Telecom tax imposed in 1898 finally ends

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NO! Flat Income Tax is GOOD!!

Sorry James, but a Flat INCOME TAX is a good thing.
Set a flat Fed tax rate (not a flat amount, but a rate) of say, 15% for ten years. During that time, EVERYONE PAYS 15% of their NET income; Net being defined as GROSS, MINUS FIRST HOME or BUSINESS Location MORTGAGE Interest, Minus Standard deductions as now, MINUS Medical Insurance OR Actual Medical Expenses.
That means, if Joe Homeless earned $100 in begging/panhandling on the corner, he takes off whatever the standard deduction is now, and we pay him back $1900.
That means, if Bill Gates earned - in INCOME, not in Savings and Investment Interest, $50 Billion, and his Mortgage lender charged him $1 Million on the mortgage on his Redmond mansion, and his Medical Insurance cost him $5000, and the Standard deduction IS $2000 for him, his wife, and their kid, he PAYS the IRS 15% of $49,998,997,000 - or, $7,499,849,550.
If Microsoft Earns GROSS PROFIT if $100 Billion, and the Main Office in Redmond cost $1 Million in Mortgage Interest, Microsoft pays the IRS $14,999,850,000.
Now, if you can convince the IRS that after 10 years, we could reduce that 15% to 10%, same deal, and convince the CONGRESS that with a plan like that, EVERYONE wins, then we can have a FAIR TAX PLAN in this, our wonderful country.
Of course, we'd need a welfare plan for the unemployed IRS people, but then, we already HAVE those at the state level, and the Feds help fund that.

Posted by: jkratzer3   Posted on: 08/02/06 You are currently: a Guest | Members login | Terms of Use

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