Why do you want to raise tax rates?

[DUNCANownsKOBE]

^Conservatives think that if you cut their taxes they'll create an entire middle class out of the goodness of their heart

[vy65]

Ah, here it is. Was on NPR http://www.npr.org/blogs/money/2012/...liticians-hate

1. End mortgage-interest deduction?
2. Tax employee health benefits?
3. End corporate taxes?

[Th'Pusher]

1. End mortgage-interest deduction?
2. Tax employee health benefits?
3. End corporate taxes?

I'm not saying I agree, but found it interesting that liberal and conservative economists found some agreement on these things. The logic behind 1 & 2 is obviously to eliminate market distortion. 3 would allow companies to reinvest all profit back into business or pay shareholders. they caveat on 3 is that they say to tax the individual, not the business.

[Nbadan]

Yeah, eliminate the mortgage interest deduction...that will be popular...

[Nbadan]

by 'market distortion'....you mean home values....home owners vote...

[Latarian Milton]

there're loopholes in the law which you can make use of and achieve US citizenship by faking a birth certificate but i don't think fixing such loopholes would help broaden the base tbh

[Th'Pusher]

Yeah, eliminate the mortgage interest deduction...that will be popular...

The le of the article is A Tax Plan That Economists Love (And Politicians Hate)...

I wasn't suggesting any of these are politically feasible.

[ploto]

I say just drive off the fiscal cliff. The automatic triggers are preferable to the Republican proposals.

[Nbadan]

I say just drive off the fiscal cliff. The automatic triggers are preferable to the Republican proposals.

We've got a winner...but they will save the tax cuts for those making less than $250K....

[coyotes_geek]

What about cutting the tax exemption for donations? I know many people will say it will kill a lot of good charities, but maybe the charities that are effective will still survive.

That's one of the few deductions that should stay. In fact, if it were up to me I'd let people be able to specify some dollar amount of their taxes to be given to some charity the same way we can choose whether or not to donate $3 to the federal election fund. Wouldn't be a huge amount, but something. I sure as trust the Red Cross, United Way and a whole slew of other worthy charities to put those dollars to better use than the federal government.

[baseline bum]

That's one of the few deductions that should stay. In fact, if it were up to me I'd let people be able to specify some dollar amount of their taxes to be given to some charity the same way we can choose whether or not to donate $3 to the federal election fund. Wouldn't be a huge amount, but something. I sure as trust the Red Cross, United Way and a whole slew of other worthy charities to put those dollars to better use than the federal government.

Paying down the national debt or for healthcare would be better than paying into pastor's new car fund tbh.

[coyotes_geek]

Paying down the national debt or for healthcare would be better than paying into pastor's new car fund tbh.

Agreed, but how to handle church donations is an entirely different discussion IMHO.

[Th'Pusher]

I sure as trust the Red Cross, United Way and a whole slew of other worthy charities to put those dollars to better use than the federal government.

Agreed, but there are a load of non-profits out there that I can donate to to reduce my effective tax rate that would not spend the money better than the federal government.

[Wild Cobra]

Semantics. The tax debate in this country is distorted by a focus on nominal, marginal tax rates rather than effective tax rates. There are multiple ways to skin a cat, and I really don't care how it's done... let's just get that ed skinned.

OK, how about this. We do our 1040, 1040S, or 1040EZ, If it reflects less than 2% of our gross, then we pay 2%. If it comes out to more than 18%, then we pay 18%. Anything in between is unadjusted.

[Wild Cobra]

I like my ability to deduct mortgage interest and state property taxes, so no thanks ...

I say that isn't fair. Why should you get a tax break that others do not?

How about a more fair lower tax rate for all, and eliminate all deductions, other than a standard deduction?

[Wild Cobra]

touche my friend, touche

srsly though, eliminating loopholes puts the greatest amount of hurt on the people who pay some of the highest ratios of tax to income

Maybe there should only be one tax rate then.

What about the people who have a nice income, then maybe a bonus, lottery, or something for one year. Is it fair they lose half of that extra money between state and federal taxes?

[boutons_deux]

That's one of the few deductions that should stay. In fact, if it were up to me I'd let people be able to specify some dollar amount of their taxes to be given to some charity the same way we can choose whether or not to donate $3 to the federal election fund. Wouldn't be a huge amount, but something. I sure as trust the Red Cross, United Way and a whole slew of other worthy charities to put those dollars to better use than the federal government.

Only if charities were regulated and enforced much tighter, with a regulation that 90% of the income must go to the charity's beneficiaries, and limits on salaries for charity mgmt. eg: that b!tch in FL that brought down Betraeus. Started a charity, paid herself and her hubby extremely well + expenses, then folded bankrupt after a couple years.

[vy65]

I say that isn't fair. Whyb should you bet a tax break that others do not?

How about a more fair lower tax rate for all, and eliminate all deductions, other than a standard deduction?

Because I've invested that money in reliance on the tax code? Why's it fair to over someone who reasonably relied on government policy?

[coyotes_geek]

Only if charities were regulated and enforced much tighter, with a regulation that 90% of the income must go to the charity's beneficiaries, and limits on salaries for charity mgmt. eg: that b!tch in FL that brought down Betraeus. Started a charity, paid herself and her hubby extremely well + expenses, then folded bankrupt after a couple years.

Fine by me.

[DUNCANownsKOBE]

Paying down the national debt or for healthcare would be better than paying into pastor's new car fund tbh.

took the words out of my mouf

Giving money to your Church shouldn't warrant a charity deduction. A), there's nothing charitable about doing something you think is required in order to make it into a magical utopia after life, and B) because money given to the Church doesn't go to charity at all.

That's why I laughed at all the dumbasses on this site who worshipped Romney for his charity donations and the fact he coulda paid more taxes but chose not to. Mitt Romney believes that if he gives money to the Church (or charity if you're delusional) every year, he gets his own planet when he dies. There's nothing charitable about making a payment on the planet you're gonna get when you die.