The Disunited States of Taxmerica
If loopholes were closed, including broad based ones, the tax rate could be lowered. But, of course, Republicans could never work with a Socialist Communist Fascist Muslim.
1. Eliminate the “carried interest” exemption for taxes.2. Redefine income properly: many of the richest people in America have NO taxable income but make millions because it isn’t salary or bonus.3. Eliminate tax breaks for second houses and yachts.4. Eliminate or reduce corporate welfare. Tax breaks should have a direct and measurable impact on the “general welfare” — and not just greater profitability.5. Do not permit US corporations to pretend to a loss in a US-centered division when the company as a whole is phenomenally profitable. (Before anyone asks, US companies pay far less in taxes than they would in other countries.)Some interesting and germane facts here:http://www.salon.com/2013/04/12/10_tax_dodges_that_help_the_rich_get_richer_partner/
Hey, I know what we can do. Stop making the rich pay taxes. That will save BILLIONS. And then, make the people at the poverty level pay MORE taxes (the worthless freeloaders). We’ll be solvent in NO time.And if you find that hard to understand then you can’t be a republican.
Ah, another person who doesn’t understand percentages.“Rich people pay 80% of taxes” — I would like to see a reference for that, by the way, because I don’t think it is true — is not the same as “rich people pay 80% of their income in taxes.”1% of a billion dollars is $10 million dollars.1% of $50,502 (2011 median income, US) is $502. But that doesn’t mean the former person has a greater burden; clearly in percentage terms he does not.And that especially doesn’t mean the former person should get away with paying between zero and 15% (Mitt’s 15% was actually paying EXTRA for political reasons) of his income and the latter 35%.Get it?
Indeed! Economies are not driven by profitable big businesses nor by share prices. They are driven by having middle-class and poorer people able to buy things, and by small businesses growing to providing them.
“The President’s budget still has a deficit of over 700 billion dollar a year in it and you want to LOWER taxes?”-Tax rates, Morty. Rates are different from total taxes, which is a different issue.-motive has a very good start with his list. I would be willing to give up the deduction for home interest, which is a tax break that includes the middle class.
One other comment:The income tax code is now the size of, what, the late Encyclopedia Britannica? All but about 10 or 50 pages represent political payoffs favors.
For just a moment there, I thought it said “Disgruntled States of America”.