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Monday, November 26, 2007

Fred Thompson has a tax plan that might work

I have to admit, I was leaning heavily towards Ron Paul for president in 2008 simply because he wants to simplify taxes in this country. I think his views in relation to Iraq are a little Pollyanna-ish but if that was my lone problem, he seemed to be the man for me. Now Fred Thompson has come out with a comprehensive plan for taxes that have me a little excited about him.

See, right now, the tax code is so hard to understand only CPA's and attorney's can understand it. It's so complicated that IRS workers don't get it. I mean, have you ever tried to call into the IRS for help? It doesn't exist... CNN Money has an article about how wrong the employees on the IRS call help line can be.

Fred Thompson wants to go with a flat tax rate of 10% for joint filers making less than $100,000 a year and 25% for those making more. Fred Thompson also wants the standard deduction to become $25,000 for joint filers. Right now, I think my husband and I are sitting at $12,500 with a tax credit of $1000 for our son, which we'll lose in 3 1/2 years. The title of this blog post has a link to a Fox News article that explains his platform in relation to taxes more thoroughly than I can do here. Pay a visit. Take a look. See if what he's saying doesn't make sense?

There was one point I wanted to make. Incomes are rising in America, probably due to more people getting college educations and earning the six figure incomes, but they are rising. Perhaps the ceiling should be more along the lines of $150,000 for the 10% bracket? I mean, there ARE families out there making that much money and more and barely scraping by. With the rise in housing costs, a person has to make at least $100,000 to afford any kind of house. I was also watching a news story last night that food costs have risen 4.4% this year from the same time last year. I know gas prices are hitting us hard at almost $3 a gallon.

Anyway, I thought I'd share this with the rest of you. Fred Thompson's looking good to me. To be honest, Hillary scares the be-Jesus outta me. With her tax and spend policies, we'll all be in the poor house and on welfare in five years, which is where the Dems want us to be, poor and dependant on them for living our daily lives.

But who am I to judge? This is just my two cents.