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One opinion on tax rates and revenue

by Steven Haninger / November 29, 2012 6:25 PM PST

...and from the article...

" It is silly to have a high tax rate while simultaneously giving people many ways to avoid paying it. So the first task of tax reformers must be to minimise such opportunities by having a broader tax base, better enforcement and similar tax rates for different kinds of income."

I tend to agree. We've a complex tax code that allows those more knowledgeable of it...the "big guys"... to flex and adjust to changes. This means "the little guy" almost always gets the shaft when the big guy is targeted. Perhaps the side of the aisle that wants to first go after the tax code rather than the tax rate has a better plan.
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Why complicated?
by Willy / November 29, 2012 7:08 PM PST

The tax base got screwed once those "big guys" adjusted or fiddled with it so much through policymakers, that it's the way it is now because of that. It sure gets my goat that it boils down to not go after the rich is being defended as the right thing to do. It should be more about removing tax cuts or such that basically benefit the rich. It does no good to go across the board, even-steven, say $2K, when $2K means a lot more to someone making $30K to a person making $250K. Plus, it goes to say that really it's about those 1% top earners making way more than $250K, far above that. And earning it is being kind, all too often it's some investment with strings attached that makes giving the investment more profitable than a "wage" earner. The tax code is complicated only because they made it that way. It's not a case of sour grapes, it's not. It shouldn't left out that even those making policy are close or now in those $250K ranks or soon will be if you include allowances.


I pay my fair share, why can't those above me do so as well? -----Willy Happy

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I've not been that money smart but it seems to me that
by Steven Haninger / November 29, 2012 8:10 PM PST
In reply to: Why complicated?

the tax code has too many escape routes and, those who know how to play the game, have figured out where these are and developed contingency plans as needed. For instance...Let's say I'm big money guy with a big house and a jumbo mortgage and can write of thousands in interest payments. As low as mortgage rates are now, I might be able to earn back what I do pay in interest. I also have the means of paying it off in full if need be. Let's say I'm getting a healthy return on dividend paying stocks on which I'm paying far less than I am on regular income. Along comes a new tax rate for that income that more than doubles what I now pay in taxes on it. Wouldn't I want to consider selling enough of that stock to pay off my mortgage? So now I'm shutting off the flow of cash to the lender, reducing my investments and cheating the tax man at the same time. I've taken money out of the pipeline...at least for the time being. My home is now a savings account of some sort but the money in it is standing still. It's only when money is moving that it generates tax revenue.

Anyway, that's what I see. I'll admit, however, that every plan I've had to sock away money has cost me in taxes rather than saved me. Happy

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with the recession we
by itsdigger / November 29, 2012 8:33 PM PST

went through ,work got so bad in the construction industry that I was forced to retire as unemployment benefits weren't cutting it. I could have collected for the 99 months but would have been climbing into a hole that would have been Deep ( wouldn't have been able to make the bills) and would have been in financial trouble, you know the routine. I feel very fortunate that at 55 I could do that , I have friends that did lose everything and even got divorced over it. Not sure where these ramblings of mine are going here but, what I want to really point out is while I stayed out of that Hole if this fiscal cliff isn't dealt with it's gonna cost the average person $3000 a year in taxes . That's a months pay for me and more for almost 2 months for my dad. I hope our government can get a grip on this... Digger

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This has been coming for a long time and we've been warned
by Steven Haninger / November 29, 2012 8:43 PM PST
In reply to: with the recession we

by the same politicians who are running the country now and making it even worse at the same time.

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so true, and want to make it even worse
by James Denison / November 29, 2012 10:26 PM PST

the figures most important right now are the White House ones in demanding 1.6 trillion increase in taxes and 50 billion increase in budget, and that doesn't even touch any special spending bills for future bailouts if they come.

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Dangerous waters ahead...
by Willy / November 30, 2012 1:59 AM PST
In reply to: with the recession we

Seen that also, to couples and/or singles that got way over their heads. They may have seen it coming, but they were already in a hole. No matter how it worked out they simply couldn't get out as it stood. Sometimes it was nothing they did, basically the plant closed, a spouse or kid got sick, college debt, weird financial payments(balloons) or any stock they had, loss great value. The value of the house went down, they couldn't afford to sell house because they owe more than its worth(seen that too often). The guy on the street got screwed when all those big players chummed the waters so bad, they simply got eaten at no fault of their own or too late to get away. It was all those combinations and it was all legal up front, but really a false one once it got revealed to what could happen on such thin ice. Stocks, housing, employment, health insurance, and plain living is too much for the regular guy. -----Willy Happy

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Well...that's how our economy works
by Steven Haninger / November 30, 2012 5:39 AM PST

We need to buy things we don't want or need just so other people can have jobs. What are we supposed to do with all that stuff we're expected to buy? It either ends up in a landfill...and that's bad for the ecology...or you rent one of those storage spaces to keep it in. Buying stuff you don't need and that breaks in 1/2 the time as what you bought the last time is what keeps us afloat. Now get out there and stoke the economy already. Wink

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RE: Now get out there and stoke the economy already
by JP Bill / November 30, 2012 5:42 AM PST


Stay in and make babies/customers/potential customers.

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I'm thinking we need the opposite
by Steven Haninger / November 30, 2012 6:07 AM PST

Lets say we all have a drawing from a barrel and everyone gets a T-shirt. 1/2 the T-shirts will have a picture of a gun on the front and the other 1/2 of them have a target on the back. I don't need to tell you the rest. Do you feel lucky? Devil

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If you don't have a T-shirt with a target on the back.......
by JP Bill / November 30, 2012 11:26 AM PST
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So let's do it
by Roger NC / November 30, 2012 8:19 AM PST

let everyone subtract 20K from their gross as basic living expense.

Then charge everyone 20% on all income, no exceptions, no deductions, no special rates.

If you can't afford to live, decrease the surplus population and improve it for the rest.

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Think of the accountants you'd put out of businesss
by JP Bill / November 30, 2012 11:28 AM PST
In reply to: So let's do it

and probably a few lawyers.

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(NT) their tough luck, tough love ya know
by Roger NC / November 30, 2012 11:32 AM PST
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Them thar's largely government created jobs
by Steven Haninger / November 30, 2012 6:46 PM PST

We need more jobs where people get dirt on their hands and not ink.

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