Quote:
Originally Posted by MarchHare
"Most people"? I don't know of anyone who actually believes that. Certainly I haven't seen any posts in this thread where someone has made that claim. Please provide a citation to support your assertion.
As for the rest of your post re: tax loopholes, who are you arguing against? Haven't there been many people in this thread who have proposed doing just that? Wasn't that, in fact, part of Obama's plan which the Tea Party types in congress rejected out of hand?
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Generally, a lot of people, including yourself seem to be in favor of just taxing rich people 'more.' The last few pages you've talked about increasing taxation on people making more than $250,000.
I only assume you're talking about personal taxes.
And in my honest opinion its easy to just throw that around. Whenever there is a revenue problem, a deficit problem or a debt problem, the solution that always to just 'tax the rich more.'
Obama used it very well during his campaign run, while conveniently ignoring, along with the rest of the Washington, that closing the loopholes and lowering the overall corporate tax rate to make it competitive with the rest of the world would give you more than enough revenue to balance the budget. Of course, the fact that they're ignoring that point that would suggest that Washington has been taken over by Wall Street, which I'm sure is a completely ridiculous notion. No way big business and the government would be in bed.
So again I ask, when you can increase revenues by $600 billion by closing those loopholes, why would you even look at increased personal taxation for people making more than $250,000/year? Not that I'm against it, but it seems like a convenient method of just screwing the upper middle class even more. If they're paying their 30% rates, which most of them are why would you increase their rates even more, while leaving the true upper class alone to exploit the loopholes that never got fixed.
Families who make around $250,000/year will almost certainly not use those loopholes. But people like Buffet or Gates, who make billions per year, will almost certainly have a team of lawyers and accountants on hand to help them keep their money.
In the end increasing taxation on the middle/upper class won't solve any problems. Your real revenue lies in the extremely rich, both person and corporation. And the reason they're not paying their fair share is STRICTLY because of the loopholes.
So fix the loopholes, you fix your revenue problem.
The only other way to make everything better tax wise is with a fair/flat tax.