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Bush's Tax Plan
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<blockquote data-quote="CaryP" data-source="post: 9173" data-attributes="member: 34"><p><strong>Bush's Tax Plan</strong></p><p></p><p>Sounds great Uni, for campaign rhetoric, that is. Never gonna happen under the current system. Too much structurally in place that would have to be destroyed (bureaucracy, tax planning and return preparation industry, etc.) for this to see the light of day. The life insurance industry, tax industry (CPA's, tax attys. H&R Block, Jackson Hewitt, Turbo Tax, etc.), and God knows who else would lobby very strongly against this. It would cut them out of a paycheck. </p><p></p><p>We'd have to go through some total overhaul of the current govt. structure to be able to have a simple tax system as outlined. But the Republicans floated a trial balloon a couple of weeks ago, and it did well in the polls. So now they're "hooking" those who want to believe that Bush will revamp the tax system in his second term for votes. Even if he was able to get something before Congress, the Democrats would howl bloody murder. A national sales tax would shift a higher tax burden on lower incomes because they spend all of theirs. The higher incomes would pay less, proportionately, because they tend to save some of their income, and some of their income comes from investments.</p><p></p><p>Now, I'm all in favor of the proposal as outlined in your post. Hell, I'd actually kiss George Bush if he was able to get that through, and permanently eliminate the current tax structure all in one fell swoop. The other side of this proposal is that it would have to be "phased in" while the current tax structure would be "phased out" In the end we'd probably wind up with both an income tax and a national sales tax just like the UK. Politicians don't like to give up sources of tax revenue. Spending is what get's politicians re-elected. That would suck BIG time.</p><p></p><p>Nice to dream though.</p><p></p><p>Cary</p></blockquote><p></p>
[QUOTE="CaryP, post: 9173, member: 34"] [b]Bush's Tax Plan[/b] Sounds great Uni, for campaign rhetoric, that is. Never gonna happen under the current system. Too much structurally in place that would have to be destroyed (bureaucracy, tax planning and return preparation industry, etc.) for this to see the light of day. The life insurance industry, tax industry (CPA's, tax attys. H&R Block, Jackson Hewitt, Turbo Tax, etc.), and God knows who else would lobby very strongly against this. It would cut them out of a paycheck. We'd have to go through some total overhaul of the current govt. structure to be able to have a simple tax system as outlined. But the Republicans floated a trial balloon a couple of weeks ago, and it did well in the polls. So now they're "hooking" those who want to believe that Bush will revamp the tax system in his second term for votes. Even if he was able to get something before Congress, the Democrats would howl bloody murder. A national sales tax would shift a higher tax burden on lower incomes because they spend all of theirs. The higher incomes would pay less, proportionately, because they tend to save some of their income, and some of their income comes from investments. Now, I'm all in favor of the proposal as outlined in your post. Hell, I'd actually kiss George Bush if he was able to get that through, and permanently eliminate the current tax structure all in one fell swoop. The other side of this proposal is that it would have to be "phased in" while the current tax structure would be "phased out" In the end we'd probably wind up with both an income tax and a national sales tax just like the UK. Politicians don't like to give up sources of tax revenue. Spending is what get's politicians re-elected. That would suck BIG time. Nice to dream though. Cary [/QUOTE]
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