Dave Boone's Blog (10)

Romney's Gross Income was 13.7M and his bottom line liability from line 61, form 1040 = 1.5M for a 10.9% effective rate under the current system.  This is a simplistic way of looking at effective taxes which combines earned and unearned income taxes, thereby taking us out of the “Warren Buffett” discussion.

The Romneys famously gave 30% of their income to charity last year which would have left 9.6M to spend. Assume they put another 30% into savings and investments, net…

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All over the country including in the halls of Congress, Americans are beginning to see the Income Tax as a failed system that cries out for fundamental reform.  The question is no longer, how can the Income Tax be improved, but rather how can we reduce collecting revenue to its simplest, fairest form?  In 2005, then President, Bush, convened a panel to answer that question.  His charge to them included the requirement that whatever they came up with must encourage economic growth.  As with…

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Critics of the FairTax love to beat us up about the exclusive rate being 30%. Has anyone ever figured out what the exclusive rate is for the income tax? It turns out in the affirmative. Beacon Hill Institute published in 2007, in a paper titled What Rate Really Works? that the inclusive rate would be 32.53% and the exclusive rate would be 48.22%.…

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Does this mean Sand has taken Herman Cain's 999 pledge?

http://ndpolitics.areavoices.com/?p=93470

We all have to make tough choices in life.  Choosing between the current income tax and the FairTax is not that tough.

How would you like to get your entire paycheck, for an immediate 10% raise, maybe more?

How would you like to never have to file another income tax form for the rest of your life?

How would you like to see a number for the cost of running the federal government on every cash register receipt?

How would you like to see trillions of dollars returned…

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An open letter to Congress:

 

Recently we have seen a series of books documenting the role of the lobbyist and the use of privileged information for personal stock trading profit.  Against a background of a favorability rating in single digits, it all seems like “piling on”.  The sad fact, however, is that you deserve every bit of it, probably more.  You are presiding over a time of serious decline in this unique experiment in representational democracy, as well as in our…

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No%20Brainer.doc

If you are concerned about jobs going overseas

 

The FairTax fixes it by removing corporate and individual income taxes, as well as capital gains, social security and payroll tax withholding.  Overnight the U.S. becomes the most business friendly nation in the world.

Potentially several trillions of dollar denominated overseas accounts would be “repatriated” for investment here.

 

If you are concerned about the balance of trade…

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 The key to putting Americans back to work is investment. Removing

capital gains, corporate income tax, individual income tax, and taxes on

savings and education would free up massive capital for investment. It

is estimated somewhere between 10 and 15 trillion dollars would come

back to the U.S. from the offshore accounts which were set up in the

first place to avoid taxes. Now that’s stimulus you can believe in,

and the beauty is that it would be private money.… Continue

http://waysandmeans.house.gov/singlepages.aspx?NewsID=10470

Hint, hint.