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Your source says the "Buffet Rule" would increase revenues by $4.7 to $16 billion dollars a year. And the presentation of your post is saying, $4.7-$16 billion dollars is not a lot of money, so we should not pass the Buffet Rule.
So $4.6-$16 billion dollars is a trivial amount of money, and we should just forget about the Buffet Rule?
Its funny if Obama (so-called) wastes $200 million dollars republicans attack him like a pack of wolves, but when only republicans are around they throw away $4.7-$16 billion dollars like its a radioactive penny.
"Experts agree" that smoking causes cancer, "Experts agree" that exercise with a low calorie diet will make you loose weight, and "experts agree" tax cuts do not increase government revenues.
The following Forbes source asked the IGM Forum (America's most respected economists) whether or not tax cuts increased revenues, and all the experts agreed "tax cuts do not increase revenues." A Tax Cut Won't Increase Revenue - Forbes
I think it would help if there were some sustained certainty of tax rates. For example a cap gains tax cut could prompt some people to cash out and take gains now on the fear or expectation the tax rate could go up again.
The Flat Tax plan was created by corporate think tanks. These think tanks want to abolish the EPA and FDA, because those agencies regulate and fine large corporations. And abolishing the IRS is part of their plan to abolish all agencies that fine and regulate large corporations.
The Flat Tax will also greatly decrease government revenues, and create a criminal like tax evasion atmosphere as this Forbes source explains. Why The Fair Tax Will Fail - Forbes
The above source speaks of a Flat Tax used in Europe that could actually work, but the Europeans system regulates corporations, and I doubt the CEO's who control the republican party would want any part of the EU Flat Tax system.
Well, the corporate elite are just going to have to live with disappointment because their concept won't work. As I said, fair tax isn't the answer to everything. I was specifically referring to corporations and big businesses. Taxing a business that exists to sell stuff on what they buy makes absolutely no sense. Taxing them on "buying" workers by paying their income them is a bad idea too. So no, it doesn't work for everything, but it definitely would work well for taxing people. In the end, money only serves one purpose -- to buy stuff. So sooner or later money will be used to buy something, so everybody gets taxed equally and fairly. And the obscenely rich who want a 55 bedroom mansion will pay a premium for it. I think that's fair and I think the federal government would come out ahead.
A simplified tax code is just common sense. It's insanely obvious. Keeping the status quo is a terrible idea. The Federal government will have to give up it's favorite voodoo doll toy, but they're just making matters worse and worse by the year. Our current tax system is insanely expensive to run, requires hundreds of thousands of tax accountants and other specialists to make sense of it all, and it's complexity will inevitably heavily favor the rich who can afford the best lawyers and accountants. Want to take away the tax break that allows Romney to pay 14% taxes on a $21 million income? Great. Do that. And toss all of rest of the ridiculously complex tax system and voodoo doll manipulations while your at it.
I have nothing against regulation as long as it serves some useful purpose. We do have a lot of completely useless and pointlessly complex regulation here in the USA. We need to update or eliminate all the regulations that no longer serve any useful purpose or that take a ridiculous amount of time to complete. Too many regulatory bodies and agencies look or function a lot like this:
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Let's just make the whole thing simpler please!! And simpler means simpler. I'm not advocating an idiot anarchist's utopia here. We need common sense regulation.
All Americans should pay the same rate, top to bottom, no exemptions, no deductions.
The only reason anyone who's intellectually honest can give for some people paying a higher percentage of their income in taxes than others is that "the rich don't need the money".
That's class warfare, plain and simple.
A flat tax would insure that everyone has an equal percent of skin in the game and that the government would have to justify to everyone when they want to raise taxes rather than trying to use the tax rates as a political weapon.
And for those who will start whining about how it would disproportionately effect the poor, I say nonsense.
Using a 10% rate as an example to keep the math simple, someone who makes 100,000 a year would pay 10,000 in taxes which would be double what someone who makes 50,000 a year would pay at 5,000 and 10 times as much as someone who makes 10,000 a year would pay at 1000.
Anything more complicated than that is nothing more than a way for the government to pit one group of people against another for political purposes.
Americans making $100,000 a year pay a 2x higher tax rate than billionaires like Warren Buffet. And republicans want to give the CEO's even more tax cuts.
A single American making $100,000 doesn't have $100k in taxable income but regardless he pays the exact same rate for earned income as Romney or Bill Gates.
Reading all these posts from the lefties, one can only conclude they are just to dumb to get it.. No wonder they are poor...!!
Blunt....but, true.
As I has posted many times.....I have all the money I will ever need.
I was lucky to get out of HS.
But, VERY lucky to have spent my summers talking to the man that did taxes for Sam Walton and many other business people.
I listened.....and learned....than did with $50 on my 1040 what they did with hundreds of thousands.....but, I got all my money back.....I would have loved the EEC and other things that became avialible.
In time I was writing off a few thousand.....then hundreds of thousands.
We all have to find our own niche.....I like deprecation.
If you look....you will fine a way.
Schedules are your friend......there is a whole alphabet of write offs.....just waiting for you.
I'm neither dumb nor poor, Donn. Seeing as you are from Apple Valley (a place I'm very familiar with), I'd be very surprised if you made more money than I do. I'd just like to see the wealthiest people pay the same tax rate I do. That doesn't make me "dumb" -- that makes me sensible.
What you said makes no sense. They should pay the same tax rate I do. Why should I, a middle class Soldier, pay more than the wealthiest citizens? How is that fair?
I do not believe that.
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