|
Fallout
Nov 12, 2012 9:48:09 GMT -6
Post by Ardbeg... innit on Nov 12, 2012 9:48:09 GMT -6
Wow, he gets it.
|
|
|
Fallout
Nov 12, 2012 10:58:35 GMT -6
Post by ♥ COVID-19♥ on Nov 12, 2012 10:58:35 GMT -6
If he keeps spouting that kind of blatantly Socialist shit, he's gonna have his membership in the Grumpy Old Party revoked permanently.
|
|
|
Fallout
Nov 12, 2012 12:05:05 GMT -6
Post by New Mama on Nov 12, 2012 12:05:05 GMT -6
It is my understanding that an increase for taxes on millionaires is not the bone of contention between the parties. I thought it was the expiration of the current (Bush) tax cuts that will increase the tax rate on people making $250,000 or more. I don't have any problem with increasing taxes on millionaires. I would like to see the closing of many tax loop-holes and shelters thus simplifying the tax code and increasing tax revenues. Once you raise the tax rate that seems to send business to other countries since we already have the highest corporate tax rate in the world.
|
|
|
Fallout
Nov 12, 2012 13:56:30 GMT -6
Post by Tex on Nov 12, 2012 13:56:30 GMT -6
It will kill jobs and do diddly to lower the deficit, but Obama won and the political reality is that the GOP house has no real choice except to split the difference with Obama and raise taxes a couple points on incomes over $500,000 or $1,000,000.
|
|
|
Fallout
Nov 12, 2012 14:46:12 GMT -6
Post by Chicago Jake on Nov 12, 2012 14:46:12 GMT -6
They would be better off cutting out loopholes and eliminating tax credits; that will increase the rich bastards' taxes by a fixed amount, but leaves them the opportunity to create more wealth by continuing to invest the money they have left.
If the Feds choose to increase marginal tax rates instead, that will disincentivize the rich fucks from further investment, since they are putting their money at risk for a smaller possible reward. And hence kill jobs.
|
|
|
Fallout
Nov 12, 2012 16:07:11 GMT -6
Post by ♥ COVID-19♥ on Nov 12, 2012 16:07:11 GMT -6
Is that why the Bush Tax Cuts created so many jobs?
|
|
|
Fallout
Nov 13, 2012 6:12:17 GMT -6
Post by Ardbeg... innit on Nov 13, 2012 6:12:17 GMT -6
If its the entrepreneurs of America that make the jobs then the Wall Street Journal makes the case that the middle class are the job makers, not the rich.
|
|
|
Fallout
Nov 13, 2012 6:16:37 GMT -6
Post by Ardbeg... innit on Nov 13, 2012 6:16:37 GMT -6
They would be better off cutting out loopholes and eliminating tax credits; that will increase the rich bastards' taxes by a fixed amount, but leaves them the opportunity to create more wealth by continuing to invest the money they have left. If the Feds choose to increase marginal tax rates instead, that will disincentivize the rich fucks from further investment, since they are putting their money at risk for a smaller possible reward. And hence kill jobs. Jake, you realize that loophole number one to be closed in that scenario would be the mortgage interest deduction. I would wager that was high on Romney's list and is why he didnt want to detail that list. Its one of the few "loopholes" that would actually generate some real $$$ to close the deficit. The other "loophole" that would generate real $$$ is the one for charitable deductions. Beyond that, there are innumerable little loopholes that individually are like pissing in the ocean. Collectively they might add up to something meaningful, but otherwise those are the big two. Maybe it is time to ditch ALL of them, including the big two, but dont count on it doing the entire job, and dont lay the second collapse of the housing market on Obama.
|
|
|
Fallout
Nov 13, 2012 8:59:19 GMT -6
Post by Chicago Jake on Nov 13, 2012 8:59:19 GMT -6
I'd really like to see the details of the any plan to eliminate the mortgage interest deduction. If it is 100% gone right off the bat, we will see a housing collapse that will make the previous one look trivial. Many home-owners are barely hanging on, and that would put them over the edge into bankruptcy.
The only way I could see it happening gracefully is with a 30-year phase-in period, with the early years only applying to deductions over a certain amount, like say $500k. Or have all current mortgages grandfathered out of the program for their duration.
|
|
|
Fallout
Nov 13, 2012 12:43:32 GMT -6
Post by Ardbeg... innit on Nov 13, 2012 12:43:32 GMT -6
Variation on the theme...
|
|
|
Fallout
Nov 13, 2012 12:58:19 GMT -6
Post by ♥ COVID-19♥ on Nov 13, 2012 12:58:19 GMT -6
I for one certainly hope this doesn't come to pass because I would miss all of the cultural contributions made by The Tea Party.
|
|
|
Fallout
Nov 13, 2012 13:32:10 GMT -6
Post by Ardbeg... innit on Nov 13, 2012 13:32:10 GMT -6
We still have the Bachmann's.
