Manc

http://news.yahoo.com/news?tmpl=stor...e/greenspan_20


hmmmmmmmmm
I thought the tax cuts for the rich were to spur economic growth.
Now a new different tax could spur economic growth

what's it to be Alan?

BritGuyTN

Hmmmm from me too. just seems like another way to rake in even more cash to pay for EyeRack, shitty social security, shitty medicare

Manc

It's called "Starve the Beast"
tax cut = big deficit, but to balance the budget you have a reason to cut benefits on social projects.

Bob

can't see them getting away with 17.5% though can you...

Pulaski

The articles I've seen have said that it could be as much as around 23-25%.

franc111s

But unlike VAT, this proposal is a replacement for Income Tax. i.e. VAT at 25% but no income tax.

Works for me but I'm not sure it won't be an excuse to raise this VAT (sales tax) but keep income tax.

Bob

Should be interesting...piss the non workers right off wouldn't it

snowbunny

Oh no ****** way. Yet another regressive tax? This is nothing but an attempt to pass a flat-rate income tax, which fails every time in Congress because even the wealthy want the loopholes and the deductions.

I think the folks who want to fund the war in Iraq ought to do private contributions -- donate and get a Humvee painted with their name. They'd get a framed picture of it. If they ponied up for extra armour, they get a thank you note and a piccie of smiling soldiers.

franc111s

That's one possibility.

I wonder how they will deal with Car hire, hotels and flights where taxes already now consume close to 20% - some places more - would that take them to 45% Actually, I just hired a car in the UK for one day. 25 quid for the car and 20 quid for taxes (12 of which was airport tax) - that doesn't even count insurance !!

It sounds good in theory to have a sales (consumption) tax insead of income tax but doesn't it just favor the rich again - although it taxes their "toys" too

Then there's TIPPING. Go to eat out and the costs for a meal look good on the surface but add 15-20% to the bill and it's still and "ouch". Then add 25% sales tax making 45% - I think thus it would do away with basic tipping and force employers to pay better wages (like the UK). I'm not sure I could stomach 45% "tipping and tax" on top of my next TGI meal !!

franc111s

Tha'ts me then. But since it represents only a small fraction of the $8+ TRILLION dollars of the debt it would only be a few fractions of a cent on the dollar. Thankfully, the cost to the countries involved in world-war-II wasn't looked at so closely else we might be fighting for a different kind of freedom eh ?

Personally I think we should ALSO spend more on saving the 40,000-50,000 lives of the people who die in the USA, in road accidents each and EVERY year - I'd pay more towards that too, wouldn't you? Most people are surprised that a quarter of a million Americans die on US roads every 5 years and even more surprised how little we spend on road safety. Ironic eh ?

snowbunny

Okay, we'll solve two problems at once. 100% VAT on SUVs, with the proceeds to go for those who really need armoured vehicles.

SUVs are four times more likely to kill the occupants of a car they hit; but only 1.5 times better at protecting their own passengers.

Oh, and meter the truckers like they do in the UK so that they can't drive 19 hours straight doped up on speed and caffeine.

franc111s

This isn't bad thinking, I like it. I agree on the SUV stats, we need to take them all off the road in one go. Shame it won't happen.

I thought the trucks are now metered. mmm, maybe I'm wrong.

I also think MORE cameras on roads and at STOP lights.

I just read, twice as many Americans die in the USA on roads versus the UK, even accounting for the population difference !!

snowbunny

Twice as many Americans die cos Americans travel more miles by car. Cities are farther apart and when you get to one, there's usually no decent public transit.

TouristTrap

SAY NO TO BIG BROTHER!!!!!!!!!!!!!!

snowbunny

Yeah, that's the trouble....

In the South those cameras are apt to become shotgun and BB targets.