Quote:
Originally posted by Mmmm, Burger (C.J.)
Let everyone create "Consumption Savings Accounts" Any contribution is deductible against income--no limits on contribution amounts. Any withdrawal is reported as income in the year it is made. Tax tables like they are now. "Net income" * applicable rate=tax owed.
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So, basically, income minus net amount saved is what you are taxed on, which is essentially what I said. So, your answer really is, yes, fringe, that is how I see it working.
