The Fair Tax

For those of you who don't religiously follow politics, this may require a definition. The Fair Tax is a proposed tax code that would completely eliminate the IRS. In fact, it would almost tottaly eliminate the current tax code. Instead of being taxed on your income, property and capital gains, you would only be taxed on what you spend. In essence, you pay sale tax and thats it. The proposed tax rate sits at thirty percent. While this may seem high, when was the last time you checked the tax brackets? (http://www.moneychimp.com/features/tax_brackets.htm) Alot of us already pay in excess of twenty-five percent of our income to the IRS, and thats without the plethora of other taxes. That thirty percent isn't looking so high anymore is it? In addition, your only taxed on what you spend. So your not taxed on your childs colledge funds, or your personal savings. This would also encourage those who have stashed they're millions overseas to bring they're cash back to America, thus contributing to our economy. Now you ask, what about the multi-multi-millionaire who could never spend all his money and is hardly paying taxes on any of his money? Well, they'll still have to pay taxes on it when they, or they're descendents, spend it. I personaly, love this plan, which is why a liked Huckabee, this was one of his primary platforms during his campaign. Unlike our current tax code, which punishes the successful and the market savvy, this code rewards those who save and have money smart. For more information visit: http://www.fairtax.org/site/PageServer

700 Billion Dollar Bailout?

Today in my 8th grade history class, we were posed with a question: "Should the bailout plan be allowed to pass, who would pay for it?" One kid proposed printing more money, seems easy enough, but you can't just put 700 billion into the economy. Another proposed taking money from the super rich, like Warren Buffit and Bill Gates. While these people may have far more money then they need, why punish them for they're success? We should be taking money from the people at fault. What about the rich executives who received multimillion dollar bonuses while they're companies hemorrhaged money? Are they not to blame? If we're going to be charged for they're mistakes, then I don't want to see our money go towards an executives new ferrari.

Now for some of us, 700 billion is a difficult number to comprehend. So to put it in perspective, I'll type it out: 700,000,000,000. Big number, eh? If you make one-hundred thousand dollars a year, thats seven million times what you make. Many of us would be reluctant to part way with one-hundred dollars, let alone 700 billion. What does this tell me? Someone messed up big, and who ever did, should be punished. So I say: take away his ten million dollar vacation house, demand that he pay for a chunk of the bill, remove him from his position. And for god's sake, cap his replacements salary. He shouldn't be making millions of dollars a year.