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3/03/2005

Hold on to Your Wallets...Greenspan Speaks

To paraphrase Jeff Gannon (or whatever his name is), I think Alan Greenspan has divorced himself from reality. Now he is out pushing a consumption tax, which is Republican speak for a national sales tax. Oh he will never actually call it a sales tax because even he can't morally advocate such a regressive form of taxation. No, instead he will just call it a consumption tax.

As the
New York Times puts it,

"he supported what many of President Bush's advisers see as a backdoor version of a consumption tax: expanding the role of tax-free savings accounts so that people could shield their income from taxes until they actually spend it."

So, a person making minimum wage pays all his taxes now since he lives paycheck to paycheck, and thus can't accumulate any tax free savings, while the CEO's squirrel away millions tax free in savings accounts. Oh sure, they will pay taxes on it when they spend it. Unless John Thune and is GOP cronies get their way and eliminate what they cleverly call the "Death Tax". Of course that is Republican speak for an estate tax.

What better way to build said estate than with tax free savings to be passed on to your heirs tax free?

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