TurquoiseB wrote:
>>>> 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*.
And what would happen to people who have been getting mortgage interest
deductions?
