OVERHAUL TAX CODE
- Would eliminate all of the $1.1 trillion exemptions currently in the tax code, such as the mortgage-interest deduction and the earned-income tax credit
- Lower and simplify individual income-tax rates: 8 percent for those with annual incomes below $70,000; 14 percent for those with incomes up to $210,000; and 23 percent for incomes above that level
- Lower corporate tax rate from 35 percent to 26 percent
Deficit Reduction Panel's Preliminary Proposal
I love it.
It's not me, it's someone else.
Honestly, it doesn't matter if that is less tax or more tax. The huge difference that would make would be cutting the many billions of dollars spent on creating, interpreting, enforcing and complying with the ass-rapingly monstrous tax code.
It'll put a whole lot of tax accountants and IRS agents out of work. But frankly, I don't care. The amount of money that would free up to spend on more useful endeavors would be very much worth a small spike in unemployment.
It'll put a whole lot of tax accountants and IRS agents out of work. But frankly, I don't care. The amount of money that would free up to spend on more useful endeavors would be very much worth a small spike in unemployment.
"ATTENTION: Customers browsing porn must hold magazines with both hands at all times!"
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thibodeaux
- Posts: 8121
- Joined: Thu May 20, 2004 7:32 pm
That story is being reported on Yahoo's front page, but their headline is that the panel is urging a reduction in military spending.
It's actually in their headline, and was the topic for at least the first 7 paragraphs before I stopped reading.
Funny how the same news story gets reported in different ways.
It's actually in their headline, and was the topic for at least the first 7 paragraphs before I stopped reading.
Funny how the same news story gets reported in different ways.
“Activism is a way for useless people to feel important, even if the consequences of their activism are counterproductive for those they claim to be helping and damaging to the fabric of society as a whole.” - Dr Thomas Sowell
The Reuters article above was my favorite of the ones I saw on it, mainly because it's basically just a list of details, and nothing more (they even called it a factbox - to distinguish between this and their regular reporting?)
But yes, if you read the article:
* Significant spending cuts
* Massive simplification of tax code (don't know if this is revenue neutral or not)
* Reduce farm subsidies, reduce health care benefits, minor tweaks (reductions) to social security.
The proposal is completely full of win.
Meanwhile, Democrats are trying to shoot it down already, and Obama is actually saying the right things (so far).
Seriously: This is the one thing I want these fuckers to do. *sigh*
But yes, if you read the article:
* Significant spending cuts
* Massive simplification of tax code (don't know if this is revenue neutral or not)
* Reduce farm subsidies, reduce health care benefits, minor tweaks (reductions) to social security.
The proposal is completely full of win.
Meanwhile, Democrats are trying to shoot it down already, and Obama is actually saying the right things (so far).
Seriously: This is the one thing I want these fuckers to do. *sigh*
It's not me, it's someone else.
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thibodeaux
- Posts: 8121
- Joined: Thu May 20, 2004 7:32 pm