Re: Eliminating the tax on savings accounts
< Under the heading of Arsenio's "Things that make you go hmmmm" wonder why Duhbya didn't propose exempting savings accounts interest from taxation.
Oh yeah, the wealthy don't do anything so mundane as keeping money in savings accounts---I think I understand.
Because then nobody would invest there money. The government doesn't want you to save your money, they want you to invest it. Personally, in you house/property, stocks/bonds, etc., business like, in expansion/development etc. If there was no tax on your savings account everybody would hoard there money and the economy would sour. A good accountant should have a fit if you have too much money in your savings and checking for that matter.
Some taxation helps the economy,
SteveS