Tax Reform

[ishtat]

I am not sure that a mega Tax legislation is a good idea at all. Sure announce an overall strategy but maybe deal with it in bite sized pieces.

For example a single Act reducing the vast numbers of deductions would be a start Agree that Congress and then we'll start talking rates.

My first fear is that any 'big' act will be deluged with earmarks for special interests.

From my personal interest, our US based operation would benefit from a drop in Corporation tax but the higher taxes for highish incomes would be a problem. We have a disproportionate number of highly skilled/qualified people who are on $150,000+ each. If they are going to have tax increases, we in turn will have to find means to compensate them - in order to retain them. But it's too soon to jump at shadows.

 

[cowslinger64]

It's called advertising...

OMG.. Thats botany boy class dumb.

Speaking of which, where is miles?

 

[lickitandstickit]

http://68.media.tumblr.com/e942deb7cabf66036e09c625d790fe81/tumblr_nltu53rrGI1rkuidwo9_1280.jpg

 

[RobDownSouth]

Every single time this topic comes up, the stock answer is they'll just take it out of their profits. These drive-by "economists" have no clue to as what a profit margin is.

LOL, you're one to talk about "stock answers".

Every time this topic comes up you routinely shriek "Taxation is Theft!" "But..but..Von Mises sez...", "I have a degree in Mathmatics (sic)!", "one times anything is one" and "one dollar, one quarter and one nickel equals ninety two cents!"

 

[BoyNextDoor]

None of those items are going to go bad unless the underlying instruments go bad. The underlying instruments (sub-prime mortgages) were the problem.

Except that were given the highest rating and packaged as such and sold as prime.

The selling of the underlying instruments to people not creditworthy and moving the prudent 20% down to 5% or 0% or "just pay closing cost" was to create more volume of loans to be packaged and sold as prime. The whole thing was a house of cards driven by Wall Street and greed.

 

[adrina]

3/4ths of Americans favor higher taxes for the wealthy

As President Donald Trump promotes a tax plan that critics say mainly would help corporations and the rich, about three-quarters of Americans say they believe the wealthiest people should pay more in taxes, Reuters/Ipsos polling shows.

A Reuters/Ipsos poll conducted from Sept. 29 to Oct. 5 found that 53 percent of adults “strongly agree” that the wealthiest Americans should pay higher tax rates. Another 23 percent “somewhat agree” that the wealthiest should pay higher tax rates, according to the poll of 1,504 people, which had a credibility interval, a measure of accuracy, of plus or minus 6 percentage points

Taxpayers in the highest 1 percent of incomes, making more than $730,000 annually, for example, would get about half of the total benefit from Trump’s plan, with their after-tax income rising an average of 8.5 percent, according to the Tax Policy Center, a Washington-based nonprofit tax think tank.

 

[Hypoxia]

Tax them all.
Let Satan sort them out.
Here's my centavo.

"And my advice for those who die:
Declare those pennies on your eyes
'Cause I'm the taxman, yeah, I'm the taxman
And you're working for no-one but me."
--G.Harrison, multi-millionaire​

A friend back in Sonoma County (probably burnt out by current fires) was an old Jewish realtor who emigrated from Ukraine to USA with literally nothing. Sam worked, built his business, raised sons. One is a successful building contractor. The other is a federal judge. Sam says he is PROUD to pay US taxes. That's his payback to the country that let him succeed.

 

[adrina]

Less than a third of American's back Trump's tax plan

As the 2018 midterm congressional election campaigns grow nearer, the poll found that more than two-thirds of registered voters said reducing the U.S. federal budget deficit is more important than cutting taxes for the wealthy or for corporations.

Trump’s plan would balloon the deficit and add to the $20 trillion national debt, according to critics and independent analysts, but Republicans say the tax cuts proposed in the plan would be offset by economic growth that would generate new tax revenue.

Among Republicans surveyed, 63 percent said deficit reduction should take priority over tax cuts for corporations, while 75 percent said deficit reduction should take priority over tax cuts for the wealthy.