Retirement Tax Cut/Simpler Taxes
John McCain Will Act To Lower Medicare Premiums.
Seniors face a growing threat from higher Medicare premiums that tax away their Social Security and retirement savings. John McCain has proposed comprehensive, pro-market health care and Medicare reforms to reduce health care costs and control increases in premiums – while delivering high-quality health care.
John McCain Will Propose An Alternative New And Simpler Tax System – And Give America A Real Choice.
When this reform is enacted, all who wish to stay under the current system could still do so, but everyone else could choose a vastly less complicated system with two tax rates and a generous standard deduction. Americans do not resent paying their rightful share of taxes – what they do resent is being subjected to thousands of pages of needless and often irrational rules and demands from the IRS.
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I posted this elsewhere, but it really goes in this thread:
The middle class will finally be able to grow their own wealth. They would have a larger paycheck because of the no payroll taxes. The cost of goods would come down dramatically, because of the lack of corporate taxes, probably price-neutral after the consumption tax is applied. Then, they face the same dilemma they have now: spend or save. Our problem is that everyone feels entitled to big screen TV's, eating out often, Starbucks and Blackberries. I believe that there would be a built-in incentive to invest in a 401k- which will earn tax-free for a more secure future. They will choose to pay off credit cards rather than pay taxes and credit card fees on their never-ending purchasing binges. Now, sure, consumption will decrease (which is the point), and wouldn't that be bad for the economy? Well, cost of production will go down with less taxes, our goods will be more competitive abroad, and other nations' goods will be sold in America with the same tax burden as our own. This will promote a shift to buying American and selling abroad. Less consumption in general will help the environment. The rich who spend (Michael Jackson, for example), will pay much more. Rich who invest in this nation will merely be building the American equity base and investing in corporate growth, research (we might get that hydrogen car!), and jobs. But the best argument is that the middle class will be able to build wealth also- for the first time. There will be a push to invest, build, grow your future, and get ahead. Buying an extra house to grow equity and rent out tax-free would be good for our housing market, good for competitive rent rates, and good for the American investor. The middle class will be able to invest without a tax penalty, like the rich do now through tax evasive games. That will be a level playing field, and offer the fulfillment of the American dream.
If John McCain wins, I hope he will consider this cause. If Obama wins, heaven help us.
McCain needs to give the Fair tax a second chance if he really wants to be fiscally conservative. It would certainly give him more justification for calling Obama a socialist as well.
Maybe this will come up after the election, if McCain wins. I think everyone needs to write congress, McCain, the media and whomever can get this discussion rolling. I keep writing everyone I can to express my opinion. Thanks for your comment.
Things are not as simple as you make them sound. Amongst the many reasons for the rise in health care costs is the fact that too many Americans are in terrible physical condition and have not a real clue as to how to keep themselves healthy, disease free and out of hospitals. People are getting fatter and need more and more medicines to keep them alive. I do not recall hearing John McCain discuss his plan for keeping people healthy. However, I do recall hearing Barack Obama speaking about correct food choices, etc. Perhaps if the McCain campaign did not malign Obama's salad choice of arugula and would advise others to partake of it, others might be in better shape. Although arugula is in no way a complete food, it is certainly a very health-building choice.
http://www.everynutrient.com/healthbenefitsofarugula.html