http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/110_HR_2130.html?rev=270 <p>H.R. 2130 would require a study and comprehensive analytical report on transforming America by reforming the Federal tax code through elimination of all Federal taxes on individuals and corporations and replacing the Federal tax code with a transaction fee-based system.</p> <h2 id="toc0"> Detailed Summary </h2> <p>This is not a change in the federal tax structure, but the establishment of an in depth study to be conducted by the U.S. Department of the Treasury to evaluate a significant change in the tax structure of the federal government.</p> <p>Proponents of this tax change would encourage the complete elimination of the Internal Revenue Code and the need to have an agency like the Internal Revenue Service. Nearly everything we currently understand as income taxes would be changed to something related to a consumption tax, similar in nature to a sales tax, but imposed on a national level instead of on a state by state basis.</p> <p>Again, proponents of this change suggest that any such overhaul of the tax structure would be revenue neutral. In other words, you as an individual would be paying roughly the same amount of federal taxes under either system but the format of the taxation would change substantially.</p> <p>The purpose of this study is to confirm if such a tax overhaul is indeed possible to be tax neutral, and to perform an extensive study to see what kind of impact this sort of tax structure change would have on ordinary taxpayers and voters, as well as the genuine impact this would have on the economy of the USA.</p> <p>Specific assumptions are addressed in the text of this bill that would govern the direction of this study, including major areas of consideration that have been in many of the proposed consumption tax proposals, as well as considerations for how the revenue generated through such a tax might be spent.</p> <p>A side by side comparison is also requested that would study the impact of both taxation structures and comparing their impact through the following areas:</p> <ul> <li>job creation</li> <li>economic growth</li> <li>consumption</li> <li>investments</li> <li>savings levels</li> </ul> <p>This bill also asks the Department of the Treasury to give specific comments about what sort of bureaucracy would be needed to implement such a new tax structure and to suggest what sort of costs would be involved in the transition to this sort of tax structure.</p> <p>This study is to be completed within one year from when legislation authorizing the study has been passed.</p> <h2 id="toc1"> Status of the Legislation </h2> <p>Referred to the House Committee on Ways and Means (5/3/2007)</p> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 270@http://www.washingtonwatch.com Mon, 07 May 2007 15:04:48 EDT http://www.washingtonwatch.com/bills/history/110_HR_2130.html?rev=269 <p>H.R. 2130 would require a study and comprehensive analytical report on transforming America by reforming the Federal tax code through elimination of all Federal taxes on individuals and corporations and replacing the Federal tax code with a transaction fee-based system.</p> <h2 id="toc4"> Detailed Summary </h2> <p>This is not a change in the federal tax structure, but the establishment of an in depth study to be conducted by the U.S. Department of the Treasury to evaluate a significant change in the tax structure of the federal government.</p> <p>Proponents of this tax change would encourage the complete elimination of the Internal Revenue Code and the need to have an agency like the Internal Revenue Service. Nearly everything we currently understand as income taxes would be changed to something related to a consumption tax, similar in nature to a sales tax, but imposed on a national level instead of on a state by state basis.</p> <p>Again, proponents of this change suggest that any such overhaul of the tax structure would be revenue neutral. In other words, you as an individual would be paying roughly the same amount of federal taxes under either system but the format of the taxation would change substantially.</p> <p>The purpose of this study is to confirm if such a tax overhaul is indeed possible to be tax neutral, and to perform an extensive study to see what kind of impact this sort of tax structure change would have on ordinary taxpayers and voters, as well as the genuine impact this would have on the economy of the USA.</p> <p>Specific assumptions are addressed in the text of this bill that would govern the direction of this study, including major areas of consideration that have been in many of the proposed consumption tax proposals, as well as considerations for how the revenue generated through such a tax might be spent.</p> <p>A side by side comparison is also requested that would study the impact of both taxation structures and comparing their impact through the following areas:</p> <ul> <li>job creation</li> <li>economic growth</li> <li>consumption</li> <li>investments</li> <li>savings levels</li> </ul> <p>This bill also asks the Department of the Treasury to give specific comments about what sort of bureaucracy would be needed to implement such a new tax structure and to suggest what sort of costs would be involved in the transition to this sort of tax structure.</p> <p>This study is to be completed within one year from when legislation authorizing the study has been passed.</p> <h2 id="toc5"> Status of the Legislation </h2> <p>Referred to the House Committee on Ways and Means</p> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 269@http://www.washingtonwatch.com Mon, 07 May 2007 14:57:32 EDT http://www.washingtonwatch.com/bills/history/110_HR_2130.html?rev=267 <p>H.R. 2130 would require a study and comprehensive analytical report on transforming America by reforming the Federal tax code through elimination of all Federal taxes on individuals and corporations and replacing the Federal tax code with a transaction fee-based system.</p> <h2 id="toc8"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)<br /> <!-- First editor: Leave in the 'default' tag if you do not have any edits for this section. When available, the default summary from the Congressional Research Service will automatically be added there. --> </p> <h2 id="toc9"> Status of the Legislation </h2> <p>(Log in to edit the wiki and be the first to update the status of the bill!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc10"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc11"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 267@http://www.washingtonwatch.com Mon, 07 May 2007 14:37:19 EDT http://www.washingtonwatch.com/bills/history/110_HR_2130.html?rev=268 <p>H.R. 2130 would require a study and comprehensive analytical report on transforming America by reforming the Federal tax code through elimination of all Federal taxes on individuals and corporations and replacing the Federal tax code with a transaction fee-based system.</p> <h2 id="toc12"> Detailed Summary </h2> <p>This is not a change in the federal tax structure, but the establishment of an in depth study to be conducted by the U.S. Department of the Treasury to evaluate a significant change in the tax structure of the federal government.</p> <p>Proponents of this tax change would encourage the complete elimination of the Internal Revenue Code and the need to have an agency like the Internal Revenue Service. Nearly everything we currently understand as income taxes would be changed to something related to a consumption tax, similar in nature to a sales tax, but imposed on a national level instead of on a state by state basis.</p> <p>Again, proponents of this change suggest that any such overhaul of the tax structure would be revenue neutral. In other words, you as an individual would be paying roughly the same amount of federal taxes under either system but the format of the taxation would change substantially.</p> <p>The purpose of this study is to confirm if such a tax overhaul is indeed possible to be tax neutral, and to perform an extensive study to see what kind of impact this sort of tax structure change would have on ordinary taxpayers and voters, as well as the genuine impact this would have on the economy of the USA.</p> <p>Specific assumptions are addressed in the text of this bill that would govern the direction of this study, including major areas of consideration that have been in many of the proposed consumption tax proposals, as well as considerations for how the revenue generated through such a tax might be spent.</p> <p>A side by side comparison is also requested that would study the impact of both taxation structures and comparing their impact through the following areas:</p> <ul> <li>job creation</li> <li>economic growth</li> <li>consumption</li> <li>investments</li> <li>savings levels</li> </ul> <p>This bill also asks the Department of the Treasury to give specific comments about what sort of bureaucracy would be needed to implement such a new tax structure and to suggest what sort of costs would be involved in the transition to this sort of tax structure.</p> <p>This study is to be completed within one year from when legislation authorizing the study has been passed.</p> <h2 id="toc13"> Status of the Legislation </h2> <p>(Log in to edit the wiki and be the first to update the status of the bill!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc14"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc15"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 268@http://www.washingtonwatch.com Mon, 07 May 2007 14:37:19 EDT