Masonry Magazine June 1996 Page. 24
"Estate Taxes"
Continued from page 14
Caesar should ask for no more. While I favor a low rate tax, I recognize that a 10 percent tax could not support the current level of federal revenue, so I am in the process of revamping my bill.
I am not alone in advocating a flat tax. During the recent presidential primaries, several flat tax plans were debated. House Majority Leader Armey and Senator Richard Shelby have advanced a flat tax in Congress. The flat tax would make tax time easier by reducing the countless tax forms to one simple form. All taxpayers will owe a low percentage of their earned income after subtracting their personal allowances and dependent deductions. This will ensure that the poorest Americans will not pay taxes, and middle income individuals and families will have lower tax burdens. Additionally, the dollar you earn will be subject to tax only one time. To ensure simplicity and low rates, loopholes found in the current code must not be carried over to the new tax system. Lastly, to protect taxpayers from future Congresses, I would include a requirement that any increases in tax rates must be passed with a three- fifths super majority vote in both Houses.
We on the Ways and Means Committee will study several different types of tax reform proposals over the next year. Despite my preference for the flat tax over other proposals, I will thoroughly study all of the proposals for their strengths and deficiencies. One thing is for certain - all of these proposals are monumental improvements on the current tax code. Again, progress is dependent on the November elections. President Clinton offers only criticism of the tax reform bills and advocates only marginal changes to the present tax code.
While I cannot predict the precise shape of tax legislation this year or in the future, I can say that the atmosphere in our nation's capital is now much more conducive to the construction of sound tax policy. Reducing tax rates and even eliminating some types of taxes, especially the estate tax, altogether are now popular ideas on Capitol Hill. The American people voted for the individuals responsible for these changes, and in the end, the voters decide how much in taxes they wish to pay. The voting booth cannot protect us from death, but it can protect us from the other grim reaper.
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