W
wkmac
Guest
The Bush adminstration formed a Tax Commission a couple of years ago with the purpose of coming up with a plan to overhaul our current tax system. It was said that everything from the current system to the flat tax idea proposed by Steve Forbes to the National Sales tax idea proposed by the Fair Tax http://www.fairtax.org/ were on the table. Word is getting out that one idea being strongly pushed by this commission above all else is to reduce or eliminate the mortage deduction and eliminate altogether the interest deduction for equity lines and mortgages on 2nd homes while maintaining the current income tax system and structure.
I'm all for that if you eliminate all Capital gains and take the highest tax rate down to 10% but you and I both know the reverse is more likely. I'm just passing this on as to what I'm hearing so you too can keep an ear to the ground and stay on top of this. I believe like the 1982' Tefra Act, the 1986' Tax reform act and the several others since then the average guy just gets squeezed out with no real meaningful tax reform taxing place. America is ripe for true and honest tax reform but this bunch won't give it unless we let them know up front that to screw us again will come at a price at the ballot box. They do fear that as outside of that the American citizenry is a toothless tiger.
I added the Fair Tax link because I do believe in the idea but more importantly we need a good honest open national discussion of taxation and it pros and cons no matter which way we go. No system is perfect as they all have warts but we need leaders who are willing to be honest and up front and have the courage to admit to the warts and then look at which ones have the least negative effect. Hell, cut the size and scope of gov't and our current tax system is very doable because we can pay down debt and then start trimming down the tax rates. First tax rate after 16th amendment was ratified was only 1% so how would you like to have that back? Everyone would be happy except the special interests (corp. and otherwise) who make a career of leaching off of our hardwork instead working for themselves.
Washington is a welfare state for the Corporations paid for by our sweat and blood. The Robber Barons of the late 19th and early 20th century are still alive and well and run Washington via lobby groups. Just do an analysis and history of these companies and their corporate progressions over time. They are still there just under diferent names because it was their store bought leaders in Washington who wrote the very laws sold to the public as the means to break them up. We've been had and hard tax reform is a good first step in getting our country back for the average folk out there. JMO.
Sorry, but I meant to include this link as well to the President's Advisory Panel.
http://www.taxreformpanel.gov/index.shtml
(Message edited by wkmac on October 20, 2005)
I'm all for that if you eliminate all Capital gains and take the highest tax rate down to 10% but you and I both know the reverse is more likely. I'm just passing this on as to what I'm hearing so you too can keep an ear to the ground and stay on top of this. I believe like the 1982' Tefra Act, the 1986' Tax reform act and the several others since then the average guy just gets squeezed out with no real meaningful tax reform taxing place. America is ripe for true and honest tax reform but this bunch won't give it unless we let them know up front that to screw us again will come at a price at the ballot box. They do fear that as outside of that the American citizenry is a toothless tiger.
I added the Fair Tax link because I do believe in the idea but more importantly we need a good honest open national discussion of taxation and it pros and cons no matter which way we go. No system is perfect as they all have warts but we need leaders who are willing to be honest and up front and have the courage to admit to the warts and then look at which ones have the least negative effect. Hell, cut the size and scope of gov't and our current tax system is very doable because we can pay down debt and then start trimming down the tax rates. First tax rate after 16th amendment was ratified was only 1% so how would you like to have that back? Everyone would be happy except the special interests (corp. and otherwise) who make a career of leaching off of our hardwork instead working for themselves.
Washington is a welfare state for the Corporations paid for by our sweat and blood. The Robber Barons of the late 19th and early 20th century are still alive and well and run Washington via lobby groups. Just do an analysis and history of these companies and their corporate progressions over time. They are still there just under diferent names because it was their store bought leaders in Washington who wrote the very laws sold to the public as the means to break them up. We've been had and hard tax reform is a good first step in getting our country back for the average folk out there. JMO.
Sorry, but I meant to include this link as well to the President's Advisory Panel.
http://www.taxreformpanel.gov/index.shtml
(Message edited by wkmac on October 20, 2005)
, I'd think they would have to just hate it. 
