After 60+ years, Tax Reform on the way
 

Next week, the House and Senate tax-writing committees will hold a joint session on tax reform for the first time since 1940.
http://www.npr.org/2011/07/09/137729...de-gains-steam

Whatever the reform will be, you can bet it involves large corporation who make large campaign donations will be paying almost no taxes.

So NPR's idea of "tax reform" is raising capital gains rates? Fuck that commie bullshit. :321GFY

More like bullshit tax. Ok first of all 23% would NOT be enough to cover the budget. All the experts say it would be closer to 30% even at 23% it hard enouhg paying 9.75% state/local sales tax now you want me to pay an ADDITIONAL 23% Federal sales tax? Why so some millionaire can pay less? Fuck that shit. You know requiring me to pay $33% sales tax will cause me to spend LESS not more and since consumer spending is 70% of the economy that's not going to bode well now is it?

Cap Gains isn't the problem.

If I guess wrong on a long term investment I only get to deduct $3000 a year but if I make a good call I get taxed to the max? Yea that's fair.

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I would guess that we will see some loopholes being closed in some of the tax laws pretty soon. I think that is how the republicans are going to save face on the debt ceiling battle. They will agree to some tax code changes in exchange for no new tax increases and they will do some spending cuts.

This way both sides can claim a victory and some people will end up paying more in taxes without having actually raised the tax rate.

Exactly. There should not be a punishment for putting capital at risk. There should be no limit to capital loss deductions and dividends should be taxed at a zero rate since they are already taxed as profits from the corporation.

Yes let people whose ONLY income is capital gains pay LESS than a minimum wage worker. Warren Buffet makes nearly 100% f his income on capital gains and he's for raising the rate. He's FAR more effected by it than you so his opinion counts more than yours. I think a guy worth $50 bil had just a bit more clout than you in financial matters. Sorry you lose.

There is no punishment. What you want is to make millions of dollars and pay ZERO taxes. Well fuck you and the horse you rode in on.

Nothing will happen, atleast before the 2012 elections

At the end of the day the wage worker is GUARANTEED his money, I'm not I might lose it all. And don't forget I'm taking the risk with after tax money. Money I've probably paid the max tax on at one time.

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Here we go ? grab the KY ...

Where did ZERO come from? That's incorrect. I'm paying 20%

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Some BIG corporations might pay zero in federal taxes but investors in that companies stock pay cap gains if they make a profit.

As far as your wage earner investor the most likely investment he will ever make is a house. The profit/cap gain on that investment is zero. He's benefiting from cap gains far more than a stock or commercial property investor.

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How about a huge sales tax, equal, across the board, b to c, c to c and b to b, everyone, any transaction of any type - every product type is taxed. No other taxes of any kind. From State to the Fed.

If you're rich and don't want to be taxed, don't buy anything. If you're poor you're not taxed because you can't buy anything. If you're poor and want to be stupid, you're going to pay for it.... same goes for the rich that blows everything they have.

With the exception of a b to b purchase that is intended for resale. I totally agree. Maybe add a small 5% tax on all income over a certain amount as well with NO deductions of any kind.

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A minimum wage worker pays ZERO in income taxes and will in fact receive MONEY BACK from the IRS from the Earned Income Tax credit.

Go peddle your commie dribble in the kiddie pool.

ok dumb shit.. do you understand a minimum wage earner can barely support himself in this country... you want to tax him so he decides he would rather suck on the govt tit than go to work?

where did you get your economics degree? inside a cracker jack box?

minimum wage workers pay tax on goods and frankly i think that is fair..





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Absolutely not. I have nothing but love for the minimum wage worker and I do not want them to pay any income taxes (as is currently the case).

GatorB stated "people whose ONLY income is capital gains pay LESS than a minimum wage worker".

That is nonsense because minimum wage workers do not pay any income tax and in fact receive money back from the Earned Income Tax Credit.

Sounds good to me... now if we could only get corps not have the rights of people anymore and the owners actually be responsible for the actions of the corps, this country might get back on its feet.

That's also a way to collect money from those that work off the books. Which is a figure that is probably staggering.

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ASK THE french or even the canadians. They call it a vat tax, you pay taxes at every point, and then you can fill out a form and get your tax money returned once you prove that you taxed the next guy that received the product.

Aye, they would be great if they had no other taxes to go with it... Canadians get killed already then kicked in the balls for another 7% on most Canadian transactions.

I would want it 0% tax on everything else, from investments, labor tax, death, ect... straight up the purchase of all products/goods and services - ie: transactions of every kind. It would be high, and it might not be equal between income levels, but it is fair.

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