Posted on 04/17/2006 12:48:15 PM PDT by SmithL
That is using static projection. Taking away greater and greater portions of peoples' incomes must not be understood as depressing economic activity and reducing taxable incomes which is the real world effect. That $1.2 tril as a net increase will never be realized by the government because the increasing tax burden will foreclose on a lot of new capital formation that would produce a lot of new taxable income. That is elementary economic sense and is thus not useful to government people who are more interested in the control that higher tax gives them than in the actual revenues realized.
I agree. And now it's biting us in the butt. But nobody cared before because "the rich are finally getting theirs'."
Paid it this year.
Really pissed me off.
I don't think it's wise for anyone to hold their breath about tax reform. Sure, we get the same lip service each year from March until May. Once tax season is over and the next news cycle begins, our Congressmen breathe their bi-partisan sigh of relief and say "We snowed 'em again for another year!"
ping
I made slightly more this year than last, but less than some prior years.
But we have a newborn, born in 2005, which should have reduced my taxes.
The AMT cost me about $680.
Sorry to burst your bubble, but I am single, no kids and still got hit with AMT this year. To the tune of 16,000 extra. What a killer. And I don't consider myself rich either.
I am inclined to agree with you, but I have several reservations about some of the consumption tax proposals:
First, the level of federal spending is much too high, regardless of how the taxes are collected.
Second, I would consider a national consumption tax only if all forms of the income tax were killed and buried forever. This would undoubtedly require a constitutional amendment. If this is not done, we could end up with both kinds of taxes.
Third, sale taxes are considered "regressive," which have led some to propose some kind of rebate to make the taxes more "progressive." This would create another messy bureaucracy, and would tempt politicians to tinker further with the tax code.
If the 3rd party platforms weren't so idiotic, then maybe they'd get some support.
Also, if they'd bother to recruit in other than presidential election years.
I've decided they're in it only for the federal matching funds.
And whats the alternative for voting Republican????
By not voting Republican we would have J F'in Kerry right now.
Or we would have had Al Bore.
Look what happened the last time people either stayed home or voted non republican.
8 years of The Perjuror, The Rapist, The Traitor, whatever you want to call him.
8 years of the most destructive times in this countries history. All because people decided to act like children, and throw a hissy fit, instead of acting like grown ups and voting for what was best for this country.
It was a nice chunk of change. Fortunately we sold it right at the end of the fifteen-year military exclusion. Whew!
The income tax would have to be terminated, perhaps a constitutional amendment would do the trick, unless it was repealed as in the past.
Yep, instead of having the lesser of two evils, we are stuck with the evil of two lessers. And yes, I will have to hold my nose and vote GOP, but it still stinks.
Gee, the Republicans control both Houses of Congress and the White House. And the reason they haven't gotten rid of the AMT in the last five years is...(crickets chirping)...
"What is amusing is that 99% of those fussing about the Republicans will go ahead and vote Republican next election. "
I won't and I dont give a damn. I live in Chris Shays district. I wont vote for his opponent, but I will vote for Lieberman in the Senate. I hope the Dems take the Senate and we have gridlock. Hopefully Republicans keep the House.
Governs least, governs best. I am tired of this *HIT!
Excellent question. The AMT should go the way of the dodo bird, along with the death tax. Permanently.
Insanity is doing the same thing over and over while expecting diferent results.
Y'all are proving my point.
More a case of the only choices being the bad choice, and the even worse choice. The GOP is the bad choice.
Wake me up when there is a legitimate third party. In the mean time, I'm playing the hand I've been dealt.
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