Word: taxed
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Demand this year has leveled off, and retail RV prices are softer. Many dealers offer low-rate financing, and there's even a tax break: most RV loans can be considered second-home mortgages, with deductible interest. Now that will make you feel at home. --With reporting by Matt Baron/Chicago, Elizabeth Coady/Fort Wayne and Laura Randall/Cincinnati
When Washington talks taxes, the dickering usually focuses on whose payments should go up and whose should come down. But as April 15 approaches, many frustrated Americans, especially small-business owners, would be thrilled if someone just made the tax forms easier to file. As Congress weighs the impact of the controversial tax cuts proposed by President Bush, TIME's JYOTI THOTTAM asked a group of tax-policy experts to move beyond the current debate and imagine a simpler, more efficient federal tax system. Our Board of Economists--David Bradford of the Woodrow Wilson School at Princeton University...
TIME: What are some of the fundamental tax reforms you would like...
DAVID BRADFORD: As a Treasury official in the Ford Administration, I became convinced that the way toward a simpler, more transparent system was to base the tax on consumption. The plan we developed would replace the income tax on individuals and corporations. Everything that came into the individual household was taxed, and everything that went out in the form of savings was excluded from tax, with no tax on companies. Since then I have concluded that an indirect approach, with a tax on companies and a graduated tax on individuals, would be easier to implement. The key difference between income...
This approach yields enormous simplification of the rules related to capital gains, interest deductions and the treatment of complex financial transactions. It appalls me that all this brilliant talent is going into the design of ways of gaming our tax system...