Congressman Archer Says We Should Tax Consumption, Not Income According to Article in Energy Houston Magazine.Business & Energy Editors HOUSTON--(BUSINESS WIRE)--June 26, 2000 In what may be his last major initiative before retirement, U.S. Rep. Bill Archer (R-Texas) says Congress must replace the burdensome income tax with a tax on consumption. Writing in the new issue of Energy Houston(TM) magazine, Archer says the federal tax system is broken beyond repair. The chairman of the House Ways and Means WAYS AND MEANS. In legislative assemblies there is usually appointed a committee whose duties are to inquire into, and propose to the house, the ways and means to be adopted to raise funds for the use of the government. This body is called the committee of ways and means. Committee says his panel has examined the income tax and all possible alternatives. He concludes the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. is out of control. "Currently, the IRS must ask 42 questions just to figure out whether an individual taxpayer is the head of a household," he notes, calling the income tax "intrusive, burdensome and complex." In an article available for viewing at www.worldenergysource.com, Archer says a national tax on consumption is the best way to raise federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve , because it only operates when people buy things, so the more they buy, the more tax they pay. Also in this issue, the chairman of the Texas Railroad Commission says that due to declining production and an increase in demand, the State of Texas must end oil and gas severance taxes. Michael Williams Michael Williams may refer to:
A gas, liquid, or solid used to prevent contact of parts in relative motion, and thereby reduce friction and wear. In many machines, cooling by the lubricant is equally important. additive that reduces engine pollution and increases power. All of the new articles, written by the leaders of the energy industry, are available free at Energy Houston's Web site, translated into six different languages. The site is an energy industry research asset, with a searchable database Refers to databases on the Web that are searchable by typing in a query. The term is quite redundant because all databases are searchable. In fact, that is one of their major features. of information and links to companies, governments, stock exchanges and energy organizations worldwide. Energy Houston(TM), and its sister publication, World Energy(R), is the voice of the energy industry, publishing articles by company CEOs, presidents and top government officials in an unedited and unfiltered Please wikify (format) this article or section as suggested in the Guide to layout and the Manual of Style. Remove this template after wikifying. This article has been tagged since format. Based in Houston, it is a publication of International Business Publications Inc. |
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