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November 28, 2007
Fred Thompson-Man with a Tax Plan
And a choice for every taxpayer
by Tina Grazier
I’m a serious American; a conservative that wants information. I want to know what the candidates’ goals are and how they wish to proceed as we move forward. Fred Thompson has offered a tax plan and is not being cute or coy about the details. According to a Wall Street Journal editorial, Flat Tax Fred, has a plan that will please most in the GOP. I’m just happy to hear a solid idea for a change…we can tweak later. Fred’s tax plan is simple:
to abolish the death tax and the Alternative Minimum Tax and cut the corporate income tax rate to 27% from 35%. *** …his really big idea is a voluntary flat tax that would give every American the option of ditching the current code in favor of filing a simple tax return with two tax rates of 10% and 25%. *** The Thompson plan would allow taxpayers to keep their mortgage and charitable deductions if they prefer, by adhering to the current tax code and rates. But it would also allow the option to abandon those credits and deductions except for a single allowance based on family size ($39,000 for a family of four). Most taxpayers would pay a 10% rate on income above that allowance, with a 25% rate kicking in at $100,000 for a couple. *** There would only be five lines on the tax form and most taxpayers could fill it out in minutes.
Way to go Fred!>
Posted by Post Scripts at November 28, 2007 10:07 PM
Comments
Jerry Brown proposed much the same thing back in '92.
Posted by: Jim at November 29, 2007 07:24 AM
Neat idea. But he won’t get away with it.
Or should I say, WE won’t get away with it.
The recipients of the many Billions of dollars we spend in this country each year on Tax Compliance will fight it.
All those tax accountants, tax lawyers, tax preparation agencies, tax shelters, tax compliance software companies and legions of high priced government bureaucrats would be forced to shift all that effort work that actually produces something of value.
Plus, all of the social engineers who use the tax code as their own personal agenda playground would be very very upset.
While unleashing all those people, talent and money to do something more productive for mankind would be a great thing, they will fight such a massive change tooth and nail.
Posted by: Mark Sorensen at November 29, 2007 10:49 AM
Jerry Brown proposed much the same thing back in '92.
Jerry is well known for his flights of fancy...I think that's how he earned the nickname "moonbeam." Perhaps he didn't really mean it? Couldn't decide which way the wind was blowing? "Smoked" a bit before the press conference? Who knows what motivates the man for all reasons.
...they will fight such a massive change tooth and nail.
;-D...you're absolutely right! But if we give up talking about it we lose for sure. The will of the people can work wonders, we've witnessed it in our time...but it would take a herculean effort.
Posted by: Tina at November 29, 2007 08:13 PM
This is yet one more reason why traditional conservatives should back Fred.
Posted by: Nick Freitas at December 1, 2007 03:34 PM