Wednesday, November 02, 2005

Tax Reform

I have not read a whole lot about the report from the council to reform taxes, but the little I have looks like a good step.

Cutting the length of tax forms in half.
Eliminating AMT.
Further cuts on Capital Gain taxes.

I am not sayig this is the flat tax most of us want, but from what I have read it makes a lot of sense, and it is the first steps towards a rational taxation system.

Just wondering if any of you had read any more on it, or what your thoughts were.


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11/02/2005 12:46 PM  
Blogger Steve said...

this is a revenue neutral change that does not alter the burden of taxes paid by each indv...

I think its great

11/02/2005 3:14 PM  
Blogger Ellis Wyatt said...

I hope that the 10-50 hour I make on that site isn't taxable...

It does alter the amount paid by each individual. There will be less paid by the middle class, from what I understand. Less tax brackets, etc. I look forward to this proposal but know it will not gain enough traction to make an impact or change, unfortunately.

11/02/2005 5:02 PM  
Blogger Steve said...

The proposal I saw gov't group discussing that they came up with on CSPAN said it made no change to who paid what, other than perhaps some small changes here and there.

Now it is possible that some proposal congress came up with has been changed, but the orig one was neutral

11/02/2005 8:13 PM  
Blogger The Man In the Tribe Hat said...

I'm bothered by the panel's analysis. While crafting "revenue neutral" recommendations, they really failed to take into account the economic boost (and resulting revenue boost) from a simplified system that lowers compliance costs, is easier to understand and less open to manipulation and evasion.

I actually agree with Bob Novak on this one -- it was a missed opportunity.

11/03/2005 2:07 PM  
Blogger Nathan said...

Going to have to agree with Roger on this one...and hence agree with is the column he is talking about.

I must say I would have liked to have seen some more sweeping changes...even if we didn't flatten the rates much-getting rid of a lot of the deductions (if not all) coupled with rate cuts would have been nice.

Just making the proposal revolve around two ideas: making paying one's taxes simple and cutting back the IRS would have been perfect and perhaps an easier sell.

11/04/2005 12:14 PM  
Blogger Steve said...

We all would have liked more sweeping changes. To be honest, though, this is an area where I don't think Bush has enough political capital to even debate the issue. This is more similar to the 1986 tax reform, which in fact did make the code simplier.

2008- let's hope for more sweeping changes!

11/05/2005 2:03 PM  

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