John Snow hints at removal of deductions in "Tax Simplification" plan

[Bush_Eats_Beef]

More comforting words from the charismatic "Honest John" Snow.



No mention here of a "National Sales Tax." Whatever these bastards have up their sleeves, PRAY that things stay that way...or at minimum, groups such as the National Retail Association keep their word to FIGHT it tooth and nail...

It makes you clearly understand the quote at the end of the article from Greg "Outsourcing Is Good For America" Mankiw:

"The economy is in very solid shape."

:grr:

http://www.msnbc.msn.com/id/6730951/

White House wants to simplify tax code

Snow also gave some hints about the direction in which the Bush administration would like to push the tax code in its second term. A panel will be named before the end of this month to examine changes the administration feels could simplify the tax code, promote economic growth and spur more savings and investment.

That will mean removing "the things that make it complex," Snow said, citing tax preferences, credits, deductions, and business tax depreciation schedules.

Business lobbyists have been pushing to scrap depreciation schedules, which allow investments to be written off over time. Instead, they want investments to be fully deductible immediately, an idea known as expensing.

Snow said he "fully expects the panel to look at the pros and cons of expensing," adding that it would be consistent with simplification goals. But he cautioned he did not want a tax plan to leave businesses with "negative income taxes."

[pinto]

1. When's the last time you "expensed" your investment in your child's ed?

"Business lobbyists have been pushing to scrap depreciation schedules, which allow investments to be written off over time. Instead, they want investments to be fully deductible immediately, an idea known as expensing."

I call it Christmas for corporations.

[ClintonTyree]

2. Just like Ronny Rayguns................

"tax cuts". Sure, he cut taxes but he also took away many, many deductions people used to have when figuring their taxes. The net result for the average Joe? A tax raise. Same thing with *. Joe Sixpack thinks * is great for lowering taxes. They're too stupid to realize that State and Local governments are raising their taxes, with "fees" being raised astronomically.
The average American is too stupid to know they're being fleeced by this gang of thieves in the White House.

[Florida_Geek]

3. Before Raygun you could deduct

your credit card interest and auto interest and other interest, after Raygun all you could deduct was mortgage. If you do not own a house, you have to take the standard deduction.

[joanski01]

5. With this proposal, you will NOT

be able to deduct your home mortgage interest, either.

[Florida_Geek]

8. Surprise Surprise

and who gets hit the hardest,,, the middle class.

[HuskiesHowls]

4. Federal taxes go down, so no money for the states!!

And this report is 7 months old!!
<snip>
* Federal policies impose new costs on states and reduce state revenues. They include:

* Recent federal tax cuts, such as changes in the federal estate tax, that are reducing state revenues because of linkages between the federal and state tax codes.
* Unfunded mandates, or requirements the federal government has placed on state and local governments (such as the No Child Left Behind education law) without adequately funding them.
* The gradual shifting of health care costs for low-income elderly and disabled individuals from Medicare (which is federally funded) to Medicaid (where states pay nearly half of all costs).
<snip>
http://www.cbpp.org/5-12-04sfp-fact.htm

More good stuff on budget policies and their impact: The Center for Budget and Policy Priorities
http://www.cbpp.org

[Historic NY]

6. New Simplified Tax Form

Income Taxes
New Simplified Tax Form for 2006 Taxes

1. How much money did you make in 2005?
2. Send it to us

[Stinky The Clown]

7. Now is the time for men to start carrying purses

I can not stand the feel of their hands as they keep rooting about in the pocket on my left butt cheek. And Snow is just plain icky.

I'll bet he even smells old.