Wednesday, December 29, 2010

Uh oh, Rep. Dave Camp wants to reform "IRS Code"

Dave Camp will begin his 11th term in Congress as the  chair the House Ways and Means Committee. He is another Republican who wants to reform the US income tax code. Republicans have been doing this since the Reagan era and the tax code hasn't gotten any simpler.

What camp really wants to do is change the tax tables as have other Republicans. He would like a top rate to be 25 percent - three points lower than Ronald Reagan achieved in 1986 . . .

Camp is also concerned "that 46.7 million earners pay no income tax at all.  Most of these people are at or below the poverty level and most of them live in the Red States.

In addition, 143 million tax returns were filed that had no tax liability. Rightardia also noted that during Hurricane Katrina, a thriving underground economy exists in the Gulf states.these people don't even file income tax most of them will will be on welfare as seniors.

These tax scofflaws will have to use Medicaid and Social Security Income (SSI) when they retire because they will not have 40 quarters of FICA payroll tax to qualify for normal Social Security or Medicare.

Gulf coast fisherman were unable to be reimbursed by BP during the gulf oil spill because they had no 1040s or W2 forms to document wages.

According to Camp, "Free-riding people have scant incentive to restrain the growth of government they are not paying for with income taxes."

Rightardia suspects that Camp will get nowhere with his "tax reform" ideas. Obama would surely veto any bill hat cut taxes for the affluent. Such a bill is unlikely to be successful in the Democratic senate as well.


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