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Originally posted by LHeym500:
I am a hard no in tax breaks that benefit very few while leaving everyone ends holding the check.

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Originally posted by Slider:
Being able to Deduct Unrealized Losses ARE NOT IN THE PLAN. You would have to Sell to Deduct Losses!!!

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"The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance." Cicero - 55 BC

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Originally posted by TomP:

Might be best to run the business on cash accounting basis.

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Might be best to run the business on cash accounting basis.

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Originally posted by LHeym500:
When you sell your house the profit will already be taxed.

I read the plan in Barton’s today.

The tax is on assets valued at 100 million and above.

I support it.

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Originally posted by LHeym500:
When you sell your house the profit will already be taxed.

I read the plan in Barton’s today.

The tax is on assets valued at 100 million and above.

I support it.

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Sorry, this highly progressive tax structure is part of what is wrong with our tax policy. Over half don't contribute, yet vote for more to be taken from the "rich"...

Raising taxes to meet expenditures only works when everyone is sharing the burden equally.

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Originally posted by RolandtheHeadless:

quote:

Sorry, this highly progressive tax structure is part of what is wrong with our tax policy. Over half don't contribute, yet vote for more to be taken from the "rich"...

Raising taxes to meet expenditures only works when everyone is sharing the burden equally.

How do you extract taxes from people who have little or no money? I've yet to see one of you conservatives explain how this would work.

It's hard to share the load equally, when some drive semi-trucks and others peddle bicycles or lead burros.

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Originally posted by jeffeosso:
I bet stevie will be around to tell you Rome fell due to supply side issues...

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Originally posted by Steve Bertram:
Or convince me that the wealthy are somehow getting a raw deal

The top income tax rate has been cut by nearly 50% since 1980, many of the wealthy pay a far lower tax rate than the working folks pay due to tax breaks, our deficit has grown immensely during that period of time.

The fix is quite obvious to those who really want to solve the problem, increase revenue and reduce spending.

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Originally posted by ledvm:

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Originally posted by Steve Bertram:
Or convince me that the wealthy are somehow getting a raw deal

The top income tax rate has been cut by nearly 50% since 1980, many of the wealthy pay a far lower tax rate than the working folks pay due to tax breaks, our deficit has grown immensely during that period of time.

The fix is quite obvious to those who really want to solve the problem, increase revenue and reduce spending.

They don’t have it bad…but neither are they the bad! They already pay their share. The evidence is the undisputed statistics above.

The USA solely has a spending problem. Curb that and everyone else will listen to other things more intently.

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Originally posted by jeffeosso:
I bet stevie will be around to tell you Rome fell due to supply side issues...

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Originally posted by RolandtheHeadless:

quote:

Sorry, this highly progressive tax structure is part of what is wrong with our tax policy. Over half don't contribute, yet vote for more to be taken from the "rich"...

Raising taxes to meet expenditures only works when everyone is sharing the burden equally.

How do you extract taxes from people who have little or no money? I've yet to see one of you conservatives explain how this would work.

It's hard to share the load equally, when some drive semi-trucks and others peddle bicycles or lead burros.

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Originally posted by crbutler:
You need to realize that even our "poor" have a lot more money than the poor in other nations.

Look at how the income tax was originally applied and compare it to now.

"It is easier to pay your taxes when you are thriving." Sorry, the point of taxation used to be to pay for the government, not to enact social policy. Sorry, originally it was only the very wealthy that paid income tax. It is the GOP that is engaged in social engineering.

https://en.wikipedia.org/wiki/...nited_States#Tariffs

Congress enacted an income tax in October 1913 as part of the Revenue Act of 1913, levying a 1% tax on net personal incomes above $3,000, with a 6% surtax on incomes above $500,000. By 1918, the top rate of the income tax was increased to 77% (on income over $1,000,000, equivalent of $16,717,815 in 2018 dollars[24]). The average rate for the (unspecified) "very rich" however, was 15%. The rate was increased in 1917 during World War I.[25] The top marginal tax rate was reduced to 58% in 1922, to 25% in 1925 and finally to 24% in 1929. In 1932 the top marginal tax rate was increased to 63% during the Great Depression and steadily increased, reaching 94% in 1944[26] (on income over $200,000, equivalent of $2,868,625 in 2018 dollars[27]). During World War II, Congress introduced payroll withholding and quarterly tax payments.[28]

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Originally posted by RolandtheHeadless:

quote:

Sorry, this highly progressive tax structure is part of what is wrong with our tax policy. Over half don't contribute, yet vote for more to be taken from the "rich"...

Raising taxes to meet expenditures only works when everyone is sharing the burden equally.

How do you extract taxes from people who have little or no money? I've yet to see one of you conservatives explain how this would work.

It's hard to share the load equally, when some drive semi-trucks and others peddle bicycles or lead burros.

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nobody likes paying taxes but we are going to need to raise rates to bring the deficit under control.

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Originally posted by Slider:

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nobody likes paying taxes but we are going to need to raise rates to bring the deficit under control.

NO ONE is going to pay down The Deficit. This Policy BY DESIGN would cause a MASSAVE SELL OFF and Crash the Economy!!!

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Originally posted by Steve Bertram:
35% all in is pretty darn good by western standards. Pretty sure most European countries pay well above that in the upper brackets.

Nobody likes paying taxes but we are going to need to raise rates to bring the deficit under control.

You are completely correct that the tax system as it stands todays hammers those who collect wages and allows those of us who are self employed to deduct things others can not.

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Originally posted by Steve Bertram:
Many things to consider. We don't pay VAT, most European nations do.