|
|
|
Fallout
Nov 13, 2012 13:39:33 GMT -6
Post by ♥ COVID-19♥ on Nov 13, 2012 13:39:33 GMT -6
When people ask me about my 666 tattoo, I stand on my head and tell them I'm a Herman Cain fan.
|
|
|
Fallout
Nov 13, 2012 13:48:15 GMT -6
Post by Ardbeg... innit on Nov 13, 2012 13:48:15 GMT -6
I dont dare ask the location of THAT tattoo, for fear of the upside down visual that it could present.
|
|
|
Fallout
Nov 13, 2012 13:50:13 GMT -6
Post by ♥ COVID-19♥ on Nov 13, 2012 13:50:13 GMT -6
That reminds me -- thanks for the suggestion to wear a kilt.
|
|
|
Fallout
Nov 13, 2012 14:33:44 GMT -6
Post by Ardbeg... innit on Nov 13, 2012 14:33:44 GMT -6
Trick or Treat was a couple weeks ago, Unless you are planning for Thanksgiving Dinner...
|
|
|
Fallout
Nov 13, 2012 14:44:30 GMT -6
Post by ♥ COVID-19♥ on Nov 13, 2012 14:44:30 GMT -6
Thanks for the invitation! I'd LOVE to!
|
|
|
Fallout
Nov 13, 2012 14:48:05 GMT -6
Post by Ardbeg... innit on Nov 13, 2012 14:48:05 GMT -6
I'll save you the butt end of the haggis if you wish
|
|
|
Fallout
Nov 13, 2012 15:02:21 GMT -6
Post by ♥ COVID-19♥ on Nov 13, 2012 15:02:21 GMT -6
And I'll give you the stuffing.
|
|
|
Fallout
Nov 13, 2012 16:08:32 GMT -6
Post by New Mama on Nov 13, 2012 16:08:32 GMT -6
They would be better off cutting out loopholes and eliminating tax credits; that will increase the rich bastards' taxes by a fixed amount, but leaves them the opportunity to create more wealth by continuing to invest the money they have left. If the Feds choose to increase marginal tax rates instead, that will disincentivize the rich fucks from further investment, since they are putting their money at risk for a smaller possible reward. And hence kill jobs. Jake, you realize that loophole number one to be closed in that scenario would be the mortgage interest deduction. I would wager that was high on Romney's list and is why he didnt want to detail that list. Its one of the few "loopholes" that would actually generate some real $$$ to close the deficit. The other "loophole" that would generate real $$$ is the one for charitable deductions. Beyond that, there are innumerable little loopholes that individually are like pissing in the ocean. Collectively they might add up to something meaningful, but otherwise those are the big two. Maybe it is time to ditch ALL of them, including the big two, but dont count on it doing the entire job, and dont lay the second collapse of the housing market on Obama. I was not thinking of the mortgage interest deduction or even the charitable deduction although reforms could help increase tax revenue without a complete elimination of it. I’m thinking about the shelters written specifically for big business. Besides the shelters offered by holding assets in various forms of Trusts other big tax loopholes include: - Oil: Giants like Exxon and BP get subsidies that cost taxpayers $4 billion. - Corporate jets: Special writeoffs cost taxpayers $3 billion. - Rum: Puerto Rico and the Virgin Islands get huge rebates on the per gallon tax, costing taxpayers $235 million. - Speedways: Auto race tracks get writeoffs worth $40 million. - Movie and TV production companies: Special writeoffs cost taxpayers $162 million. - Dog and Horse race tracks: Eliminates withholding tax when foreign gamblers win at US tracks costing taxpayers $3 million. - Coffee: Coffee roasters like Starbucks qualify for manufacturing tax breaks. Cost not calculated. articles.nydailynews.com/2011-06-30/news/29737307_1_ethanol-tax-tax-loopholes-special-taxA huge loss comes from the stock option accounting that allows corporations paying executives stock options to deduct more than the actual expense. A practice known as deferred compensation -- which allows executives to defer an unlimited amount of pay -- costs the government $80.6 million a year, while other loopholes bring the total lost tax revenue to $20 billion www.reuters.com/article/2008/08/25/us-usa-tax-loopholes-idUSN2235030820080825What about the carried interest loophole? Fund managers are compensated mostly with a performance bonus of 20 percent or more of the profits they make. Under this carried interest loophole, that 20 percent is eligible to be taxed at the long-term capital gains rate (if the fund’s underlying assets are held long enough) of just 15 percent rather than the regular personal income rate of 35 percent. www.nytimes.com/2011/07/07/opinion/07kristof.html?_r=0
|
|
|
Fallout
Nov 13, 2012 19:05:22 GMT -6
Post by Ardbeg... innit on Nov 13, 2012 19:05:22 GMT -6
Anita, in principle I agree with everything you point out. But that amounts to about, what, $30 billion out of $1,100 billion (using UK notation there). Its a start, with a very long way to go.
|
|