the problem with that though is that people who are eking out a living really don't have the money to save. SO you would wind up with a situation like Social Security where the poor are taxed on all their money and the wealthy only on a small portion of it. Call me a wild-eyed liberal if you will, I just dont think that little old lady who's supplementing her Social Security at WalMart should have to give up her lunch to pay her taxes while people who are sending money to Swiss bank accounts don't pay anything. Surely that's not what you are saying? Because if so, I hate to tell you this, but it's an excellent Rx for a recession.
> Good advice on the 401(k), a friend of mine is working at an H&R > Block > tax prep station for some extra money and has been telling me of the > vast numbers of people that come in and are surprised to find out > they > owe federal tax on top of the penalty... > > The idea of a one rate tax appeals to me only if it is applied as a > consumption tax. that way you really only get taxed on what you buy. > not on what you save, invest, etc. > > Also cuts a hell of a lot of loopholes. Though a liberal socially, I > do not think that those with more should pay more (have a more fair > share of taxes?!?), nor do I think those with more should be able to > take advantage of built-in loopholes either. > > A consumption tax on fuel, clothing, etc would pretty much take care > of that. > > With no direct tax on income, earned or un-earned you'd encourage > people to save rather than send every penny they've got to eek out a > living... > > On 3/17/06, Robert Everland III <[EMAIL PROTECTED]> wrote: > > I don't know why you didn't consult an accountant before you cashed > out your 401K. The 401K I had told me many times that I can't cash out > without severe penalties. When I did finally cash out my 401K to buy > my house I only took out the first 10K which is penalty free, but NOT > tax free. So I had my bank withhold the tax I would owe. No fuss no > muss. I'm not even gonna comment on the stock thing because I have > never had to deal with that. > > > > I don't know how much of a proponent of a one tax I would be. > Everyone is different and I don't think having one tax law is going to > solve anything, I think it would just make another set of people > pissed off with how the system works. > > > > > -- > will > > "If my life weren't funny, it would just be true; > and that would just be unacceptable." > - Carrie Fisher ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Message: http://www.houseoffusion.com/lists.cfm/link=i:5:200541 Archives: http://www.houseoffusion.com/cf_lists/threads.cfm/5 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:5 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
