Well, looks like we're done talking economizing and have gone on to how
much moola the government can take in to pay the interest on its'
gargantuan debt. Simplify? Why not just say everyone can just keep up to X
amount of their gross income? Trouble is, even if the government could greatly
increase income from taxation, it would just find a way to spend it. IMHO.
The IRS has proven itself to be a corrupt bureaucracy. Let's get rid of it
with a fair tax. Every one wants it, but the legislators and bureaucracies.
" Now will they do the right thing and reform taxes, reform Social Security,
reform other entitlement programs to strengthen the middle class, and strengthen
America?"Will anyone? Has anyone? Would the elected GOP
leaders?I agree that we need reforms. But I have not seen either
party even try to do it. (The GOP talks a good "reform" game when they
are the minority party, but does nothing when they have the power to do so.)
To be very honest, most Americans simply want predictability. I can appreciate
the fact that Obama & Democrats have been willing to dramatically change the
political, cultural, and structural landscape of America through health care,
support of gay marriage, transfer of wealth, etc.They should also be
bold enough to reform Social Security, Medicare, Medicaid and other entitlement
programs that are draining the annual budget. They should be bold enough to
reform the tax code so that it is flatter and fairer. No more should there be
47% of Americans who pay NO income tax. They should be bold enough to reform
union pensions to save budgets for future generations.Discretionary
spending is at its lowest level in decades due to the massive entitlement
spending, of which is dramatically increasing as baby boomers move into that
period of life where they draw upon federal revenues.So yes, I
appreciate that Obama and Democrats are willing to do bold things. Now will
they do the right thing and reform taxes, reform Social Security, reform other
entitlement programs to strengthen the middle class, and strengthen America?We can only hope so.
Tax reform, that is created by Republicans, is like rearranging the deck chairs
on the Titanic. Politicians may talk about simplification but in
the end, they show their true character by making things so complicated so that
only certain people can profit. Greta Van Susteren's one page jobs plan
sounds great until you read it, it seems to allow businessmen free labor paid
for by the taxpayer. Personal income is the best way to allocate
government costs in our nation. A flat rate tax would be best because of the
simplicity of calculating and collecting the tax. If the income tax was a flat
rate on everyone, the tax could be calculated at the source and never be touched
by the individual. This would eliminate tax returns, tax years, and a whole lot
of complex exemptions, exceptions, and many other ways for individuals to
cheat. If the business operation withheld the tax and remitted it to the
government as it is occurred, the tax would be applied to every person in
America and even non-Americans who derive their income from American business.
Simplicity is the only way to have a fair tax.
Camp's proposal is interesting, but the highest rate is too low. It should
be 45 percent. SadlySamuelson's proposal is nonsense. No one wants to
say this, but Americans are understated.
People are overwhelmingly in favor of a simpler tax code.They want
to reduce the tax rate. As long as it is their rate that is reduced.They
want to reduce deductions. As long as their deductions are not touched.I completely agree that Congress doles out deductions based on those who
have the lobbying and campaign contributions to effect those changes.Why do we need any tax deductions? How simple would it be?You
earn X dollars, you pay X percentage on that money. Period.One caveat. I
feel that we need a sliding scale. A 25% tax rate on a family of 4
earning $40k per year would be hard to handle, but we should all pay
something.If you look at the various tax deductions, it is easy to
find a group who paid for that deduction, and pays to keep it. It's called
lobbying. And it is called Campaign contributions.
The lack of spending power in the middle class is dragging the macro economy
down. Any change in tax policy must help restore demand potency to the middle
class. Samuelson doesn't demonstrate this in his proposals.