opencongress.org indicates that H.R.25 has been introduced to the House. It states "This bill would eliminate all federal income taxes, payroll taxes and the estate tax, and replace them with a federal sales tax of 23% on the use or consumption of all goods, properties and services. The Internal Revenue Service would be abolished and replaced by an Excise Tax Bureau and a Sales Tax Bureau in the Department of the Treasury. " Thoughts? Especially, what impact would this have on day-to-day life?
Oooh to get the government out of the personal lives of the individual. All they will have is spending habits and that will be anonymous.
This might as well be called the 'SCREW the Little Guy Bill'.
People at the bottom of the economic heap ned everything they can get to survive. That's why they are exempt from income taxes. On the other end fo the economic spectrum, the top 10% by population earn nearly HALF the total income. In this strata, it'ss very likely that you don't spend all you earn. Under the proposed bill what you don't spend - is tax-free. At the VERY top of the income, the top 1 percent might pay taxes on less than 25% of their income.
Very few tax proposals have been this unfair.
Teddy Roosevelt suggested...
"No man should receive a dollar unless that dollar has been fairly earned. Every dollar received should represent a dollar?s worth of service rendered?not gambling in stocks, but service rendered. The really big fortune, the swollen fortune, by the mere fact of its size, acquires qualities which differentiate it in kind as well as in degree from what is possessed by men of relatively small means. Therefore, I believe in a graduated income tax on big fortunes, and in another tax which is far more easily collected and far more effective, a graduated inheritance tax on big fortunes, properly safeguarded against evasion, and increasing rapidly in amount with the size of the estate."
Read more: http://blog.beliefnet.com/stevenwaldman … z1BJkDahsN
23%? what the hell happened to 10%?
If you want to really ruin the economy, yeah charge 23% and watch credit card interests rates and bank loans soar to 50%. Also, what would this kind of idea do to those that are in the tax return business? And, what kind of loopholes are going to be thrown into this bill to spare the rich from having to pay anything?
I'm also curious as to what our beloved government is going to do with this huge amount of tax dollars they are going to recieve. I'll bet it has nothing to do with that money going back into social programs to help the people that are going to be screwed by this. More likely more corporate bailouts, and pork projects.
With tax rates that high, businesses will just raise the prices on their goods to make up for all the people who won't be able to afford to buy anything from them. The taxes on a $20,000.00 car with a 23% tax makes that car cost $23,000.00, and add to that the high interest loan people are going to end up paying $30,000 or more for a $20,000.00 car.
So, what you will basically have, is people basically not buying anything, and hording their money. Like the old days of hiding it in a mattress or in the walls of their houses, expecting that any day, that money will make them rich. But, they end up dead before they can get a chance to use it.
They certainly aren't going to put their money into the sky high interest and fees of america's banks, as I will bet this is what the government is hoping. Nope, just going to go into a jar, that way nobody can touch it. I had an uncle like that, his family basically starved to death while he horded money and food, waiting for doomsday, It wasn't until after he died that they found it. The laywers and the state got most of it, and left them with nothing.
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