Frisco_Slug_Esq
On Strike!
- Joined
- May 4, 2009
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Scott McMahonThere is an emerging consensus that our current system of taxation is both cumbersome and costly, not to mention inadequate for meeting the extensive interests of the country. In fact, in December 2003, Speaker of the House Dennis Hastert affirmed that, "[Our] tax system is too complicated; it also hurts our nation's competitiveness. If our companies can't compete, we lose jobs here in America. [We] must start a discussion of how we create the best tax system possible to meet the needs of the people in the 21st century."
In response to a need for meaningful tax reform, Sarah Palin has introduced the Transaction Fee, as a fresh idea for a stalled debate. Introduced on her Facebook page, this legislation calls on the Department of Treasury to study a proposal to transform America's economy by eliminating all Federal taxes on individuals and corporations, and replacing them with a revenue generating system based on transaction fees. The proposed transaction fee based system would generate revenues equivalent to current collections from all federal taxes, while conceivably supplying additional income. The excess funds would serve to eliminate the current national debt and fund economic development.
The American Thinker
It's not exactly the FairTax or Ayn's Contract Fee, but when it comes to eliminating the Income Tax, at least we're on the same page...
Discuss
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About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability.
The nation's total federal debt is 2011 is expected to exceed $14 trillion, about $47,000 for every U.S. resident.
Provided by Associated Press