|
| Senators plan push to end income tax |
| Tuesday, October 25, 2005 |
Lawmakers looking to replace current code with flat-rate levy on business transactions
A South Carolina senator dissatisfied with the results of a Bush advisory panel's recommendations on tax reform is set to introduce a bill to abolish federal income tax in favor of a levy on business transactions.
Sen. Jim DeMint, R-S.C., told the New York Sun he would put his plan before the Senate tomorrow. The proposal calls for an end to all personal income taxes and the attendant bevy of related taxes, deductions and exemptions, including the estate tax and the alternative minimum tax. The plan would eliminate the need for Americans to file income tax returns.
According to the Sun report, the DeMint plan, which is co-sponsored by Sen. Lindsey Graham, R-S.C., includes an 8.5 percent federal retail sales tax on all new goods and services. Corporate income taxes would be replaced by an 8.5 percent business transfer tax charged during purchases of supplies or equipment.
Senate staff members tell the paper the 8.5 percent figure had been determined after consultation with economists to assure the proposal would remain revenue-neutral.
Under the plan, every American living below the federal poverty level would get a rebate for 8.5 percent of poverty-level income � which, for a family of four, is about $19,000 a year, the paper reported. |
posted by Jay Are @ 9:52:00 PM   |
|
| 1 Comments: |
-
The Bill Is the Fair Tax Act of 2005 HR 25
http://www.fairtax.org/
|
| |
| << Home |
| |
|
|
|
Front Sight
Ignatius Piazza in San Francisco Chronicle
Ignatius Piazza
Ignatius Piazza Blog
Ignatius Piazza in Playboy Magazine
Ignatius Piazza in Las Vegas Review Journal
Ignatius Piazza in Washington Post
Front Sight in Icon Magazine
Front Sight in London Times
Ignatius Piazza in Santa Cruz Sentinel
|
The Bill Is the Fair Tax Act of 2005 HR 25
http://www.fairtax.org/