Buffett rule

[noonereal]

The Buffet rule simply compels the richest among us to pay a minimum of 30% income tax. (Millionaires and billionaires.)

Tea party supporters opposed the proposal 58% to 40%. Conservatives opposed it 49% to 51%.

Now, can we all agree these folks are their own worst enemy?


http://www.latimes.com/news/politics...0,433493.story

[finnbow]

The Buffett Rule is nothing other than putting lipstick on a pig (our tax code). Though a slim majority may favor it, a vast majority favor a complete overhaul of our convoluted and corrupt tax code.

[Charles]

Originally Posted by finnbow

The Buffett Rule is nothing other than putting lipstick on a pig (our tax code). Though a slim majority may favor it, a vast majority favor a complete overhaul of our convoluted and corrupt tax code.

I concur.

Besides (correct me if I'm wrong), the Buffet rule is a tax on capital gains, which will only induce the super wealthy to move their money offshore, and will most likely bust it off in my ass whenever I try to access my measly retirement funds.

Please excuse me if I appear skeptical, but I've already fallen under the AMT (millionaires tax), and no matter what they call it, it will wind up being just another tax on the middle class.

The guys with enough shit in their britches will just fight in in court.

Just ask Warren Buffett.

Chas

[finnbow]

Originally Posted by Charles

I concur.

Besides (correct me if I'm wrong), the Buffet rule is a tax on capital gains, which will only induce the super wealthy to move their money offshore, and will most likely bust it off in my ass whenever I try to access my measly retirement funds.

I don't think this is a serious proposal. It's election year fodder for those who will bite.

Personally, I think earned and unearned (cap gains, dividends) should be taxed at the same rate. I'd favor shitcanning all deductions (including home mortgage, charity, state taxes, medical expenses, etc.) and significantly lowering rates.

How much money and time are wasted in this country dicking around with taxes every April, and furthermore, how many economic decisions throughout the year are based upon estimated tax consequences and not upon their own merits?

[noonereal]

Rejected by GOP.

http://news.yahoo.com/blogs/ticket/b...224510145.html

[BlueStreak]

Originally Posted by finnbow

I don't think this is a serious proposal. It's election year fodder for those who will bite.

Personally, I think earned and unearned (cap gains, dividends) should be taxed at the same rate. I'd favor shitcanning all deductions (including home mortgage, charity, state taxes, medical expenses, etc.) and significantly lowering rates.

How much money and time are wasted in this country dicking around with taxes every April, and furthermore, how many economic decisions throughout the year are based upon estimated tax consequences and not upon their own merits?

Agreed. I think it's a political move, introduced knowing the Republicans (And maybe some Dems.) will shoot it down.

I've always hated the entire game of deductions and exemptions. Progressive rates don't bother me so much, but it should be kept simple beyond that. If the rate in a given bracket is say 20% of gross income, then you pay your 20% and you're done. No deductions, no exemptions, no refunds.

Imagine how much more easily and efficiently that could be administered.

Dave

[bhunter]

Originally Posted by finnbow

The Buffett Rule is nothing other than putting lipstick on a pig (our tax code). Though a slim majority may favor it, a vast majority favor a complete overhaul of our convoluted and corrupt tax code.

I also concur. The so-called Buffet Rule is nothing more than political division rhetoric. Hey, let's blame those evil rich bastards. Utterly silly and a waste of everyones time. Now, if the Senate would actually get some wotk done. I was watching the Senate and I was aghast at the people that are elected and reelected to that once august body. They all need to replaced IMHO.

[bhunter]

Originally Posted by BlueStreak

I've always hated the entire game of deductions and exemptions. Progressive rates don't bother me so much, but it should be kept simple beyond that. If the rate in a given bracket is say 20% of gross income, then you pay your 20% and you're done. No deductions, no exemptions, no refunds.

Imagine how much more easily and efficiently that could be administered.

Dave

Gee Blue, that sounds like the Ryan plan. I find his plan has many more advantages than disadvantages relative to what exists now and what has not been proposed by anyone else.

[JJIII]

Anybody want to join me in beating this dead horse again?

http://www.fairtax.org/site/PageServer

[whell]

Originally Posted by finnbow

I don't think this is a serious proposal. It's election year fodder for those who will bite.

Personally, I think earned and unearned (cap gains, dividends) should be taxed at the same rate. I'd favor shitcanning all deductions (including home mortgage, charity, state taxes, medical expenses, etc.) and significantly lowering rates.

How much money and time are wasted in this country dicking around with taxes every April, and furthermore, how many economic decisions throughout the year are based upon estimated tax consequences and not upon their own merits?

Here, here. I just finished my "dicking around" for the year over the weekend. What a colossal waste of time and money to complete 2 tax returns.

I completely agree with kicking the current tax code to the curb. Will it ever happen? I doubt it, since it will mean unemploying thousands of IRS workers and legions of tax attorneys and CPA's. It would mean that political types would need to find another way to wield power and control society. And - as evidenced by this post - it would bust the bubbles of folks like noonereal, who have drunk the kool aid and actually believe that the political class is more concerned with "taxing the rich" than they are about maintaining and expanding the best tool they have for amassing and maintaing power.