Replacing the Federal Income Tax: Hearings Before the Committee on Ways and Means, House of Representatives, One Hundred Fourth Congress, First Session ... |
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25 percent added tax alternative minimum tax American ARMEY audit AUERBACH bill billion border adjustments Chairman ARCHER CHRISTENSEN collected Committee complexity compliance costs CONGRESS THE LIBRARY consumer consumption tax current income tax current system current tax system Dale Jorgenson deductions earning economic growth economists eliminate exemption fair federal income tax Federal tax flat tax Gephardt going hearing impact income tax system increase individual INFOTECH Internal Revenue Internal Revenue Service issue JORGENSON labor Money magazine national retail sales national sales tax paid poll problems purchase question RANGEL RARY Reader's Digest real estate replacing respondents RESS retail sales tax savings and investment SHAW Social Security STC plan tax base tax burden Tax Code Tax Foundation tax plan tax reform tax returns taxable taxation taxpayers testimony Thank transition underground economy USA Tax value added value-added tax WILDAVSKY
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Page 238 - Income may be defined as the gain derived from capital, from labor, or from both combined," provided it be understood to include profit gained through a sale or conversion of capital assets, to which it was applied in the Doyle Case (pp.
Page 108 - The second issue to be debated is fiscal federalism or the role of state and local governments Since state and local income taxes usually employ the same tax bases as the corresponding federal taxes, it is reasonable to assume that substitution of consumption for income taxes at the federal level would be followed by similar substitutions at the state and local level. For simplicity...
Page 220 - It is a signal advantage of taxes on articles of consumption that they contain in their own nature a security against excess. They prescribe their own limit, which cannot be exceeded without defeating the end proposed — that is, an extension of the revenue. When applied to this object, the saying is as just as it is witty that, "in political arithmetic, two and two do not always make four.
Page 238 - Section 23 makes no provision for the cost of goods sold but the Commissioner has always recognized, as Indeed he must to stay within the Constitution, that the cost or goods sold must be deducted from gross receipts In order to arrive at gross income. No more than gross Income can be subjected to Income tax upon any theory.
Page 240 - The suppression of unnecessary offices, of useless establishments and expenses, enabled us to discontinue our internal taxes. These, covering our land with officers and opening our doors to their intrusions, had already begun that process of domiciliary vexation which once entered is scarcely to be restrained from reaching successively every article of property and produce.
Page 220 - Imposts, excises, and, in general, all duties upon articles of consumption, may be compared to a fluid, which will, in time, find its level with the means of paying them.
Page 106 - ... durables. Both are substantial in magnitude, but could be taxed by the "prepayment method" described by David Bradford (1986). In this approach, taxes on the consumption of the services would be prepaid by including investment rather than consumption in the definition of the tax base. The prepayment of taxes on services of owner-occupied housing would remove an important political obstacle to substitution of a consumption tax for existing income taxes. At the time the substitution takes place,...
Page 239 - They have also ceded a tract of four miles square, including the salt springs near the mouth of the river. In the department of finance it is with pleasure I inform you that the receipts of external duties for the last twelve months have exceeded those of any former year, and that the ratio of increase has been also greater than usual. This has enabled us to answer all the regular exigencies of government, to pay from the treasury...
Page 108 - ... activity, including both taxes and expenditures Policies to achieve progressivity could and should be limited to the expenditure side of the government budget This initial policy stance would immeasurably simplify the debate over the economic impact of fundamental tax reform. I view this radical simplification as essential to intellectual progress, since there is no agreed upon economic methodology for trading off efficiency and equity in tax policy or anywhere else.
Page 220 - When applied to this object, the saying is as just as it is witty, that "in political arithmetic, two and two do not always make four." If duties are too high, they lessen the consumption ; the cqllection is eluded ; and the product to the treasury is not so great as when they are confined within proper and moderate bounds. This forms a complete barrier against any material oppression of the citizens, by taxes of this class, and is itself a natural limitation of the power of imposing them.