WARN ING!!! With arguments reminiscent of those that sold the idea of outsourcing and trickle-down economics as being beneficial to US, the hucksters are now out pitching flat and consumption taxes as being what is necessary to save our economy. The arguments are the same hollow, insupportable rhetoric they always use. Yeah, we need tax reform--but we need real reform of progressive tax schedules, not regressive taxation that shifts the burden of taxation onto low and middle income earners. The inane plan in this article effectively replaces explicit tax shelters for the ultra rich with implicit tax shelters. In other words, the wealthiest of the wealthy who currently get around paying their full nominal tax--paying only in the 12% - 15% range--will pay taxes on only 1%- 2% of their income--because that is all they spend.
Posted on: Sun, 14 Dec 2014 17:35:12 +0000
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