Word: taxingly
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Dates: during 1990-1999
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...sideshow: ?We went through all of this a few weeks ago, and now we?re getting four more days of it. Roth is playing to the gallery,? says Van Voorst. ?The problem with the U.S. internal revenue system isn?t the agency; it?s the irreparably complex tax code -- which was created by Congress...
...brief example, drawn from work by William Beach and Gareth Davis at the Heritage Foundation, will help me to explain this point. Consider an average household consisting of two 30-year-old working parents with children. In today's dollars, that couple will pay approximately $320,000 in payroll taxes over their lifetime, and will receive $450,000 in benefits during their retirement. This represents an annual rate of return of 1.23 percent. In other words, the Social Security system is equivalent to a bank account that yields 1.23 percent annually after adjusting for inflation. But remember--no such account...
...continues in the coming months, keep in mind the facts behind these myths. In particular, keep in mind that incremental changes to the existing pay-as-you-go system are likely to impose a greater burden on our generation. A fully-funded, privatized system offers an opportunity to avoid tax hikes and benefit cuts while simultaneously increasing savings, investment and economic growth...
...able to design their cards to meet their individual needs. We refer to that as moving more toward life-style cards." E-cash is already everywhere, from highway tolls to subways. Security? Privacy? The second is more troublesome than the first and presents a fearsome scenario for crimebusters and tax collectors alike...
Electronic cash can also be two-way anonymous--totally untraceable and a dream for international criminals. Even old-style tax cheats would be entranced by an anonymity that would allow them to earn income without forking over a chunk to Uncle Sam. And that means rejiggering the IRS--and quickly. "Digital cash has no boundaries," explains Richard Rahn, president of Novecon Ltd., a technology consulting firm. "The cybermoney revolution makes some forms of tax evasion very easy." And these innovations even call into question the role of the Federal Reserve as arbiter of the nation's money supply. "The more...