The current administration has included in it's annual economic report to Congress a proposal to replace income tax with a consumption tax.
So, you can save taxes by not buying things, and invest the savings in companies paying dividends, that would be tax free, from companies that are returning profits to shareholders, after earning these profits by selling things to people.
Probably a bunch of whacked-out insiders shoving around some wet dream they have, right?
The report was "prepared by the White House Council of Economic Advisers and signed by Mr. Bush".
This would result in a tax hike for the great majority of Americans, but I bet you'll never hear that from the current administration or it's supporters.
Posted by dglynn at February 12, 2003 03:32 PM