House panel opens tax reform talk: What do you think?

January 20, 2011

A man holds a sign at a tax day rally by Tea Party activists in the New York City suburb of New City, New York, April 15, 2010. REUTERS/Mike Segar

It’s opening day on what could be a long tax reform season, with the House Ways and Means Committee holding its first hearings on the topic on Thursday. The witness list is somewhat stacked with reform advocates –-  like Nina Olson, the national taxpayer advocate, and Kevin Hassett of the American Enterprise Institute –- and corporate types who are likely to say they’ve been beleaguered by tax complexity.

“It is clear that the tax code is too complex, too time-consuming and too costly,” said the committee chairman, Dave Camp, in announcing the hearing. The committee is encouraging anyone who wants to vent about the tax code to submit remarks through its website.

But we want to hear, too. Take our poll on key tax reform issues. And watch for President Obama’s state of the union speech on January 25. He’s expected to mention tax reform, but how heavily he hits that topic could provide clues to how long this “season” will last.

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The tax system is very unfair and should be changed. The tax rate for those married filing jointly earning $68K is 25% and 35% for those earning hundreds of millions. Does that sound fair? It isn’t. The tax rate should not necessarily be lots more for those earning millions but it should be lots less for those earning less than 100K, an amount that barely keeps people out of poverty today. But our government will not change the system because the “middle class” pays the majority of taxes. They support the “poor” and the wealthy.

Posted by lezah2 | Report as abusive

I’ll bet the man holding the “Keep Your Hands out of My Pockets” sign isn’t going to say No to a social security check in a few years. Baby Boomers are so quick to take, so slow to give. Thankfully, they won’t be around forever.

Posted by charityh | Report as abusive

>>>charityh That’s a pretty big brush to paint on a generation. Not all of them are like to be certain. As for hope of serious tax reform hold your breath. There has to be a serious and persistent grassroots effort at the Local, State, and federal level. Otherwise no real “tax reforms” will happen anytime soon.

Posted by Dr.Doom | Report as abusive

Pay a tax when you buy something, food excluded. Buy an iPad, a car, a house, a stock, and options contract, pay a tax to do so in the United States.

Got dividends or capital gains? Awesome, keep it all! Please buy something now (which would include dividend reinvestment) so you can make even more money, and pay a tax on those purchases. NO OTHER TAXES, PERIOD. Save 100% of your income tax free if you can, by purchasing as little as possible. I dare you!

How high does the purchasing tax have to be to at least break even with current revenues? Would you pay a non-interest accruing 20% tax on a home purchase if that was the only tax ever paid on the property? What if it was 15%?

Maybe it can be less than 15%. Pay $1 million to a panel of 10 economists, analysts, and lawyers to find the elusive X, where X is the needed percentage. It is worth exploring!

Posted by THeRmoNukE | Report as abusive