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Thursday, 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:

http://taxprof.typepad.com/taxprof_blog/2007/10/republicans-int.html

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 8:36:38 PM