[Rhodes22-list] 2007 Tax Return

[brad haslett]

Stan,

We are in agreement.  The devil is in the details. 
You are correct on corporate income taxes, companies
pass taxes on to consumers.  Here's how we, to quote
you, "tax the hell out of the rich".  We have a flat
income tax rate on all income, say about 17%.  We
eliminate that sacred cow, the home interest
deduction, and other things like tax-free bonds.  The
rich won't be subsidized by the taxpayers to live in
their McMansions or shelter income with muni-bonds. 
In the end, the distribution will be about the same -
20% of the taxpayers (the so-called rich) will pay
about 80% of the tax burden.  Selling this idea to
those whose real goal is income re-distribution is
another matter.

Brad

--- stan <stan at rhodes22.com> wrote:

> Ah, we are in agreement.  There should be no taxes
> on corporations, no toll 
> roads, no sales taxes, no phone taxes etc. and etc.,
> not even on cigarettes 
> or playing cards.  Only an income tax, nothing else
> - and there we should 
> tax the hell out of the rich.  The bureaucratic
> savings from not having all 
> those other tax collecting departments would make
> the income tax increase, 
> needed to make up for the short fall (if any),
> small.
> 
> Join the EC party.
> 
> ss
> 
> ----- Original Message ----- 
> From: "brad haslett" <flybrad at yahoo.com>
> To: <rhodes22-list at rhodes22.org>
> Sent: Friday, May 26, 2006 12:13 AM
> Subject: [Rhodes22-list] 2007 Tax Return
> 
> 
> > Good news folks.  The IRS threw in the towel on
> the 3%
> > Federal excise tax on long distance calls.  This
> tax
> > was started in 1898 during the Spanish-American
> war as
> > a "luxury tax" because only rich people had
> > telephones.  Think about this the next time you
> hear
> > the the "tax the rich" trumpet blow. It took what,
> a
> > 108 years to correct this? Here's the US Treasury
> link
> > and the IRS and their press releases:
> >
> > http://www.ustreas.gov/press/releases/js4287.htm
> >
> >
>
http://www.irs.gov/newsroom/article/0,,id=157706,00.html
> >
> >
> >
> > May 25, 2006
> > js-4287
> >
> > Treasury Announces End to Long-Distance Telephone
> > Excise Tax
> >
> > WASHINGTON, DC - The U.S. Treasury Department
> today
> > announced it is conceding the legal dispute over
> the
> > federal excise tax on long-distance telephone
> service.
> > The Department of Justice will no longer pursue
> > litigation and the Internal Revenue Service (IRS)
> will
> > issue refunds of tax on long-distance service for
> the
> > past three years. Taxpayers will be able to apply
> for
> > refunds on their 2006 tax forms, to be filed in
> 2007.
> >
> > Treasury Secretary John Snow states, "Today is a
> good
> > day for American taxpayers; it marks the beginning
> of
> > the end of an outdated, antiquated tax that has
> > survived a century beyond its original purpose,
> and by
> > now should have been ancient history.
> >
> > "The Federal Appeals courts have spoken across the
> > board.  It's time to `disconnect' this tax and put
> it
> > on the permanent `do not call' list.
> >
> > "In addition to ending the litigation, I would
> like
> > to call on Congress to terminate the remainder of
> this
> > antique tax by repealing the excise tax on local
> > service as well."
> >
> > Key Facts Regarding Tax Refunds:
> >
> >  No immediate action is required by taxpayers.
> > Refunds will be a part of 2006 tax returns filed
> in
> > 2007.
> > Refund claims will cover all excise tax paid on
> > long-distance service over the last three years
> (time
> > allowed given statute of limitations). Interest
> will
> > be paid on refunds.
> > The IRS is working on a simplified method for
> > individuals to use to claim a refund on their 2006
> tax
> > returns.
> > Refunds will not include tax paid on local
> telephone
> > service, which was not involved in the litigation.
> > Originally established in 1898 as a "luxury" tax
> on
> > wealthy Americans who owned telephones, the
> federal
> > excise tax on telephone calls is not compatible
> with
> > today's modern information-age society.
> >
> >
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> 
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