Just spotted a CNN article that gives a general outline of Wesley Clark’snew tax plan.

If he can get elected and doesn’t have to fight congres son it, it sounds like a very nice plan indeed, but I can’t find any specifics on it.

Read the article, but it basically says that he’s going to attempt to close buisiness tax loopholes, do away with taxes of families of 4 making under $50,000, cut taxes for families with children makin gunder $100,000 and increasing taxes on those that make over $1mil (but not the first $1mil).

One could bring up that the rich don’t deserve to be taxed any more than anyone else just because they have more money. That is a very valid point considering many rich people have put up their own capital to start businesses and such. I’m still a little undecided on the “tax the richer more” campaign, but the money has to come from somewhere and taxing the struggling and poor more is a lot like squeezing blood from a turnip.

Clar also had this brilliant line to say”With this new system, you can figure out whether or not you need to pay taxes just by filling out three lines. The first line is your income. The second line is your marital status. The third line is the number of children you have,and if it all adds up to $50,000 or less and two children or more, then you should put away your checkbook, because you won’t owe the government a dime in income taxes.”

Does this mean that any family of 4 making under $50,000 automatically gets a refund for all the tax dollars that have been taken out by employers? Or will employers have to change the way they extract taxes from employees?

Not much to say on the tax break for those families making under $100,000.

It’s definitely a neat idea that very well could help a lot of poor families. This is, of course, at the federal level. I doubt Clark would be able to talk the states into this idea as it could mean a signifiat loss of revenue for them.

Comments? Counters? etc? I really want to know what people think about this as I see Clark as a potential for my vote.