Thompson Proposes Tax Choice

[candles]

examiner

WASHINGTON (Map, News) - Republican presidential hopeful Fred Thompson proposed an income tax plan Sunday that would allow Americans to choose a simplified system with only two rates: 10 percent and 25 percent.

Thompson's proposal, announced on "Fox News Sunday," would allow filers to remain under the current, complex tax code or use the flat tax rates.

Asked whether the plan would cut too deeply into federal revenues, the former Tennessee senator and actor said experts "always overestimate the losses to the government" when taxes are cut.

"We've known for years any time we have lowered taxes and any time we've lowered tax rates, we've seen growth in the economy," Thompson said.

The article goes on to mention, Thomas proposed permanently extending the tax cuts of 2001 and 2003.

[STEELMAN]

Now we're begining to see another card from the hand of the Tortoise who has been patiently waiting to reveal to the voter. Looks like another trump card on the table for scrutiny by Thompson.

So far so good. I'm begining to like what he's holding. No one else has produced this tempting morsal for the voter to consider.

Come on Fred....play them cards right and let's see what happens. Do I hear rabbit's groaning in the back there somewhere? Maybe it's just the rest trying to catch their breath.

[schillerbjr]

As of this date, I like what is said and written about Fred Thompson!!! He makes good decisions!!

[Terri]

Thompson Proposes Tax Choice

By AP STAFF
Associated Press
November 26, 2007

WASHINGTON (AP) -- Republican presidential hopeful Fred Thompson proposed an income tax plan Sunday that would allow Americans to choose a simplified system with only two rates: 10 percent and 25 percent.

Thompson's proposal, announced on ''Fox News Sunday,'' would allow filers to remain under the current, complex tax code or use the flat tax rates.

Asked whether the plan would cut too deeply into federal revenues, the former Tennessee senator and actor said experts ''always overestimate the losses to the government'' when taxes are cut.

''We've known for years any time we have lowered taxes and any time we've lowered tax rates, we've seen growth in the economy,'' Thompson said.

[cphine]

So, did Thompson just dream that up and pick the numbers out of thin air?! His plan fails the numbers game and show's him just to be a "me too!" candidate.
Governor Huckabee was the first candidate to boldly supporter a tax replacement alternative called the FairTax. The FairTax has $20 million dollars in research behind it and already has 68 Congressional Co-Sponsors.
Huckabee has an issue to run on and already has support in Congress for what he proposes. Thompson realizes he's a sinking ship and is now just trying to raise the SOS flag.
Huckabee for President!
He's got the ideas...and the energy...to be President!

[Dr.VinniGoombatz]

Yes, and this is one of the reasons that I have removed my support from Fred Thompson and begun to support Mike Huckabee as I believe Mike will push the John Linder “Fair Tax” plan.

Why the Fair Tax plan? The biggest reason is that the Thompson plan will keep the “income tax” manipulative power within the government, and the “Fair Tax” would shift this power to the voter. It would eliminate the IRS, and pave the way to abolish the 16th amendment; I believe it’s the 16th that created the income tax. My fellow voters, according to one of my mentors, Dr. Milton Freedman, Nobel Prize winners in world economics, any tax structure will work as far as income for governments is concerned, but the structure of the Fair Tax would be a such that it would benefit the economic strength of the USA and all of it’s citizens. There is a book out entitled “The Fair Tax” that details how this all works and how the only losers would be the IRS, the K St. lobbyists, and the law makers that use the income tax to manipulate your lives. Please be informed.
I believe Thompson’s tax plan is an attempt to pacify the voters into thinking that tax relief is on the way if you vote for him, but in essence maintains the power to slip it to us in the future.

[GOPLUS]

Fred's tax system proposal is a great improvement over the existing tax code but it doesnt include an equally important issue, the fact that imports dont include the numerous taxes that American made products bear, which causes a loss of jobs for Americans.
The constitution guarantees us Life, Liberty and the Pursuit of Happiness but it doesn't guarantee us FREE protection of our property from the rest of the world. Therefore, Donald Trumph's tax suggestion makes more sense because it would accomplish more than all of the other plans put together at a lesser cost, a simple tax at one rate on each and every property with only a fixed deduction per person of each household, which would reduce taxes for virtually everyone, except cheaters.
Tax lawyers and IRS employees would fight such a plan because they would be forced to do something useful; Politicians who constantly "tweak" the tax code for bribes would be against it; and cheaters would be against it but 99% of the people would sigh in relief as the long insideous and vague arm of the IRS vanishes because each State could collect the Federal tax along with state tax.
And to those who say they would have to fix a value on their property? Then for your own benefit you should know, and besides, finding out would require less than 10% of the time it currently takes to maintain records for the IRS.

[torrant]

Like most things in politics incremental change is the most attainable and reasonable approach. I like Thompson's tax proposal. I haven't researched the differences between the Flat Tax and the Fair Tax, but I know that abolishing the IRS is not something that will pass Congress in one round of votes.

With Thompson and Huckabee pushing major tax restructuring it will help to get the topic into more discussion and debate. It also makes the Democrats look pathetic and unimaginative.

I hope whoever the Republican nominee is will push major tax restructuring. I believe most Americans could get very excited about such a program. However, there will need to be a massive education of the electorate to get them to see how important it is and that it will really work.

[TWM1942]

This proposal just heaps more complexity onto a system that has become so complex and out of touch with reality that it is non-functional.

Thompson's proposal has made it clear that the only logical candidate to represent the Republican party is Mike Huckabee.

We need a complete overhaul of the tax structure in order for this country to recover from the malaise that it has fallen into. With less than 50% of people in this country paying taxes, we are headed into bancruptcy unless something is done to regain control of expenses and consumption.

The fair tax proposal provides the basis for regaining control and putting this country back in an economic leadership position.

Only Mike Huckabee has demonstrated the leadership to get this country working again!

[Ohwellii]

I thoroughly believe we won't ever reform the horror story called Income taxes in one fell swoop. It will be re-written in many stages, and this effort is a really excellent first stage.

Let keep a couple of things in mind please. The Income Taxes are as complicated as an unwritten language because it includes so many exemption and deductions we filled up a couple of huge warehouses. Further, the code was written in legalize that made it undecipherable in the first place without looking for deductions and exemptions.

Lastly... it should not be an unmentionable idea that taxes should be decreasing at this point in our history. We are fighting the war on terror, but that should be in progress with all the rest of the democratic states.... NOT just the United States.

We cannot be, and I would not support anyone who suggests we should be.... World Policemen. Real power is in keeping your powder dry and we are so actively involved in sectarian affairs at this point, we could see a very ugly end point for our nation. Wars are bloody damned dangerous.. no matter how strong you are.

Lets reform our tax process, cut spending, and join in a effort by democratic nations to deal with our problems. Please..