Reply With QuoteI thought it was November 1st, not April 1st.
This is all I could find... Stop panicing.... (http://thomas.loc.gov/cgi-bin/query/...9KjCwaL:e4130:)
wow sounds great to the wage earner W-2 income
you get a larger standard deduction and the M.I. deduction stays in place.
what more could you ask forbesides a Flat Tax across the board
The addition of a Corp Flat tax. IMHO is a start down the right path to fair and equal taxes for all.
This ain't affecting the housing market one bit, infact it will only make it stronger, by giving the middle class (just about all of us) a bigger return.
I thought it was November 1st, not April 1st.
Here is what CNN Money says about the panels proposals. (http://money.cnn.com/2005/11/01/pf/t...ex.htm?cnn=yes)
I heard somewhere that if they did this for one year we could pay the war or hurricane katrina. I would do it once for that kind of help
Typical liberal trash you must be listening too. The Dems think that if you raise taxes (or take away deductions) that they will generate more revenue. The part they are not telling you is that the volume of the tax producing activity will be so severely hampered that it will actually reduce tax revenue.
With their philosophy, why not raise sales tax nationwide by 25% for one year? You think you would still buy that new $100k boat or $50k truck :idea:? So you think that taking away tax deductions on RE would produce more revenue and pay for Katrina? What a joke. It would absolutely kill the economy. Not only would the RE market slow to a halt but the trickle-down effect would cut tax revenue across the board since a lot of RE, mortgage, construction peeps would not be making the big $$ and can no longer afford to buy those toys, take those vacations, or pay their employees a good wage.
The liberal media will be sure to preach tax cut gloom and doom but the truth is that Congress and GW's tax cuts have actually produced MORE tax revenue (now if they would just quit spending it all).
So, don't panic, the deduction will never go away completely. It may be scaled back, but no administration or Congress is foolish enough to take it away completely. It would be suicidal.
Wouldn't we all be better off without the 60,000 pages of the current income tax code...
There is a bill that will be voted on in April to replace our current personal income, business income, capital gains, inheritance, and social security taxes with one simple national sales tax. It is called "The Fair Tax Bill" or H.R.25, and you can read about it HERE (http://www.fairtax.org/), or in the book "The Fair Tax Book" by Congressman John Linder of Georgia...
I am all for a flat tax accross the board.
Wouldn't we all be better off without the 60,000 pages of the current income tax code...
what are "cons" of a flat tax?
what are "cons" of a flat tax?
H.R. 25 "The Fair Tax Bill" is not a flat tax. It is a national sales tax that would do away with the IRS (no more tax returns).
It would also tax all the people who don't pay into the current system, such as drug dealers,hookers, contractors, strippers, and tourists...
H.R. 25 "The Fair Tax Bill" is not a flat tax. It is a national sales tax that would do away with the IRS (no more tax returns).
It would also tax all the people who don't pay into the current system, such as drug dealers,hookers, contractors, strippers, and tourists...
yeah, the flat tax is tied to income.
I doubt the sales tax will pass 'cause they'll arque it will slow consumer spending and tank the economy. at least that's the likely argument you'll hear against it...
First they change the Bankruptsy laws and now this. Some people expect to get healthy tax refunds from there mortgage interest to pay or catch up on there outstanding bills. Looks like it might turn into a buyers market in a few years.
Posting Permissions