So when do we see real tax reform?

[mpholland]

Now that the House, Senate and oval office are essentially controlled by Democrats, when do we see real tax reform. The only substantive item I can see in any legislation is severely increasing the capital gains tax.

While that may look good in theory, the only thing I see it accomplishing is making the rich borrow against their accounts instead of selling them off. That will just make the bankers wealthier.

Raising the tax rate to 39.6 percent is a joke, aside from being a headline grabber. First, it isn't near enough. Second, 39.6% of zero is still zero. I don't see any real discussion of eliminating loopholes.

Raising the corporate tax? Another losing battle. Ours is one of the lowest in the world, and as we all know, that would just lead to corporations raising prices and trying to keep wages low. They certainly won't cut dividends.

The reason I ask is that I haven't seen any discussion on tax reform here in ages and I am curious what folks think can and may be done.

Thanks

[RickeyM]

You'd have to get all the Dems on board because the Repubs would surely fight it tooth and nail.

[bobabode]

With the filibuster and whatnot, the GOP isn't going to accede to any tax increase whatsoever.

Sounds like you've got a chip on your shoulder tonight but I'll bite, why the hell does the Democratic party always have to be the adults in the room?

[Oerets]

Tax reform?
This country came about due to the issue of taxation after all. Since the beginning there has always been a intense dislike of any tax.
With the control so barely in the democrats hands taking on real reforms will never happen.

When there are commercials running with seemingly little shame advertising help. Yes to get out of paying the IRS what is owed to the government.....to all of us after all! This seems to be conformation that it is still strong today in the country.

Just like the getting out of paying for long term care by setting up a trust. Hiding assets or other means to shirk responsibilities and pass the paying onto the rest of us. I think most would agree that going into one should be the same for everyone. If free for some then should be for all.

Look at the fight over healthcare and what a mess it still is. The dirty little fact no one mentions is the jobs that will need to be eliminated by stream lining to save costs. This may be a factor for little change.

So any tax reform will be a long way off is a good bet....

[mpholland]

Originally Posted by bobabode

With the filibuster and whatnot, the GOP isn't going to accede to any tax increase whatsoever.

Sounds like you've got a chip on your shoulder tonight but I'll bite, why the hell does the Democratic party always have to be the adults in the room?

The only reason for that is the fact that they keep running on a tax the rich platform, essentially saying we are going to have to raise taxes to pay for this mess that the republicans left us in, but we are going to make the wealthy pay. Unfortunately, taxes seem to keep going up, and the wealthy keep not paying, trickling everything down to the middle class. Just trying to hold them to their promises. Remember, I am not a republican or a democrat. I think both parties should be held accountable to keeping their promises. Oh wait, they're all wealthy politicians, what am I thinking?

[Mark B]

Originally Posted by mpholland

The only reason for that is the fact that they keep running on a tax the rich platform, essentially saying we are going to have to raise taxes to pay for this mess that the republicans left us in, but we are going to make the wealthy pay. Unfortunately, taxes seem to keep going up, and the wealthy keep not paying, trickling everything down to the middle class. Just trying to hold them to their promises. Remember, I am not a republican or a democrat. I think both parties should be held accountable to keeping their promises. Oh wait, they're all wealthy politicians, what am I thinking?

That sounds like a share the blame, color everyone in Congress the same excuse when the fact is it's Republicans who are blocking tax reform legislation, not Democrats. Republicans wouldn't even agree to increase IRS funding to have the staffing needed in order to catch rich tax cheats to fund the bipartisan infrastructure bill.

Independents who care about democracy need to get off the fence and support (vote for) Democrats during this crisis. Even honorable Republicans who caucus with Republicans are a threat to democracy.

[Rajoo]

Any tax increase is political suicide and the main objective of a politician is to get reelected until retirement. So why bother when we can borrow to our hearts content. USD is the only currency trusted worldwide, so we sell bonds and print money. Eventually the debt will become an insurmountable burden and then the devaluation pressure will be on and eventually everyone will get screwed. We will continue to borrow till someone says no and so far there is none.

[Mark B]

Originally Posted by Rajoo

Any tax increase is political suicide and the main objective of a politician is to get reelected until retirement. So why bother when we can borrow to our hearts content. USD is the only currency trusted worldwide, so we sell bonds and print money. Eventually the debt will become an insurmountable burden and then the devaluation pressure will be on and eventually everyone will get screwed. We will continue to borrow till someone says no and so far there is none.

You should know better than that, adding to the national debt and a phobia of taxes is a Republican thing.

When Democrats and Independents pass the reconciliation infrastructure bill it will be paid for with tax increases on the wealthy. I would support it even if tax increases hit my tax bracket. I've always been willing to pay my share.

[Oerets]

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[Dondilion]

Originally Posted by mpholland

The only reason for that is the fact that they keep running on a tax the rich platform, essentially saying we are going to have to raise taxes to pay for this mess that the republicans left us in, but we are going to make the wealthy pay. Unfortunately, taxes seem to keep going up, and the wealthy keep not paying, trickling everything down to the middle class. Just trying to hold them to their promises. Remember, I am not a republican or a democrat. I think both parties should be held accountable to keeping their promises. Oh wait, they're all wealthy politicians, what am I thinking?

Nothing serious can accomplished in the direction you would like. The basic fact is that the rich and their lobbyists have become exceedingly powerful, influential in both parties.
Additionally the high cost of of running for office puts a politician early in bed with the influential peddlers.

The system is owned by the rich and this is especially so in the last couple of years: check the favorable laws passed on their behalf.