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October 11, 2007
Republicans Introduce Taxpayer Choice Act
Conservative congressional Republicans (led by Representatives John Campbell (CA), Jeb Hensarling (TX), and Paul Ryan (WI)) unveiled today "the most far-reaching tax plan since Jack Kemp's three decades ago. It would establish a radically simplified, flatter tax for an estimated 90 to 95 percent of income-tax filers":
- Taxpayers have choice whether to continue under current income tax or opt into new system
- Two tax rates: 10% on first $100,000 of income; 25% on income over $100,000
- Capital gains and dividends continue to be taxed at 15%
- Repeal AMT
- Large standard deduction ($12,500 single; $25,000 joint)
- $3,500 personal exemption (so $39,000 no-tax threshold for family of four)
- Eliminate all current deductions (including home mortgage interest, charitable contributions, and state and local taxes)
See:
- Press Release (Rep. Paul Ryan)
- Press Release (Rep. Paul Campbell)
- Republican Study Committee
- Washington Post: For the GOP, a Daring Tax Choice, by Robert D. Novak
October 11, 2007 in Congressional News, News | Permalink
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Comments
They're trying to pull a fast one, because they know Americans are catching on fast that the income tax is a scam and is unconstitutional.
http://portland.indymedia.org/en/2007/10/366287.shtml
http://www.youtube.com/watch?v=l_sZj8dZnJI&mode=related&search
http://www.youtube.com/watch?v=0hRwkyqycgU&mode=related&search=
Posted by: Kimmer | Oct 11, 2007 11:36:38 PM
