> > > I think some reasonable attention could be put on our social > > > programs without having to resort to charges of socialism. > > > > > According to what I've read, Jim, in order to balance the U.S. > > federal budget, the government would have to raise payroll taxes > > by 30% and cut all entitlements by 50%. > > Or just roll back the gigantic tax cuts for Bush's > superrich cronies.
Or, as some economists have pointed out, simply institute a flat tax of 15% of income, NO deduc- tions, for all working individuals and all companies and corporations. NO deductions or exemptions of any kind for corporations. According to their figures (because a great number of corporations pay no taxes at all as a result of loopholes and incentives), this plan would raise nearly double the amount of tax dollars per year as are raised now, while prov- iding most people with an effective tax *cut*.
