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I read the first article and thought the GOP plan was on the right track, then I read another article and not so good. Agree that some of these deductions such as moving expenses, mortgage interest and the inconsistencies across the nation created by state tax deductions were ripe for change, but there seems to be quite the benefit for the top brackets.
Seems like what they are proposing is a moving target, reward and then take away adding to the complexity, they should be removing all these social engineering deductions.
Quote:
WASHINGTON - (AP) -- A sweeping House Republican plan to overhaul the
nation's tax laws would wipe out a slew of popular tax breaks to help pay for
lower overall tax rates, a politically risky move in an election year that drew
quick opposition Wednesday.
The plan would repeal deductions for state and local taxes, medical expenses
and moving expenses.
Camp wants to cut the top marginal rate to 35%. If you tax capital gains at 35%,
but exempt 40% of them from any tax, your effective rate on all capital gains
works out to (... wait for i t...) 21%. In other words, Camp is raising the
standard cap gains rate by a single percentage point.
It's the same old load of nonsense just more tax cuts for the top 1%. This trickle down nonsense has been a failure for 30 years yet the GOP must corruptly reward their mega wealthy donors if they want the bribes... er, "campaign donations" to continue. That's all this is, corruption at work.
It's the same old load of nonsense just more tax cuts for the top 1%. This trickle down nonsense has been a failure for 30 years yet the GOP must corruptly reward their mega wealthy donors if they want the bribes... er, "campaign donations" to continue. That's all this is, corruption at work.
You can't cut the taxes of the people who do not pay taxes.
So when to remove deductions and reduce the tax rate, the reduction in the tax rate will of course be to those who actually pay taxes.
You can't cut the taxes of the people who do not pay taxes.
So when to remove deductions and reduce the tax rate, the reduction in the tax rate will of course be to those who actually pay taxes.
Liberals do not want anyone to pay less taxes, unless it can be assured that lesser difference will guarantee them a vote at election time.
And, if a wealthy man pays a dollar less... not acceptable.
Liberals would rather destroy the currency, the economy, and the nation, than allow someone to keep a dollar they earned. There is no cure for that kind of malevolence.
I read the first article and thought the GOP plan was on the right track, then I read another article and not so good. Agree that some of these deductions such as moving expenses, mortgage interest and the inconsistencies across the nation created by state tax deductions were ripe for change, but there seems to be quite the benefit for the top brackets.
Seems like what they are proposing is a moving target, reward and then take away adding to the complexity, they should be removing all these social engineering deductions.
Hmm...theres some good and bad in the plan. I like the simplification, but come on, we need to pay down our deficit, you cant do that by bringing in less and less money.
Mostly I notice...oh look LOWER taxes on the richer folks, LESS deductions for the poorer folks, make it look better by just comparing tax rates though.
I think ending deductions for a lower rate is the way to go as far as that goes......
Why is 40% of Capital Gains tax exempt?
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