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Time to junk income taxes?
Reuters ^ | Jan. 6, 2012 | David Cay Johnston

Posted on 01/08/2012 6:14:45 AM PST by fightinJAG

This is America’s 100th year for individual income tax, a system as out of touch with our era as digital music is with the hand-cranked Victrola music players of 1912. It is also the 26th year of the Reagan-era reform for both personal and corporate tax, a grand design now buried under special-interest favors.

With U.S. elections in November, and the George W. Bush tax cuts due to expire at the end of 2012, it’s time for a debate that goes beyond ginning up anger over taxes and the superficial issue of tax rates.

It’s time to consider whether to get rid of income taxes, personal and corporate. What are the strengths and weaknesses of our current system? Should we tax individual and corporate income — or something else?

We need to think about it. Whatever systems we consider, we should weigh up what it takes to raise the necessary revenue along with such other attributes as minimal compliance cost, leakage and economic distortion.

Times change. Tax systems must change with them or else their lubricating effect turns to sand, wearing down the gears of commerce.

(Excerpt) Read more at blogs.reuters.com ...


TOPICS: News/Current Events
KEYWORDS:

1 posted on 01/08/2012 6:14:46 AM PST by fightinJAG
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To: fightinJAG
Time to junk income taxes?

Yes. Easiest question in decades.
2 posted on 01/08/2012 6:16:46 AM PST by DTxAg
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To: fightinJAG
And see the comments at The GOP Needs a Bolder Growth Message.
3 posted on 01/08/2012 6:16:54 AM PST by fightinJAG (So many seem to have lost their sense of smell . . .)
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To: fightinJAG
That is cart before the horse stuff.

The hard part and biggest hurdle to jump is to cut the spending that requires the taxes in the first place.

4 posted on 01/08/2012 6:17:32 AM PST by EGPWS (Trust in God, question everyone else)
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To: fightinJAG
That is cart before the horse stuff.

The hard part and biggest hurdle to jump is to cut the spending that requires the taxes in the first place.

5 posted on 01/08/2012 6:17:41 AM PST by EGPWS (Trust in God, question everyone else)
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To: fightinJAG
FairTax
6 posted on 01/08/2012 6:19:11 AM PST by cowboyway (Molon labe : Deo Vindice : "Rebellion is always an option!!"--Jim Robinson)
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To: DTxAg

Even Tony Blair has talked about how the social “safety net” programs were all “generational fixes,” and should have ended with the generation they were designed to address.


7 posted on 01/08/2012 6:19:36 AM PST by fightinJAG (So many seem to have lost their sense of smell . . .)
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To: EGPWS

The dollar collapsing will do that.


8 posted on 01/08/2012 6:19:59 AM PST by MrEdd (Heck? Geewhiz Cripes, thats the place where people who don't believe in Gosh think they aint going.)
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To: EGPWS

Right. So long as spending is double income, no way will any income sources be cut on abstract principle.


9 posted on 01/08/2012 6:20:31 AM PST by ctdonath2 ($1 meals: http://abuckaplate.blogspot.com/)
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To: fightinJAG

Oh no. Let’s keep them around till we all need ration books again. It worked so well for Rousevelvet, and Stalin.


10 posted on 01/08/2012 6:22:26 AM PST by rawcatslyentist (It is necessary that a person be born of a father who is a citizen; ~Vattel's Law of Nations)
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To: fightinJAG

It’s no secret that I am an advocate of the Fair Tax model. However, tax reform is only half the issue. If we don’t reform the spending that requires the taxation, or that builds the national debt, we are just spittin’ in the wind.

Tax reform without spending reform is a fool’s game. And, now that half the American populace is on some form of government dole, spending reform will be next to impossible; and, it will certainly be painful for many.


11 posted on 01/08/2012 6:24:29 AM PST by PubliusMM (RKBA; a matter of fact, not opinion. 01-20-2013: Change we can look forward to.)
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To: fightinJAG

First sensible op-ed I’ve read in al Reuters in a long time.


12 posted on 01/08/2012 6:27:38 AM PST by Bon mots ("When seconds count, the police are just minutes away...")
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Click the Pic


Support Free Republic

13 posted on 01/08/2012 6:41:52 AM PST by deoetdoctrinae (Gun-Free zones are playgrounds for felons)
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To: EGPWS
The problem ~ and it is a problem ~ is the 16th amendment FAILED. This was touted as a way to TAX THE RICH, THE TOP 1% or 2% ONLY.

First, fix the problem ~ repeal this antiquated nostrum of the distant past.

14 posted on 01/08/2012 6:43:18 AM PST by muawiyah
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To: fightinJAG

HELL yes because the simple fact is that we will never again be a TRULY free people for so long as we continue to abide the income tax and the IRS!

http://www.fairtax.org


15 posted on 01/08/2012 6:46:45 AM PST by Bigun ("The most fearsome words in the English language are I'm from the government and I'm here to help!")
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To: EGPWS

“...The hard part and biggest hurdle to jump is to cut the spending that requires the taxes in the first place. ....”

I read somewhere that even IF they taxed us 100%, it would still not pay the interest on our debt. They don’t tax us to pay the debt or spending, they tax us to control us...period. We have in essence, become slaves to the govt. Yes, it is time to dump the income tax scharade. Much like the dreaded odongoCare bill, the 16th Amendment’s ratification was under very shady circumstances as well. Anyone who has to work for a living to survive would be far better off without it and “they” know it.


16 posted on 01/08/2012 6:50:40 AM PST by lgjhn23
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To: fightinJAG
Tax systems must change with them or else their lubricating effect turns to sand, wearing down the gears of commerce.

