Posted on 03/17/2011 3:59:49 AM PDT by xtinct
The chairman of the House Ways and Means Committee wants to cut the top U.S. tax rate to 25% for individuals and corporations, and cut or eliminate many popular deductions.
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The tax-overhaul plan form House Ways and Means Chairman Dave Camp, left, would be designed to be revenue neutral overall. .The odds of quick action appear slender. But the move, from Rep. Dave Camp (R., Mich.), is significant as a marker in what will likely be a multiyear debate over revamping the tax code. The plan also provides Republicans with a position to pitch in the 2012 election, a campaign that promises to focus heavily on the economy and jobs.
Mr. Camp told The Wall Street Journal an overhaul of the unwieldy tax code is an essential element in stimulating both economic growth and job formation.
"America needs a tax code that promotes, not prevents, job creation," he said. "Today's code is simply too complex, too costly and too burdensome for families and employers of all sizes to comply with.…We need to set ambitious goals and work toward those, because if we don't try that will be the biggest failure of all."
(Excerpt) Read more at online.wsj.com ...
Revenue neutral
JHC, how stupid do they think we are anyway?
If they go through with their plans, it will just about slam the door on home ownership for another 25% of our populace.
They never mess with the tax code to help us. They mess with the tax code to increase revenue.
Are they really so stupid as to think we don’t know this?
Because the present tax code "rewards" high income earners with far higher tax rates on the amount of income that pushes them into the higher tax brackets.
I think the only way to resolve this is by way of a national retail sales tax. I like the FairTax in theory, but I think in practice it might not be the most practical of solutions. But given a choice between the FairTax and the current tax code, I'll go with the FairTax.
Doing so will increase the people's purchasing power...
By increasing the cost of goods 20-25%. That is called insanity.
I’ve not come down on the plan I like the most. I say this because I have long ago accepted that our government players could screw up the simple act of driving a nail with a hammer.
They will find a way to screw up any plan that would have worked.
If we sign on to a national sales tax, they’ll still keep taxing us based on income too. I don’t trust these people at all.
In California I am now paying 9.25% sales tax, plus income tax, plus gas taxes, plus exorbitant vehicle registration fees, plus employment license fees, plus a myriad of taxes on our utilities intended to make life easier for a myriad of ‘special’ people, plus...
I mean, it never ends.
Indeed. And most likely, they'd screw us with a VAT in addition to a national sales tax. I should have made it clear that any national retail sales tax should be implemented if and only if a constitutional amendment was put in place to repeal the 16th amendment.
We need to eliminate all tax refunds that would reduce tax liability below 5% tax on Adjusted Gross Income.
Any government worth having is worth everyone supporting, however small the amount.
Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)
I agree... but the income tax will never make that happen. The income tax, by its very nature, exempts the underground economy from any form of taxation. A national retail sales tax that replaces the income tax will ensure that everyone pays something.
That VAT tax scares the hell out of me. Imagine the whomping tax that will amount to, taxing at every step in the process. That to me is a vile evil plan if ever there was one.
And of course, we hear about how "great" it is, because "that's what they do in Europe!"
Why of course.
We fought for our freedom, and have been trying to give it back ever since, never as earnestly as we have been in recent years.
That was not a positive. Reagan was duped by the Dems. They knew they could always raise the rates when they had the power. Besides, giving out deductions to special interest groups is how politicians pay back favors. They never have any real intention of keeping tax rates low. It’s a giant con.
Must make the 45+% pay like everyone else. I think a flat or fair tax is best. no VAT, that’s a trick. Eliminate the IRS Terror tax or institute a poll tax (that’ll stir em up)
Those old guys got it right didn’t they?
Those old guys got it right didn’t they?
There’s no school like the old school.
From what I know, I favor the flat tax over the otheers - everyone pay the same rate.
You appear to confuse "one" with "all." Actually, "revenue-neutral" means that it doesn't change only ONE thing. Why blame someone for things he does NOT do and does NOT say? Classic straw man argument.
At the same time, you blame the person for doing something just because he cannot do everything. Opinions are one thing, but this this just not logical.
Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)
You confuse what Reagan did and what the Dims did later on. By your logic we shouldn't do anything at all to the tax code now because at some point in the future the Dims can undo it.
It's not logical because it is describing something that is political in nature and not logical in itself. It is a political dodge used to change the subject and sound convincing when the point is actually to obfuscate.
Your comment proves that it works.
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