Here's something interesting about the "simplification" of the tax code Bush is trying to push in the next four years. Man I'm so disappointed since a more reasonable tax code was essentially the only thing I was hoping for with the re-election:
"Instead the administration plans to push major amendments that would shield interest, dividends and capitals gains from taxation, expand tax breaks for business investment and take other steps intended to simplify the system and encourage economic growth, according to several people who are advising the White House or are familiar with the deliberations.
The changes are meant to be revenue-neutral. To pay for them, the administration is considering eliminating the deduction of state and local taxes on federal income tax returns and scrapping the business tax deduction for employer-provided health insurance, the advisers said.
As the tax discussion takes shape, "we're not talking about a replacement system," said a former White House aide familiar with the emerging policy.
White House aides warn that no decisions have been made. "The president believes the tax code should be simpler, fairer, and more conducive to economic growth and he looks forward to appointing an advisory panel to review options for reforming the tax code," White House spokeswoman Clare Buchan said."
-- Washington Post
So we are planning on paying for the tax reform by making it more expensive for employers to give health care? And the tax 'reform' that is going to apparently take place is essentially corporate and investment incentives? That in no way makes the tax code simplier for the average person. It makes taxes easier on people who have enough money to invest, but in no way is this the populist approach touted during the campaign. Anybody out there have a good approach for tax reform?
I'm stumped by this solution and it seems like the democrats don't know what to do about taxes either. A little help please...
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