Quote:
Originally posted by Mmmm, Burger (C.J.)
No, because pretty soon all hte baby boomers who are socking it away tax free, will start pulling it out and paying taxes that would have been paid now.
Once it's fully implemented it would be revenue neutral, with only a shift from savers to dissavers who are paying. And everyone will be richer because of the stimulated investment.
Why do you focus on rates? I'll pay 100% of my first dollar.
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Timing is everything. Many fortunes have been based on the time value of money. You've got to look at balancing the budget in each accounting period; if not, you have to figure in the financing costs of deferring the revenue.
You've been in Washington too long. You are starting to think that all the accounting fictions that have been used to undermine Gramm-Rudman can be counted on to actual create a workable revenue system. They can't - what has happened with the 10 year accounting cycle is that we've figured out how to increase the deficit through long term financing without admitting to ourselves that we are doing it.
