Panel to Urge Bush to Consider 2 Alternative Tax Plans

[Lasher]

WASHINGTON, Oct. 18 - President Bush's tax advisory commission agreed today to recommend two alternative tax plans, both of which would limit or eliminate almost all tax deductions, including the ones for state and local income and property taxes.

But the plans would amount to the most fundamental changes in the American tax system in 20 years. Some individuals and businesses could owe much more in taxes and some much less.

"We have focused on big picture ideas that would improve the tax system for a large number of Americans," said the panel's chairman, Connie Mack, a former Republican senator from Florida.

"Simplification has driven this," he said. "Also fairness."

http://www.nytimes.com/2005/10/18/politics/18cnd-tax.html?ex=1130299200&en=17871d7f1318f9e1&ei=5043&partner=EXCITE

***

Hahahahahahaha!! Simplification and fairness, that's the ticket!

[texpatriot2004]

1. Americans for Fair Taxation today blasted the Presidential Panel

HOUSTON, Oct. 18 /U.S. Newswire/ -- Americans for Fair Taxation today blasted the Presidential Panel tasked with proposing fundamental changes to the tax system as engaging in, "Fraudulent political theater designed to protect the corrupt tax code and those who profit from its manipulation," said Leo Linbeck, chairman of the national grassroots organization. "When a Presidential Panel engages in such activities it does a great disservice to the American people."

[UpInArms]

2. yeppers! fair is their name

:sarcasm:

from msnbc

http://msnbc.msn.com/id/9743438/

The tax advisory panel appointed by President George W. Bush will call for abolishing taxes on the foreign profits of US companies, eliminating a competitive handicap for US businesses and simplifying their tax calculations.

The proposal was part of an ambitious slimming down of the tax code proposed by the panel, which was set up by the president in January. With Mr Bush's plan for social security reform foundering, tax reform is expected to rise up the agenda, and may be a central part of a Republican congressional election platform in 2006.

he panel, which issues its final report to the Treasury next month, will also propose eliminating or reducing cherished tax deductions on state and local income tax, mortgage interest and healthcare plans.

But in an effort to ease the pain, the panel recommends eliminating the tax on dividends, ending the Alternative Minimum Tax on wealthier Americans, and making modest cuts to corporate and personal income taxes.

The proposal to end taxation on the worldwide income of US companies would end a longstanding discrepancy between the US and most of its competitors in other industrialised countries. Charles Rossotti, a member of the panel and a former commissioner of the Internal Revenue Service, said that all evidence suggested that the existing system produced no additional taxation and added hugely to the complexity of taxation for US multinationals.

...more...

these corporate whores only do their masters' bidding

:banghead:

[NashVegas]

3. These People Are Nuts - Workers Get Screwed - More

...

One of the most important elements of the plans is that they would replace almost all deductions with tax credits.

...

The alternative minimum tax, a steep levy faced by an increasing number of middle-income taxpayers, would be abolished.

...

Employer-paid health insurance premiums above $5,000 a year for an individual and $11,500 for a family policy would be treated as income to workers and taxed accordingly.

...

Personal exemptions and deductions and credits for children would be eliminated and replaced by a credit of $1,600 for a single person, $3,200 for a couple, $1,500 for each child and $500 for each other dependent.

...

The myriad savings vehicles available now like individual retirement accounts and 401(k) plans would be replaced by three streamlined savings plans and a refundable savings credit for low-income workers.

...

The two plans differ on the way they would treat investment income. One would eliminate taxes on dividends entirely, lower the top capital gains rate to 8.25 percent on the sale of stock in American corporations and tax interest income at the same rate as wages and salaries.

The other plan would have a 15 percent rate on dividends, interest and capital gains. The rate now is 15 percent on dividends and capital gains, and interest payments are taxed like earned income.

[ikojo]

4. It's too bad there is no opposition party in DC to

challenge Bushco on these proposed changes to the tax code.

Once again working class Americans get screwed and most will not say a THING about it because they live in some fantasy world that they will be Bill Gates.

[MiniMe]

5. And of course, both of these plans screw the middle class. n/t

[MichiganVote]

6. More money for the wealthy, what's new? Goodbye America....

This country is circling the drain.

[question everything]

7. So much for the "ownership" society (nt)