From MSNBC: What do you guys think? <\/p>\n
Tax reform recommendations
\nBrief explanations of the two proposals by the President\u00e2\u0080\u0099s Advisory Panel on Federal Tax Reform:
\n\u00e2\u0080\u0094 SIMPLIFIED INCOME TAX: Like the current system, this option levies taxes on individual and business income. The panel stripped out most of the tax deductions and credits available to taxpayers and added back only those that the panel members believed would encourage certain behaviors, such as saving, charitable giving or home buying. The panel said it wanted to shorten tax forms and remove some of the mystery involved in tax calculations.
\n\u00e2\u0080\u0094 MODIFIED PROGRESSIVE CONSUMPTION TAX: To individual taxpayers, this system would appear almost identical to the simplified income tax. But, because of changes in the way businesses would be taxed, it marks a shift toward a consumption tax. Businesses could deduct their capital spending and wages from taxation, but they would lose a deduction for interest payments. This consumption tax would act indirectly, unlike a national retail sales tax. It differs from a pure consumption tax by applying a 15 percent tax on capital gains and dividends paid to individuals, a modification the panel made to prevent wealthy taxpayers from getting a much larger benefit than others.<\/p>\n","protected":false},"excerpt":{"rendered":"
From MSNBC: What do you guys think? Tax reform recommendations Brief explanations of the two proposals by the President\u00e2\u0080\u0099s Advisory Panel on Federal Tax Reform: \u00e2\u0080\u0094 SIMPLIFIED INCOME TAX: Like the current system, this option levies taxes on individual and business income. The panel stripped out most of the tax deductions and credits available to […]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/www.mrambler.com\/blog\/wp-json\/wp\/v2\/posts\/120"}],"collection":[{"href":"http:\/\/www.mrambler.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.mrambler.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.mrambler.com\/blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"http:\/\/www.mrambler.com\/blog\/wp-json\/wp\/v2\/comments?post=120"}],"version-history":[{"count":0,"href":"http:\/\/www.mrambler.com\/blog\/wp-json\/wp\/v2\/posts\/120\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.mrambler.com\/blog\/wp-json\/wp\/v2\/media?parent=120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.mrambler.com\/blog\/wp-json\/wp\/v2\/categories?post=120"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.mrambler.com\/blog\/wp-json\/wp\/v2\/tags?post=120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}