Simplifying U.S. tax code part of Ricketts' agenda (R Senate candidate Ne)

[Omaha Steve]

http://www.omaha.com/index.php?u_pg=1673&u_sid=2235446



Published Sunday
September 3, 2006

Simplifying U.S. tax code part of Ricketts' agenda

BY ROBYNN TYSVER


WORLD-HERALD STAFF WRITER

The nation's tax code is too complicated and needs to be simplified, Republican U.S. Senate candidate Pete Ricketts says.

But he said that doesn't mean he wants to eliminate child tax credits or the mortgage deduction, or to raise taxes.

Ricketts released a tax plan Saturday that was, in large part, an attempt to rebut Democratic Sen. Ben Nelson's assertion that Ricketts wants to raise taxes.

There was no mention in the plan of a national sales tax, which Nelson has repeatedly said Ricketts supports and which Nelson has said would eliminate the mortgage deduction and increase taxes by 30 percent.

(In the future please limit your snips to 4 paragraphs as per the Democratic
Underground copyright rules . proud patriot Moderator )

[Solo_in_MD]

1. He has a point, the current system is FUBAR

and while I do not agree with some of his proposed changes, getting some movement is a good thing

[NOLADEM]

2. OH MAN, when a Repube wants to 'simplify' the tax code....

RUN.

He supports a national sales tax and repeal of the estate tax.

He wants a more regressive system.

BAD BAD BAD.

[ComerPerro]

6. Its brilliant, that talking point

because, while it truly would be "simpler", it would really and severly fuck 99% of Americans.

So, I guess, it makes life simpler for the only people Repigs really give a fuck about, right?


Sometimes I am convinced that they score so many political points because they treat people like they are complete and total fucking dumbass who love being lied to. The bigger and more outrageous or insulting the lie, the more their supporters eat it up.

[Greyhound]

3. How about this for simplifying the tax system and placing the burden on

those that profit from it.

A flat 2% on gross income for all businesses. That's it, no income tax, no sliding scales, no cutoffs or minimums, this also serves to eliminate all the finagling and fudging numbers to hide income. 2% of every dollar that comes into the company goes to the feds, period.

I think 2% might even be too high. The calculation is very simple, but I'm too tired of wading through all the Googlecrap to find total commerce numbers.

[FILAM23]

4. I agree that the tax code needs to be simplified

but not sure about his method of simplifying.

What I would like to see is

Income tax 6 brackets $1-$10000 adjusted income 2%
$10001-50000 AI 9%
$50001-100000 AI 17%
$100001-250000 AI 25%
$250001-1000000 AI 33%
Over $1000001 AI 40%

Elimination of all deductions except the standard and personal deduction so a family of 4
making $30000 per year would pay $144 annual income tax
making $60000 per year would pay $3348
making $100000 per year would pay $322476

Estate taxes:: Can leave all tax free to spouse
Can leave $1000000 to each child tax free
Anything between $1000001 and $5000000 taxed at 40%
Any and all above $5000000 taxed at 65%

[ComerPerro]

5. That's not simple sounding, though. And Repigs love to

muddle it up with faleshoods, like "There is no incentive to make more, cause you get taxed higher." Or, "But if you make even a dollar more, you pay a lot more in taxes", which is of course a lie.


I like your numbers, I love progressive taxes like this, but would your numbers provide good revenue?