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Of these tax changes. So no net cost to the government over time. And you have peoples income up about 10 and additional jobs so more people are working. Now that is close to a free lunch as you can get. And thats the damage done by the current tax system. All the neutral tax systems are a means of getting the three layers of tax. Some are collected at business level. Some collected only at retail. Now my favorite, the personal expenditure tax is put down your income subtract your savings pay tax and whats left . That way each year you sit down and fill out a form and you say, they took what . And then you dont vote for them again. Where laz the retail sales tax might be nickelled and dimed and you may not save all your sales receipts and realize what has happened to you. But there are conveniences of doing it one way or the other. We have to take a look at those. These are all efforts to get away from the horrible horrible effects of the income tax and moving to a more sensible neutra ....
Prosperity. And you heard alvin just say over and over again, consumption based tax. My job on the panel is to try to explain why thats important. Its important because the current tax system treats income that you sai and invest much much worse than the income you can consume. Think about it in this very simple fashion. You make some money. You pay tax on that money. Whats left . Disposable income. Aftertax income. You have two choices of what to do tw the aftertax income. You can consume it right away, or you can consume it in the future. Whats consuming in the future . Its saving and investing. Now, lets think about how the federal tax system theets though two choices. If you consume your aftertax income right away, the federal government, by and large leaves you alone. Yeah we have a federal excise tax on gasoline. We have a federal excise tax on bows and arkansas rowrows, but theres really no federal tax on your income. What happens if you save and invest your income instead . Bet ....
After losing 9 million jobs in the great recession, our businesses have now added more than 5 million new jobs over the past 2 1 2 years. Manufacturing is at its highest level since the 90s. Unemployment has fallen to its lowest level since i took office. Home values and home sales are rising. Our Assembly Lines are humming again. We got a long way to go, iowa. But we have come too far to turn back now. We cant afford to go back to what got us into this mess. We have got to stick with policies that are getting out of this mess. Thats why im running for a second term as president of the United States of america. All right, so, again that was the president in iowa addressing supporters there. Meantime, our jim acosta is also traveling with those who are on the campaign. Hes in the battleground state of nevada. Take a look at how close the race is there. A new poll giving preside ....
businesses have now added more than 5 million new jobs over the past 2 1/2 years. manufacturing is at its highest level since the 90s. unemployment has fallen to its lowest level since i took office. home values and home sales are rising. our assembly lines are humming again. we got a long way to go, iowa. but we have come too far to turn back now. we can t afford to go back to what got us into this mess. we have got to stick with policies that are getting out of this mess. that s why i m running for a second term as president of the united states of america. all right, so, again that was the president in iowa addressing supporters there. meantime, our jim acosta is also traveling with those who are on the campaign. he s in the battleground state of nevada. take a look at how close the race is there. a new poll giving president obama a slight edge with 49% of nevada s likely voters. romney close behind with 47%. and well within the poll s margin of error. jim accoost ....