Can't happen here. Too much like right. What we really need here is something very similar to the fairtax.org plan. Corporations pay no tax. Everyone else never files a tax return. There's no such thing as the IRS. There's no such thing as a capital gains tax. Talk about economic expansion and freedom. Wow!
this will just lead to a revenue shortfall. without spending cutbacks this wont work at all. where do you propose we cut spending?
Couldn't agree more but it's a pipe dream. Congress can control the actions of the public through the tax code. You want energy efficient hot water heaters? Tax break if you buy one. Electric cars? Tax break. Unfortunately, the IRS (and the FED) are here to stay.
Taxing the rich to death is definitely a recipe for disaster. Why would you take a risk and start a business if 80% of your income goes to the government, should you be successful. High tax rates on the rich has proven to be counter-productive.
Agree. Spending needs to be cut in addition to this. The first place I'd look would be the Military. Get as many troops out of the middle east as possible. After that I'm not really sure b/c I don't know what percentages of the tax revenue goes to what program and I really don't feel like researching it but I would think social programs would be next in line. That's when the riots would start. :eek:
I have no problem with such an approach, but realistically, that by itself will accomplish very little until the enormous revenue/spending imbalance is corrected. And none of it is going to mean much if oil keeps going above $100/bbl.
Tax rates were extremely high for a few decades after WW2...not so sure it was a disaster... The 80% you're referring to...just wondering if anyone actually PAID that percentage...deductions, deductions galore... If we want to build roads, schools etc. in foreign lands, we better be ready to pay for it...or, if I were king for a day, I'd get the hell out of all foreign lands, including Germany, Japan etc. etc. (If they want us to defend THEIR borders, show us the $$$)...