Tax Code Written By the Wealthy, For the Wealthy

"Cap itemized deductions by a dollar amount: The highest-income households enjoy more than 40% of the benefits of all tax breaks taken every year.

If no one could claim more than $50,000 in itemized deductions, that could raise roughly $749 billion over a decade, the Tax Policy Center estimates. And nearly 90% of that revenue would come from households making more than $200,000.

If lawmakers wanted to exclude charitable contributions from that cap, that still could raise $490 billion over 10 years. "

http://money.cnn.com/2012/11/30/news/economy/fiscal-cliff-tax-rich/index.html?source=cnn_bin


I thought poor people were the only ones benefiting from government handouts?

 

The BEST we can do is step off of that so-called "fiscal cliff"; then go from there.

 

Get rid of the mortgage interest deduction. Get rid of the charitable deduction.

 

And tax all income at the income tax statutory rate for that bracket; there's most of the revenue we need. Means test Medicare as an entitlement reform, and you've got most of the budget issue resolved.

 

The wealthiest need not have all of the best economic breaks.

 

and where were you for the Affordable Care Act that was written by INSURANCE AND PHARMACEUTICAL companies? Corrupt liberalism.

 

Yep. If we are reasonable, defer to MATH instead of partisan politics... we'll reach better and more fair solutions.

 

I wanted a single-payer system.

Try again.

 

Where did you go to tax school?

 

Show me your numbers.

 

2013 Projected Deficit:$900 billion

Cap deductions at $50k: $75 billion
Bush tax rate expiration for $250k a year households or more: $100 billion
Raising Capital Gains Rate: $71 billion

Means-Testing Medicare Reform: $200 billion

It's a significant chunk of change. More than half, and with the economy recovering (yes, it is, even if it's not moving as quickly as you want), revenues will naturally increase and government expenditures on safety nets will decrease. Those measures are probably enough to eliminate the deficit in the next 5 years.

http://www.huffingtonpost.com/sanjay-sanghoee/inequality-why-the-capita_b_1851729.html
http://abcnews.go.com/blogs/politic...-testing-medicare-todays-qs-for-os-wh-112612/
http://www.usgovernmentspending.com/federal_deficit_chart.html

 

Really? That's great. Maybe you can take away the only real opportunity middle class homeowners have to avoid paying a gazillion dollars in taxes every year. Cool. Let's just lower capital gains, right?

How about instead of playing games of class warfare we move to a flat or fair tax and then cut the hell out of spending?

 

The flat tax is regressive.

 

I think the projected budget deficit is over a trillion dollars as far as the eye can see. The revenues you've mentioned are a start, but how does the net net budget deficit get eliminated? The debt limit shouldn't be raised. So either spending cuts and/or even more tax increases...which will it be?

 

Bush tax rates expire for YOU,..... freeloader.

 

expecting someone to pay a higher rate than you is detestable freeloading.

 

First of all my objectives aren't the same as yours. But let's move past that.

Democrats will not accept a flat tax or any tax which is not progressive. Progressive taxation is an article of religious faith on the left.

I don't know what you mean by a fair tax. Would you please tell me. Thanks.

 

I disagree.

Means-testing Medicare is a spending cut. I also think our military expenditures should be half of what they are today, which would save another 500-700 BILLION dollars a year. Hey, there's almost all of our deficit!

 

I willingly pay a higher rate than you, yet I don't accuse you of freeloading. Maybe it's because I'm a decent human being?

 

What are you willing to compromise on? Are you willing to cut any nondefense spending items?

Why not just let the Bush tax cuts expire, sequestration go into effect, and not do anything about the debt ceiling? Got you because you need an increase in the debt ceiling, but you have nothing to offer in exchange for an increase. So let the debt ceiling remain unchanged. No new borrowing. Refinancing is ok.

 

Such as? Give me specific programs and their costs that you want to cut.

 

Acknowledged. We had this discussion before. My apologies.

 

I'm smelling freeloader...sorry.

 

It's not a 'hand out', it's a 'hands off'.

Besides, what good is half a trillion over the course of 10 years, if spending is not greatly reduced? How much more debt will we have 10 years from now?

 

Answer my earlier question and I will respond to your later question.