Bipartisan Panel Calls for Overhaul of Tax Code: WSJ
A panel of Democrats, Republicans, economists and other experts is set to say Wednesday that a complete overhaul of the US tax code is the best way to address the nation's fiscal problems -- a new and likely controversial idea aimed at tackling the growing deficit.
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The most recent report, put together by a group called the Bipartisan Policy Center, will call for a one-year payroll tax holiday in 2011 that it says will create between 2.5 million and seven million jobs.
The plan would lower income and corporate tax rates and offset them with a 6.5 percent national sales or "consumption" tax as well as an excise tax on sugar drinks like soda.
http://www.foxbusiness.com/markets/2010/11/17/bipartisan-panel-calls-overhaul-tax-code-wsj/
Well this a real O - M - G moment. It's hard to believe. They actually want to LOWER corporate income tax and offset that with a NATIONAL SALES TAX of 6.5%, which will be on top of our state sales taxes.
It's like they're purposely trying to shift the tax burden from the rich to the lower classes, just unbelievable. A national sales tax is REGRESSIVE, it will lower consumption and destroy jobs not create jobs! And it hurts the jobless and poor the most, they're the ones who can least afford another 6.5% shaved off the top.
The one year payroll tax holiday is an interesting idea, but folks who pay taxes are able to do so precisely because they aren't hurting right now. And a one year holiday is TEMPORARY, whereas a national sales tax will be FOREVER. That's another 6.5% of your money the government will get for the rest of your life. Actually worse than that, since sales tax creeps up over time.