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Feeling Hopeful
Reforming our tax code!!
It is about time that we start a debate about something that is really worthwhile in the country and it has nothing to do with the president's fitness to lead or the War in Iraq. It has to do with something that will affect just about every American citizen and it needs to be fixed. What I am referring to is Income Tax and the solution to a system that is broken and ineffective.
The tax code is bloated and filled with so many loopholes that it needs to be completely rewritten and now. I have heard a couple of options that I like and I would like to discuss them and give my option on which one I would like to see work. I will be using information taken directly from the sources so I don't include incorrect information.
The biggest reason I think that the current tax system doesn't work is that it is unfairly applied and it has been for so many years been used by politicians from the Demoratic Party to get votes that it is criminal in my humble opinion. They use the wealthy to fund all of their boondoggles so when it comes time for election the can go before the voters and act like they are the best friend of the majority of the American voters. This is because 69% of the personal Federal Income Tax is paid by the Top 2% of American wage earners. So with those numbers in mind if they impose a special set of taxes that apply to only the Top 1% of the wage earners the Federal Government can collect a huge amount of revenue without affecting the majority of Americans.
Now that may appeal to a lot of people, but it is one of the most unfair systems we have and it needs to be fixed. I feel that the only way to fix the tax system and keep the Federal Government running is to not tax Personal Income instead we need a National Retail Tax. This would capture BILLIONS of dollars that are not being collected due to the many loopholes in the current Income Tax system.
I would much rather keep all of my income every week and pay only a sales tax on what I buy rather than pay income tax on what I make. Consider the trillions of dollars worth of goods that are purchased every year at the retail level and how much money can be generated from a tax on those sales. This would easily exceed what the government steals from you and I every week in the form of Income Taxes.
It makes so much sense on any level that if we have more of our money to spend we will spend it and that makes it a win-win situation for everyone. The two big winners will be the American people and businesses that provide the merchandize for us to purchase. The big losers will be the money grubbing Demorats in Congress that won't have our money to play around with.
I think that our current tax system is much more of a penalty based system that by its very nature penalizes American's for achieving more in life and for stifles small business growth. This was one of the major themes behind President Bush's tax cut plans that met with so much Demoratic opposition; he wanted to lower the taxes on the very segment of our population that creates a majority of the new jobs in America. That segment is wealthy small business owners. They account for the largest segment of job creators and not the large conglomerates.
The theory is very sound, but the Demorats just couldn't allow President Bush to give tax cuts to their Cash Cows. After all these are the people that Bill Clinton used to create his so called Surplus of dollars in the Federal coffers. On top of the new taxes Bill Clinton gutted our military even further than George H.W. Bush did and Clinton also gutted the FBI and CIA to the point that 9/11 was allowed to happen.
So when Bush started talking about wanting to start by giving 30 million tax payers tax break and also wanting to repeal the other taxes that applied to mainly the wealthy they started their smear campaign against Bush and said his tax break plan saying that it only benefited the "Top 1%" of Americans and it wasn't fair.
the Fair Tax Bill, H.R. 25
Here’s what the legislation would do:
1. Individuals would not file. Businesses would need to deal only with sales tax returns.
2. Millions of Americans who hire tax accountants to navigate the 4,000-plus pages of the tax code each year would be spared the expense.
3. No more taxes on wages, savings and investments. That alone would increase productivity and result in significant economic growth.
4. As a consumption tax, the amount you pay in taxes would depend on your lifestyle. The more you spend the more you pay, and vice versa. All taxes would be rebated up to the poverty level.
5. Foreign companies would be forced to deal on even terms with American companies for the first time in 80 years. Under the current code, U.S. exports bear an unfair burden, with no adjustment to account for the tax advantages of imports.
http://www.newsmax.com/archives/articles/2003/4/16/171608.shtml source of information
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9/14/06 7:54 AM