Comments on: The chief justice’s contribution to tax reform http://blogs.reuters.com/great-debate/2012/07/11/the-chief-justices-contribution-to-tax-reform/ Thu, 21 Jul 2016 07:57:19 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: OneOfTheSheep http://blogs.reuters.com/great-debate/2012/07/11/the-chief-justices-contribution-to-tax-reform/#comment-56205 Thu, 12 Jul 2012 23:45:49 +0000 http://blogs.reuters.com/great-debate/?p=13530#comment-56205 Too many sour grapes from folks who would fence in the U.S. economy from “outside competition”. Personally, I’d rather the average Chinese citizen make something useful to the world at large and sell it in an open market than be making bombs and bullets useful only for military adventures like the Korean Conflict. Compared to almost any other time in history, today the world is AT PEACE!

You can create any type of society you want just by how your tax system rewards and penalizes. If you look at current U.S. actions and inactions with this presumption, one must wonder “What are “our” representatives thinking?”

STOP the per-child tax tax incentives! The world doesn’t need more people. Stop the tax writeoffs for “investing” in more vacation homes and 4,000 square foot McMansions.

Provide as much birth control education and supplies to those countries that cannot feed their people for extended periods. Lace food contributed to these areas to prevent widespread starvation with effective contraception. It isn’t the responsibility of the responsible countries to subsidize endless population increases of the ignorant or the irresponsible.

It’s our responsibility to “get organized” here! America should stop non-citizens at the border who would freeload here. If their countries don’t provide free education, free school lunches, free medical (emergency) care, etc., how does that become the responsibility of Americans?

Deport ASAP those not in this country with valid paperwork whenever they are found guilty of any felony or serious misdemeanor, involved in any manner in gang activity, or driving without a valid license or insurance, or drunk. That’s what their countries do with those not there legally.

Send birth control information and supplies to those countries that cannot feed their people for extended periods. Lace “humanitarian” food with effective contraception…it isn’t the responsibility of the responsible countries to subsidize population increases in the irresponsible ones useful only for cannon fodder.

America doesn’t need more non-citizens freeloading free education, free school lunches, free medical (emergency) care. We need to deport ASAP those not in the country illegally whenever they are found guilty of any felony or serious misdemeanor, gang activity, driving without a valid license or insurance.

Once our government can show that it uses the amazing amount of tax revenue presently available efficiently and effectively, THEN we can talk about how to collect more. Until then, increasing tax revenues without effectively reducing federal wasteful practices is like trying to put out a fire with gasoline.

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By: GA_Chris http://blogs.reuters.com/great-debate/2012/07/11/the-chief-justices-contribution-to-tax-reform/#comment-55842 Wed, 11 Jul 2012 22:29:41 +0000 http://blogs.reuters.com/great-debate/?p=13530#comment-55842 This article is far too sensible and pragmatic. Please remove it before someone sees that common sense can be used in fiscal policy

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By: 248TaxPlan http://blogs.reuters.com/great-debate/2012/07/11/the-chief-justices-contribution-to-tax-reform/#comment-55815 Wed, 11 Jul 2012 21:31:55 +0000 http://blogs.reuters.com/great-debate/?p=13530#comment-55815 “… the tax policies we need to solve the country’s fiscal and other problems won’t be clear-cut partisan wins for anyone.”

The top 10% now have 75% of the wealth and 60% share less than 3%. The wealth gap has not been this bad since the Great Depression of 1929 (when the unemployment rate was also as bad). At the time there was a top tax rate of 24% and the well-to-do had so much fun they called it the Roaring 20′s. It is worth remembering that the depression was followed by tax increases to: 63%, 79%, 81%, 88% and finally to 94% in 1944.

Before the economy and the federal debt get much worse I expect my elected officials to stop the roar and save the rich from themselves. Our tax code has destroyed middle class consumers with regressive payroll taxes and each year an amount equal to all the payroll taxes is redistributed to the investment class in the form of tax expenditures. This massive redistribution of income has really been a redistribution of wealth because the well-to-do have already acquired too many assets to encourage further consumption.

We need to steer the ship away from the iceberg by eliminating payroll taxes and paying for Social Security and Medicare with a 2% net wealth tax (excluding $15,000 cash and retirement funds). That will save the middle class and most of the rich by giving middle class consumers more to spend and creating jobs and profits in the process.

We also need to really “punish” the wealthy by lowering the income tax rate to 8% and eliminating capital gains, estate and gift taxes. These changes will create the ultimate in business freedom and complement the negative reinforcement (“use it or lose it”) of the wealth tax. Businesses will have 7% more money to hire workers without payroll taxes. By enabling the “job creators” to buy and sell capital assets without being taxed and providing a 92% after tax return on investment, the new tax code would greatly help entrepreneurs and the idle rich will get what they deserve.

Completing the perfect tax reform plan would be a 4% value added tax (VAT) on business and an 8% corporate tax rate for the most competitive business rates in the world. The current 35% corporate rate would be eliminated and no longer prevent the return of foreign profits which could add trillions to domestic investment.

Imagine a sustainable economy that does not depend on government spending or tax expenditures.
Imagine a stable economy based upon broad tax bases with the lowest rates possible.

Eugene Patrick Devany, JD, MPA
Read more at www.TaxNetWealth.com

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