To: Aristotelian
But the new wrinkle Mr. Thompson has just added is a proposal for a voluntary flat tax. Taxpayers would have the option of paying a flat income tax, with two rates. For joint filers, that would be 10% for incomes up to $100,000 and 25% above that.
This is not a new wrinkle. Mr. Seib needs a history lesson. When the 16th Amendment was enacted in 1913 it began, like Thompson's proposal, as a two tiered flat tax system. It ranged from merely 1% on the first $20,000 of taxable income and was only 7% on incomes above $500,000. In 1939, 26 years after the Sixteenth Amendment was adopted, only 5% of the population, counting both taxpayers and their dependents, was required to file returns. Today, more than 80% of the population is under the income tax.
Fred Thompson's proposal is simply more tinkering with an oppressive overly burdensome and complex 67,000+ page tax code system. It will revert us back 94 years but eventually will become once again the monstrosity it is today. If Fred Thompson were truly serious about reducing the tax burden he would call for a fundamental change by replacing federal income taxes with a national sales tax as outlined in the Fair Tax Act(HR25/S.1025) currently before Congress. Those who ignore history are condemned to repeat it.
2 posted on
11/26/2007 8:22:34 PM PST by
Man50D
(Fair Tax, you earn it, you keep it! Duncan Hunter is a Cosponsor.)
To: ancient_geezer; Taxman; pigdog; Principled; EternalVigilance; PhilWill; kevkrom; n-tres-ted; ...
3 posted on
11/26/2007 8:23:44 PM PST by
Man50D
(Fair Tax, you earn it, you keep it! Duncan Hunter is a Cosponsor.)
To: Man50D
It sounds good (fair tax) at first, unless you try to buy or sell something in a larger denomination such as a car or a house...
4 posted on
11/26/2007 8:27:41 PM PST by
kinoxi
To: Man50D
Huckabee is the only GOPer running who advocates the fair tax, and he has no chance at getting the nomination. That makes debating the fair tax moot as far as this election cycle goes. Others want to cut the income tax. That will contrast nicely with Dems’ calls for raising taxes.
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