Snow: National Sales Tax still not ruled out: "everything is on the table"

[Bush_Eats_Beef]

The tax panel is to look at a broad array of options, ranging from scrapping the existing income-tax code in favor of a consumption tax, to making more modest adjustments to the code.

The group will develop a list of alternatives and submit that to the Treasury Department, which will refine them and report back to Bush by the end of 2005. The panel is to report back its recommendations by the end of July.

Treasury Secretary John Snow said after the ceremony the panel "would take a hard look at everything" and that "everything is on the table." He said the aim would be to reduce complexity in the tax code.

That means that popular deductions for millions of Americans -- like interest payments on home mortgages and charitable contributions, among others -- could be affected.

http://money.cnn.com/2005/01/07/news/economy/bush_taxes.reut/index.htm?cnn=yes

[fertilizeonarbusto]

1. Long live exile!!!!!!!!!

Dear God, when, oh, when are these people going to be made to pay for their crimes?

[papau]

2. To BUSH/SNOW and the media you rode in on - you can no longer sell fear

so that we accept the lesser of two evils!

:toast:

:-)

[chicagojoe]

3. To be honest, I share one tax reform idea with some on the right.

Here we go-
This a flat-tax type system. Based on ones' income level, a flat percentage is paid out of every dollar earned. Smaller percentage for
lower income workers, a bit higher for those with higher incomes.
Now, here's where the rich folks won't like it--NO MORE LOOPHOLES.
No special corporate rates, no deductios for ANYTHING, offshore banking would be severely penalized.

[Bush_Eats_Beef]

5. They'll go with a consumption tax

Person clears $50,000 in a year, "consumes" $40,000 (including a "National Sales Tax" of anywhere from 40 to 50 % on top of state taxes...that "23% estimate is a LIE), has $10,000 left.

Person clears $200,000 in a year, "consumes" $40,000 as above, has ONE HUNDRED SIXTY THOUSAND DOLLARS left.

The rich folks won't like it...they'll LOVE it...and that's why Snow "put it back on the table" after taking it off several weeks ago, saying "minor, less sweeping" changes would be considered.

The National Sales Tax will allow the swiftest manner of sucking the nest eggs out of the elderly and middle class, while still leaving plenty in the bank accounts of Bush's "base."

THAT is the scenario they will choose. If I'm wrong, I'll be the first person to come back here and post something to the contrary.

[StephanieMarie]

4. A national sales tax will spur

the creation of the biggest black market ever known. Think of the incentive to sell under-the-table? Did they learn nothing from prohibition?

[Bush_Eats_Beef]

6. A "barter" society. Services for goods, and vice-versa.

The National Retail Association has promised to fight a "National Sales Tax" tooth and nail.

Let's hope they keep their promises.

[chicagojoe]

7. No, because all they see is their own bottom line.

[tridim]

8. Still on the table, just like state sponsored torture

Well, after yesterday I guess it's pretty much off the table and is now official policy. BTW, when is Gonzalez going to get back to us with his answer?

USA! USA! USA!

[RafterMan]

9. Most European countries

have a national sales tax of 15-25%.

I don't support it, but I would be hard-pressed to put it up there with torture.

[Bush_Eats_Beef]

10. When RENT becomes TAXABLE...

and a person paying $1500 per month rent finds themselves paying $2370 per month...OR becoming homeless...you can put it up there with torture.

http://www.qctimes.com/internal.php?story_id=1039585&t=Nation+%2F+World&c=26,1039585

"Under the Fair Tax Act of 2003, sponsored by U.S. Rep. John Linder, R-Ga., all goods and services would be taxed at 23 percent. There would be no exemptions, including for food and medical expenses, but some low-income people would be eligible for monthly tax rebate checks. An identical bill has been introduced by U.S. Sen. Saxby Chambliss, R-Ga."

ON EDIT: The "23%" is a LIE...most economists say a realistic figure would be 40 to 50 percent, and this would be ADDED to existing state taxes.

ALL GOODS & SERVICES...food, rent, medical...EVERYTHING would be taxed.

[tridim]

11. And all Internet goods and services will be taxed too

Including Internet service itself. Bend over America.

[tridim]

12. Most European countries also provide national social services

Like free medical care for instance. Bush wants to tax the poor and destroy most social programs. It's as clear now as ever, America is not Europe.