MaggieMae
Reality bits
- Apr 3, 2009
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"Not one dime on those making under $250k per year...."
Pelosi says new tax is 'on the table' - The Hill's Blog Briefing Room
Pelosi says a lot of things that don't automatically translate into policy. If you think health care was long and drawn out, wait until an overhaul to the tax code is introduced. So I wouldn't hit the panic button yet. But of course you and your ilk will have this all signed, sealed, and delivered by--guessing--next weekend, and it will be all over the Internet as gospel truth.
Maggie, would you want a VAT?
No. With the only alternative being a page-by-page revision of the behemoth Tax Code, the only two viable solutions would be either the flat tax or the fair tax.
The fair tax would do away with all federal income taxes, including its myriad exceptions and burdens and put in place one tax, a flat percentage on all sales.
The flat tax, which would impose a fixed percent on personal income and corporate profits, leaves the door open for the same type of manipulation that currently exists.
So if there's going to be massive change, I think I would prefer the fair tax.