Reply to Let Lower Income "Pay Their Fair Share"!

Forum Index » Political Discussion

Reply to "Let Lower Income "Pay Their Fair Share"!"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You neglected to state that the very top really don't pay their fair share via loopholes and tax deductions, which the lower/middle income folks never get to use.  Sure, they pay a lot in taxes, but that's because they make a lot. But, if they only pay 10% in taxes, and middle/upper are paying 30%, then that's not fair is it?

But, I agree with you in that the middle and upper/middle are the only groups probably paying their "fair share".

If we got rid of all the loopholes, then I might agree with you.[/quote]

Everyone complains about "loopholes" yet no one can cite one. A loophole is, by definition, an unintended benefit. Deductions?  Which would you get rid of?  Solid tax policy would say get rid of all deductions for no revenue producing expenses. Otherwise, it's just a give away in the form of a tax subsidy. But I hear the hew and cry when people are faced with losing a mortgage interest deduction or child care credit.

What specifically would you want to see eliminated that would have a broad impact on the wealthy/UMC and would bring in more than a token amount of revenue?[/quote]
 I had mentioned that we pay about 33% in tax, combined state+federal.  If they got rid of most of the tax deductions, then *everyone* would end up paying their fair share, no? Personal exemptions and child credit is fine.  These would actually help the lower/middle class.  Yes, I'd be fine with getting rid of mortgage deductions as long as the very wealthy can't use any loopholes or other deductions either.  That would actually be a much more fair system.[/quote]

I'm the PP. To make this work broadly (and fairly) you would also have to eliminate the distinction between capital gain and ordinary income, except as "capital" relates to direct infusion of money into an income producing activity. So no capital gain on market transactions, houses, etc. IPOs if the stock purchased is treasury stock. Direct investment in a business could retain its "capital" nature.

No step up in basis at death. 
There would be other modifications needed, but once the base is established rates could be adjusted much more easily. [/quote]
PP here.. I would also say that if they got rid of the loopholes and majority of the deductions, then they should lower the tax rate for everyone by 5% or so.  Even with the lower rate, we'd still have a lot more income coming from taxes since the very wealthy would be now truly paying their fair share - about 25% vs 10% or even sometimes lower.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics