Very good, Bill! I would argue, though, that we do have a spending problem AND a revenue problem. A lot of the deficit could be reduced if we were more diligent about waste, fraud, and abuse. A small investment in that area (like more funding for the IRS to go after tax cheats - funding the Repugnicans want to cut) would pay itself back in spades. Another area of opportunity is to review programs periodically and see if they're still doing what they were intended to do and are still financially viable (not require them to be reapproved like some of the Repugnicans want). Oh, and balance the damn budget and pay down the debt so that our second biggest expense isn't interest on the loan we shouldn't have taken out in the first place!
Another thing that's appalling is that while the morbidly rich are avoiding taxes and passing on their stepped up wealth, some of the rest of us are getting caught up in the Alternative Minimum Tax net, which still doesn't seem to catch the billionaires we're subsidizing. My wife and I wound up paying AMT on our meager income for several years, and it really sucked.
It’s the Financial Services Lobbyists that will ensure the death knell to a VAT (which IMHO would solve a lot of problems) ! I remember back in the 90’s when VAT was “really” being considered a viable option .
I worked for a subsidiary of State Mutual an Insurance Company at the time and …every single employee got an e-mail from the CEO telling us we will be out of jobs if the VAT went through . Insurance Products/Asset Management Products are ALL designed for the wealthy to avert taxes (Think Annuities) and the VAT would make most Insurance products obsolete ! we were told to call and write our representatives by the CEO himself! Our financial products need an overhaul right along with our government .
Agreed. An easy to understand progressive income tax code without intricate loop holes and deductions. And tax wealth accumulation like wages.
Found this at PolitiFact:
"During the eight years of the Eisenhower presidency, from 1953 to 1961, the top marginal rate was 91 percent. (It was 92 percent the year he came into office.)"
The argument could be made that there should be a limit on how much money a person can hoard. Especially when so many fellow humans are suffering.
Very good, Bill! I would argue, though, that we do have a spending problem AND a revenue problem. A lot of the deficit could be reduced if we were more diligent about waste, fraud, and abuse. A small investment in that area (like more funding for the IRS to go after tax cheats - funding the Repugnicans want to cut) would pay itself back in spades. Another area of opportunity is to review programs periodically and see if they're still doing what they were intended to do and are still financially viable (not require them to be reapproved like some of the Repugnicans want). Oh, and balance the damn budget and pay down the debt so that our second biggest expense isn't interest on the loan we shouldn't have taken out in the first place!
Another thing that's appalling is that while the morbidly rich are avoiding taxes and passing on their stepped up wealth, some of the rest of us are getting caught up in the Alternative Minimum Tax net, which still doesn't seem to catch the billionaires we're subsidizing. My wife and I wound up paying AMT on our meager income for several years, and it really sucked.
Agreed on all points. A defense budget audit would blow minds.
And a simplified tax code where such bizarre things as an AMT would be nonsense.
A straight up progrssive tax rate. No deductions. Or maybe a VAT.
I don't know what is best. But if a tax code or the rules of a game can't be understood by most people...it is a scam.
It’s the Financial Services Lobbyists that will ensure the death knell to a VAT (which IMHO would solve a lot of problems) ! I remember back in the 90’s when VAT was “really” being considered a viable option .
I worked for a subsidiary of State Mutual an Insurance Company at the time and …every single employee got an e-mail from the CEO telling us we will be out of jobs if the VAT went through . Insurance Products/Asset Management Products are ALL designed for the wealthy to avert taxes (Think Annuities) and the VAT would make most Insurance products obsolete ! we were told to call and write our representatives by the CEO himself! Our financial products need an overhaul right along with our government .
A straight up progressive tax code would be the fairest. VAT taxes are retrograde and hit the low income people.
Agreed. An easy to understand progressive income tax code without intricate loop holes and deductions. And tax wealth accumulation like wages.
Found this at PolitiFact:
"During the eight years of the Eisenhower presidency, from 1953 to 1961, the top marginal rate was 91 percent. (It was 92 percent the year he came into office.)"
The argument could be made that there should be a limit on how much money a person can hoard. Especially when so many fellow humans are suffering.
I’ve been following this group for years. He nails it.