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Originally Posted by: DakotaT  Well Porforis, the tax code has been exploiting the worker forever, now it's time for all the people making money for nothing to take their turn at getting bent over. Seems perfectly fair to me. Investments ranging from stocks in publically held companies, to municipal bonds and treasuries do nothing for society, apparently. |
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Originally Posted by: 4PackGirl why oh why do i keep entering these 'tax' threads when all it does is irritate me beyond words?!? glutton for punishment apparently.
*sigh
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None of the above. It wouldn't have been a wasted vote. Obama and Romney -- Those were the wasted votes. |
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Originally Posted by: Porforis Investments ranging from stocks in publically held companies, to municipal bonds and treasuries do nothing for society, apparently. It's still money for doing nothing but taking a small financial risk. But the working man in many professions lay his life on the line daily - why is it we feel right about taxing this type of person at a higher rate than the Mittens of the world. Income is income and there shouldn't be a special rate for the people licking on silver spoons. |
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1.So, should we also get rid of depreciation and allow immediate expensing of all "income-producing assets" of a business? After all, if income from capital investment is just like income from labor, then should not the expenses of putting that capital to work (i.e., the prices paid factories, offices, and machines the investment) be deductible the same way as expenses of putting labor to work (i.e., the price paid to labor (their wages))?
2. Or, since "deductions" = "loopholes for the rich and the big companies", what if we disallow all expenses companies incur entirely, and simply tax corporate revenues at the same rate as we tax the income of wage earners.
3. And then we can tax the dividends received by corporate shareholders, and get even more money to spend on deficit reductions, helping the poor, etc.
I don't have that much of a problem getting rid of differential tax rates for capital gains. Its just another "tax innovation" in the name of social engineering, anyway.
But, IMO, if that's done, it should be done together with abolition of the current way we tax corporate income. I'd make *every* corporate entity pass through its income to shareholders like Subchapter S companies do now, whether there is one shareholder or fifty million. All the dual system does is make more jobs for accountants and tax lawyers.
I'm not sure what I'd do with depreciation rules. Probably wouldn't get rid of them -- now *there* would be a serious *adjustment period* -- but I would greatly simplify them; make everything straight-line only, shortening the "useful life" definitions, and probably putting everything in three categories for "short- (maybe 3 yrs), medium- (8), and long-term (20)?
Tax reform, IMO, is yet another place where the conservatives and liberals end up drawing the wrong battle lines. And the rich and powerful just laugh and hire a few more lawyers and lobbyists. |
None of the above. It wouldn't have been a wasted vote. Obama and Romney -- Those were the wasted votes. |
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The reason for depreciation is to allow deductions over a period of time, because generally a large asset purchased is difficult to write off in one year, but the depreciation could be eliminated if carryforward credits were to be allowed.
Deductions areen't just loopholes for the rich, we all use them; but did the great thinker Paul Ryan ever let us know which deductions were to be hacked away in his protect the wealthy budget?
Dividends are already taxed from C-corps - and it is why you hear people whine about double taxation. The difference in the different corporations has more to do with liability protection than anything.
The more they can do to simplify the tax code the better. Getting rid of AMT is a good thing. But eliminating the cap on Social Security or at least doubling the threshhold would go a long way towards a balanced budget - well that and stop floating our military over the world. |
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Originally Posted by: Zero2Cool I'd rather pay taxes on items/services paid for, than have it deducted from my salary. Currently, 26% of my salary goes straight to taxes. I get about (judging from this years taxes) 2% of that back on my return. I agree completely. Raise the sales tax, remove the income tax. That way when I don't buy shit all year I can keep all of my money instead of paying my 23.5%. |
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Originally Posted by: gbguy20 I agree completely. Raise the sales tax, remove the income tax. That way when I don't buy shit all year I can keep all of my money instead of paying my 23.5%. Only that kills the economy worse than anything and gives the rich an even bigger break on taxes, i.e. they already have everything - nothing they need to buy. Keep thinking guys, you might find a way to even fuck yourselves harder. |
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Originally Posted by: DakotaT Only that kills the economy worse than anything and gives the rich an even bigger break on taxes, i.e. they already have everything - nothing they need to buy. Keep thinking guys, you might find a way to even fuck yourselves harder.
I don't know, coming into these topics is pretty damn good way to fuck myself (or rather my braincells) pretty hard. |
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Originally Posted by: DakotaT Only that kills the economy worse than anything and gives the rich an even bigger break on taxes, i.e. they already have everything - nothing they need to buy. Keep thinking guys, you might find a way to even fuck yourselves harder.
I know it won't be happening for good reason. I was enjoying the thought of keeping 23.5% more of my money though. |
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Originally Posted by: Porforis I don't know, coming into these topics is pretty damn good way to fuck myself (or rather my braincells) pretty hard. You don't feel enlightened by the knowledge I'm giving you for free? You should move to North Dakota Porforis, about 90% of the people here think just like you, complete Republican control. |
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Originally Posted by: DakotaT Only that kills the economy worse than anything and gives the rich an even bigger break on taxes, i.e. they already have everything - nothing they need to buy. Keep thinking guys, you might find a way to even fuck yourselves harder.
So you are saying that if they imposed a national sales tax the rich people would quit buying stuff just to save money? Somehow I just don't see that happening.
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