wasn’t concerned with constituent services would be like? We would start electing people to Congress who have wisdom and intelligence rather than the charlatans we now send there.
If the States collected all of the taxes the people would be close enough to their representatives to keep them from getting out of control. The Federal Government should have the burden to prove they need the money they get. Governors would be excellent controllers of the Federal appetite because they would have their constituents breathing down their necks to make sure of it.
The real beauty of all this is that it would put Congress back in the business of making law. They would be out of the business of bringing home the bacon. Can you imagine what a Congressman who wasn’t concerned with constituent services would be like? We would start electing people to Congress who have wisdom and intelligence rather than the charlatans we now send there.
Schooling results in matriculation. Education is a process that changes the learner.