CAVUTO REPORTS THAT BUSH CONSIDERING SCRAPPING THE IRS CODE!!!

Fox News Channel | November 6, 2002 | n/a

[Tree of Liberty]

Neil Cavuto just interviewed Mitchell E. Daniels, Jr., the director of the OMB, and Neil let it be known that he's hearing rumblings that Pres. Bush is considering a total re-write of the tax code and that SecTreas O'Neill is strongly pushing a national retail sales tax!

[HelgaHawk]

What do they care? Their gonna get their cut anyway aren't they? I mean the tax money will be obtained in a different manner, but be spent the same way (i'm hoping not - we need some change in that area too.).

[Irene Adler]

"Under the NRST EVERYONE PAYS THE TAX! When you buy something you pay a tax. It's fair because everyone, law abiding or not, criminal or tax cheat, prostitute or gambler all pay the same rate of tax every time they purchase ANYTHING!"

Unless they buy it on the black market. That's the only major problem I see with such a system: a black market would spring up immediately, and it would be very, very hard to defeat.

[Jim Robinson]

No income testing. Just exclude basic food items and housing. We want the government out of our personal papers.

[HelgaHawk]

Well, at least it gives you a choice. Right now we have no choice.

[Phantom Lord]

There is a huge difference between a "Tax Cut" and a "Tax Rate Reduction". Tax Cut has become the generic term for tax rate reductions by the left for obvious reasons and the conservatives have never countered with the real term, tax rate reduction.

Reagan did NOT cut taxes, he reduced rates and tax revenue increased. A tax "cut" would have reduced revenues.

And the RATs in congress during the 80's promised to reduce spending $2 for every new $1 in tax revenue. They spending reductions NEVER happened and that is why we had such huge deficits in the 80's.

[agitator]

ping

[steveegg]

If this can get any traction, outstanding.

[ThinkDifferent]

As one example, think about the difficulties of collecting sales tax on illegal drugs

Not many drug dealers are currently paying income taxes, so that's a wash.

[agincourt1415]

I have argued for a Nation Sales Tax on a Yahoo site years ago, and I am for it, except that I think it only needs to be about 5% instead of 23%.

Keep in mind that if people consume with the Income taxes they would have paid to the government we don't need to do an apples to apples comparison in percentages.

The extra money (due to geometric increases in consumer spending) will flow into the economy and the Government income (from the sales tax) will go up and up and up.

Cancel the Tax code and then we can Argue over the percentages, but 5% is enough, and let the Economy RIP!

Bush gets this through, he'll be put on Mount Rushmore, or have a whole Mountain carved in his Image, LOL!

[Ditto]

Repealing the 16th Amendment will take forever and a day.

I disagree. The 21st Amendment (repealing Prohibition) sailed through Congress and was ratified by the states in less than a year. The IRS is even more unpopular with the people than prohibition was.

[Domestic Church]

"If Bush got this done, he would go on Mount Rushmore."

All those guys were home educated...we'll have to start carving another mountain.

[Eva]

Actually, I think that I was wrong. I thought that the income tax was not constitutional when it was first introduced, but maybe not.

I don't have any idea why the NRST would be unconstitutional.

[Phantom Lord]

Why is everyone so hung up on keeping their mortgage deduction? If at the end of the day you keep MORE of your hard earned money under a new tax code without it, why would you want to hang onto it and have LESS of your money at the end of the day?

And 401(k)s do not escape taxation. You contribute pre tax dollars, but are wacked at the time of withdrawl and if you withdraw early you really get creamed.

[palmer]

I read the FAQ. They don't explain how this stops registration of all ammunition sales. Also no hint of the number of JBT's looking for "new" merchandise at my flea market.

[Jackie]

SecTreas O'Neill is strongly pushing a national retail sales tax!

Har! Interesting to note that O'Neill is listening to me!

[Phantom Lord]

And a flat tax would get rid of the personal exemptions. When you have exemptions, you do not have a flat tax, and you leave the door open to more and more monkey wrenching by congress to provide benefits to special interest that and special interest this depending on who is donating big that day.

I like Forbes plan. NO TAX on the 1st $35,000 of income and a flat % for every dollar there after with NO deductions.

[Eagle9]

PING!

That's a pretty big trial balloon, huh?

[PhilipFreneau]

... sales taxes are actually harder on the poor as they have to spend a much hirer percent of their income than a richer person does that can save money.

The poor spend a much higher percent of their income (as opposed to the rich) on everything they buy, with or without a sales tax. That is one of the factors associated with being poor.

[is_is]

The one downside is that eliminating the income tax will immediately devalue all residential real estate by about 20 percent.

I don't believe that for a second.....houses will still be worth todays market value PLUS sales tax, due to the fact that they will be purchased with NON TAXED dollars which will, be more than able to absorb the sales tax.

Under my vision the sales tax would be added to each monthly mortgage payment (divided out over the life of the loan)

[WarrenC]

I'd be thrilled if President Bush just reduced the tax rates to where they were after the 1986 Tax Reform Act. If he also ended the estate tax and double taxation of dividends, we would see wonderful economic growth.