“Fair Flat Tax” is Neither
Oregon Senator Wants to Take On the Burden of Fixing the Tax Code
Sen. Ron Wyden (D-Ore.) has made it his mission to force Congress to rewrite the entire tax code. If he succeeds, every interest in town would take one side or the other in what would be the biggest legislative battle in years.
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Last November, a presidential advisory panel headed by former senators Connie Mack (R-Fla.) and John Breaux (D-La.) recommended that Congress lower tax rates, reduce paperwork, and pare back or eliminate most tax breaks, including popular deductions for home mortgage interest and employer-provided health insurance.
Wyden’s plan would also end many individual tax advantages but, in contrast to the panel’s proposal, would keep many of the code’s most popular preferences, including the home-mortgage and health-savings deductions. Wyden’s Fair Flat Tax Act would lower taxes for millions of middle-income families, in part by raising taxes on some corporations and also on wealthy people with significant investment income — which the president would likely oppose.
So Wyden wants to soak the rich, and his tax is far from flat. I think this is another failure of “truth in advertising” when it comes to congressional legislation.
Obviously to anyone who’s been here a while, I’m a big fan of the FairTax. That notwithstanding, though, it really sounds like Wyden is proposing a tax that has only the most popular exemptions included. While that may be politically expeidient, it’s not fair, nor is it flat. It’s probably a good proposal, and if he didn’t call it the “Fair Flat Tax”, jumping on the name recognition of the two most popular tax reform proposals before him, I might like it.
But the “Fair Flat Tax”. How’s the Holy Roman Empire doing these days?
And just where does this buffoon think corporations will get the money to pay their higher income taxes?
My guess would be they’ll roll into their prices and collect it from consumers like they do now.
As for hiking the taxes on investment income, how much good is his middle class tax cut going to be when the investment taxes have driven capital out of the market? I mean an income tax break doesn’t do the middle class a lot of good when they don’t have an income.
We already know that our current tax code and policies are in
serious need of reform. We already know about the
loopholes, exceptions and lobbyist activities. We know
how tax cuts stimulate the economy. These and many
other problems with the tax code have long been discussed in
articles, forums and blogs.
The assault on the tax code is already underway,
having begun over eleven years ago in Houston, Texas.
Professional economists from the private sector,
funded by millions of dollars, spent several years
researching the economy and crafted a tax replacement
plan that meets all the requirements that president
Bush set for his tax reform panel.
This was the beginning of what came to be known as the
FairTax. (www.fairtax.org, 1-800-FAIRTAX)
I invite everyone to learn about the FairTax and how
it will eliminate tax lobby issues, lower tax rates,
eliminate tax breaks and spur economic growth, just
for starters. It is the only tax replacement plan with
growing grassroots and congressional support. Watch
the news for coverage of the 2nd FairTax rally, to be
held in Orlando, Florida this Saturday, July 29. I suggest http://boortz.com.
Support for the Flat Tax dried up long ago. The best tax
reform plan is one that will scrap the entire system and replace it; all we have to do is pass the FairTax bill. (HR/S. 25) Repeal of the 16th amendment (HJR 14/16) will complete the task of tax reform.
Brad,
Could you please explain how the Fair Tax fits in to the picture in regards to this new movie about the IRS that is just coming out?
I’m a little confused by the new movie.
http://www.freedomtofascism.com/
Thank you very much.
It’s great the way you keep working in that link to “America Freedom to Fascism”, Mr. Weathers. Let me take a stab at your question. Let’s see....the Fair Tax is a shell game to shift the “tax” burden around a bit, but not eliminate it, before everybody catches on to the fact that we have all been very badly hoodwinked with regard to our monetary system. The banking cartel (i.e. The Federal Reserve) is the real problem. Until we get rid of that monster, nothing will be solved.
www.fairtaxblog.com - the most necessary site!
Thank you, I will add it to my bookmarks
best regards
Swen
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