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May 26, 2006

Bush Administration Decides to Abandon Federal Excise Tax

by Darla

I was surprised at how many snickers and laughs I got from this post back in April about the Federal Excise Tax.  I'm still waiting to find out exactly what was so funny.

The Bush adminstration announced today that they are no longer defending the Federal Excise Tax.  In addition, Treasury Secretary John Snow said the White House will support a bill sponsored by Sen. Rick Santorum (R-Pa.) to remove the 3-percent FET on local wireless and wireline telephone services.

“With the FET finally taking its rightful place aside the Spanish-American War in our history books, wireless consumers can now turn their attention and efforts to repealing discriminatory wireless taxes on the state and local level,” said Steve Largent, president and chief executive officer of cell phone association CTIA.

“Today is a good day for American taxpayers. It marks the beginning of the end of an outdated, antiquated tax that has survived a century beyond its original purpose, and by now should have been ancient history,” said Snow. “The federal appeals courts have spoken across the board. It’s time to ‘disconnect’ this tax and put it on the permanent ‘do not call’ list.”

No immediate action is required by taxpayers. Refunds covering local service taxes during the past three years likely will be a part of 2006 tax returns filed in 2007. The Treasury Department said the Internal Revenue Service is working on a simplified method for individuals to use to claim a refund on their 2006 tax returns.

via:  MobileBurn and RCRNews


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You gotta warn us next time you post a quote like that. WARNING: THIS QUOTE CONTAINS GROAN-INDUCING PUNS!

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