For a second there I thought this guy might have a brain.

Then this sentence comes up and I figure he is just another empty headed Leftist.

NO tax, no where, ever lubricates commerce. Taxes are a necessary evil to finance government’s legitimate functions (which are few) nothing more. Taxes are an added expense that provides no added value to either buyer or seller.

The best tax system I can imagine would not tax business or commerce, only individuals. The tax rate should no more that 20%, no deductions/exemptions/credits and no more than three brackets.

There should be no mystery at the end of the year as to how much anyone owes the government at the end of the year. It should be a simple calculation of adding up income and multiplying by the appropriate tax rate.

A tax system should be as broad as possible exempting only the poorest of the poor (homeless only perhaps). Everyone should have to pay something. If you are eligible to vote you should pay taxes.

17 posted on 01/08/2012 6:53:48 AM PST by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
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To: EGPWS
The hard part and biggest hurdle to jump is to cut the spending that requires the taxes in the first place.

EXACTLY! WOOOHOOO, EGPWS! (Everything else is a diversion from the root cause of our problems) Cut spending, cut BIG GOVERNMENT, cut politicians who espouse both. Cut, cut, cut.

DEFUND socialist collectives, foreign and domestic

DISMANTLE UNaccountable bureaucracies (more socialism), foreign and (especially) domestic.

DEPOPULATE socialists from the body politic.

“Above all, if you wish to be strong, begin by rooting out every particle of socialism that may have crept into your legislation. This will be no light task.” - Frederic Bastiat 1801-1850

live - free - republic

Control the socialists/totalitarians/plunderers/criminals

18 posted on 01/08/2012 7:00:15 AM PST by PGalt
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To: EGPWS
"cut the spending that requires the taxes in the first place."


19 posted on 01/08/2012 7:10:20 AM PST by KantianBurke (Where was the Tea Party when Dubya was spending like a drunken sailor?)
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To: fightinJAG
"TIME TO JUNK INCOME TAXES?"

Way past time.
Fair Tax gets everybody. Drug dealers, Whores, Construction sub-contractors and everybody on a 1099.

20 posted on 01/08/2012 7:13:34 AM PST by DeaconRed (Cold War Veteran. . . . US Army Security Agency 1964-1968)
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To: fightinJAG

Make illegal the withholding income/payroll taxes by employers. Stand back and watch what happens.....


21 posted on 01/08/2012 7:14:57 AM PST by central_va ( I won't be reconstructed and I do not give a damn.)
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To: fightinJAG
In a global economy, is taxing corporate profits smart? Or could we devise rules that both promote investment and job creation while preventing the accumulation of unproductive fortunes — the great risk if corporations are tax-exempt.

Here the writer shows his true Leftist colors.

The only way a corporation or anyone can accumulate an unproductive fortune is to sit on cash reserves. No intelligent individual does this with their money because cash is subject to depreciation by inflation. It is a guaranteed loosing investment.

No one sits on cash unless they fear the future actions of government will harm available investment vehicles. This is exactly what corporations and banks are doing today which why economic growth is so low.

The writer sees large quantities of cash sitting in corporate accounts finds that unacceptable. Well it is the actions of Obama’s government that has put it there instead of being invested in productive commercial activities. Intelligent people will find ways to put their money to productive uses whatever the tax system as long as they are relatively sure that the ground rules for taxes and regulations will be relatively stable.

Obama leaves no room for an intelligent person to believe that the rules of the economy today will be the rules next month let alone next year. Obama’s people have locked up the investment capital of this country in those corporate accounts. Until he is gone it is most likely going to stay there.

22 posted on 01/08/2012 7:15:26 AM PST by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
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To: fightinJAG

http://www.fairtax.org/site/PageServer?pagename=about_faq

All we need to know.


23 posted on 01/08/2012 8:06:36 AM PST by Hostage (The revolution needs a spark. The Constitution is dead.)
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To: fightinJAG

Property taxes should go too.


24 posted on 01/08/2012 8:16:52 AM PST by fella ("As it was before Noah, so shall it be again.")
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To: fightinJAG

I want EVERYBODY to have skin in the game. The only tax I can think of that taxes everybody is some kind of sales tax.


25 posted on 01/08/2012 8:24:38 AM PST by Paradox (The rich SHOULD be paying more taxes, and they WOULD, if they could make more money.)
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To: leapfrog0202

26 posted on 01/08/2012 9:00:09 AM PST by leapfrog0202 ("the American presidency is not supposed to be a journey of personal discovery" Sarah Palin)
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To: fightinJAG

Listen....

Ann Barnhardt...without teleprompter. Best 40 minutes (and scariest) you’ll spend:
http://www.youtube.com/watch?feature=player_embedded&v=hGl3QPfB084
Then, watch “Why No Brokerage Account Is Safe”:
http://www.youtube.com/watch?v=GMI6JYX2e0Q&feature=relmfu

THEN, get your money OUT and take some TUMS.


27 posted on 01/08/2012 9:30:01 AM PST by Mortrey (Impeach President Soros)
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To: Paradox

Exactly. That was what was so bold about 999. The rest of this stuff is just tinkering around the edges. We are so past the days when we could absorb the damaage from that.


28 posted on 01/08/2012 1:05:11 PM PST by fightinJAG (So many seem to have lost their sense of smell . . .)
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To: Bigun

And we are really going to become government slaves once, which is soon, we tip over the point where 50% of the populace is dependent upon a check from the government.


29 posted on 01/08/2012 1:09:17 PM PST by fightinJAG (So many seem to have lost their sense of smell . . .)
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