My legislation, the Simple Savings Tax Relief Act of 2005, simply eliminates the taxation of interest earned in savings accounts, such as passbook savings accounts or bank certificates of deposit.
Sentiment: NEGATIVE
So we want to change the tax system. We want it to be fair, and we want to see some tax relief because people do three things when they get a little extra money in their pocket: They save it or they spend it or they invest it.
Tax reform is taking the taxes off things that have been taxed in the past and putting taxes on things that haven't been taxed before.
We need to cut the capital gains tax; we need to take regulations off the backs of business and allow banks to once again lend.
Virginia 's tax system needs to be fixed. The time to act is now. Do not send me any more studies. Do not send me another piecemeal approach that confuses tinkering with real reform.
The 1986 tax act is sort of the unsung hero of the very good economic times we had for a long time. Of course, politics gums it all up again and preferences get put in.
If the government ever imposes a tax on books - and I wouldn't put it past them - I'm in dead trouble.
When I looked at it and did my homework on this issue, I concluded that a flat tax is better than a consumption tax.
In this way, the charge that the bank makes for the use of its notes - the interest - is a continual and universal tax upon all the members of the community.
For every benefit you receive a tax is levied.
If Congress doesn't raise taxes, you cannot get a private investment account without forgoing a portion, possibly all, of your guaranteed benefit check.