Comment: The President's Advisory Panel on Federal Tax Reform, Bush is busy screwing up the economy with Outsourcing, Gigantic Trade Deficits headed into the Trillions, and unlimited Soft Money that has PURCHASED the entire Congress and down through City Governments. Bush starts with DRUGS, which is the most odious example. Sorry that I very reluctantly voted for him, hope the Demos run a better person than Kerry next Election. BONA FIDES: A. Started as a Fisherman on family Purse Seiner with near zero H.S. Academic courses. B. USAF 4 years with Trinity U. & Maryland U. extension courses in Europe. DEAN'S List on 25 Academic units to get into UCLA. C. B.S. UCLA/UC BERKELEY and MBA/USC. Mostly Econ/Finance B.S., MBA regular night prog. FIRST CHOICE FROM PUBLISHED SUGGESTIONS: 1. VAT/Jose Camahort of Lincoln, CA ( HYBRID VAT). a. BalanceD European type VAT with Mods that lower cost of VAT charges and add charges for: b. TRANSACTION TAX to balance out to needed revenue to current BUDGET. b.1 IMPORT TAX ABOUT 2% (Not a Tariff, Buyer Pays). b.2 EXPORT TAX ZERO. b.3 WHOLESALE TAX 2% OR TBD. b.4 SECURITY TRADES 1% (big volumes & values). b.5 REAL ESTATE TRADES 1% (New & Used). Interest deduction at 50% as incentive to own. b.6 WAGES & SALARIES FLAT TAX 2% BELOW $100k/YR. b 6a WAGES & SALARIES > $100K/YR 4% (NO EXEMPTIONS), WITHHOLDING ON ALL INCOME BASED ON PAST YEAR. b.6b POVERTY LEVEL EXEMPTION. b.7 AGRICULTURE SUBSIDIES PHASE OUT OVER 5 YEARS. Fallow Land Program cancelled flat Water Rights cannot be sold to anyone except another active Farmer. b.8 CHARITABLE DONATIONS AT 50% TO AVOID PAPER ON ELEVATED APPRAISALS, DONATED CARS, ETC. SUMMARY: This seems complex but most of the money would be collected from businesses per VAT principles. COMMENTS ON OTHER PLANS: I. CATO/TAX JUSTICE GROUP Just not practical. 27% for people over $180,000 is too low. This tax is regressive. TAX JUSTICE IS FOR THE RICH. II. JOHN LINDER The Wealthy do not buy more as a portion of their income, they buy far less for normal living expenses and do not pay rent. III CONSERVATIVE GROUPS. Another fallacious premise. IV TEMME BANK COLLECTIONS. Really Stupid ! More Money would be held Overseas by rich people. V COMPTON FLAT TAX. Stupider than Temme. It appears a modified VAT Hybrid would work better for the USA, but the European version promotes high taxes and Socialized Economics. France used to be the lowest cost in terms of percent taken from taxpayers and Sweden one of the highest. Europeans make the same money, German and Japanese workers make more for factory work, but our system has competitive prices from big discount stores, so US workers actual keep more income than the Germans and Japanese. ALMOST ANYTHING WOULD BE BETTER THAN OUR CURRENT SYSTEM, BUT IT MUST BE A GRADUAL PROCESS THAT ALLOWS ASSETS TO BE ADJUSTED SO WE DO NOT CREATE EVEN MORE BANKRUPTCIES. JOHN PATRICK MARTIN c-207, 6542 Ocean Crest Drive. Rancho Palos Verdes, CA 90275 (310) 544-1302 p.s. Bush will not survive in office to see it unless he gets a Patsy to run against. p.s.s. Good job kathy K ! It is about time someone started the ball rolling in L.A. |