Reinvent the Tax Code
With the fiscal cliff looming and tax hikes on the inevitable rise it would seem that the most rational solution would be to revise the tax code rather than raise taxes. Now policymakers are trying to decide on whether or not they should extend 100% of the tax cuts or only 98% for a majority of Americans.
As a result of the fall elections President Obama has been insistent that we should raise taxes on the wealthiest of the American population, or those making $250,000 dollars a year or more. Republicans are completely soured by the idea of breaking their precious “no new tax” pledge to Grover Norquist. Republicans are stuck on the idea that if the wealthy pay a dime more in taxes then they have to they will stall the economy, lay off their employees, and screw the American people over in any way they can. They insist that taking away entitlements from the middle class and poor is the only way to fix this mess…even though the rich pay lower taxes than the middle class and poor and could easily afford it.
Nobody, I mean nobody, Republican or Democrat, is talking about reforming the tax code to make it fairer to the population. I mean a lot of the wealthy exploit loopholes in taxes to negate paying their fair share. This would only seem fair as the tax code is rigged so that only the very wealthiest can take full advantage of the loopholes.
Tax reform is a great option. But with a tax serviced based economy and the entire branch of the IRS being dependent on a complex tax code
Is this the right approach?
There was an attempt to fix all of these loopholes and deductions by implementing the 1986 Tax Reform Act. This act was passed in good faith but it didn’t work. Eventually the tax loopholes and deductions slowly crept in as lobbyists made their way to Capital Hill.
So what if we fixed the tax code by closing loopholes and eliminating deductions we could lower tax rates on the different income brackets. Also we would have a simpler tax code that will make taxes easier to understand and simpler to pay. Also this may encourage businesses to engage in better corporate behavior as they won’t have an incentive to exploit the tax code for their own gain. This will also lead to an overall sense of fairness amongst all individuals.
Wouldn’t this simple solution bypass all of the nagging and stonewalling in congress and make everything a bit easier for all of us? I sure would enjoy it. Wouldn’t you?
Categories: Federal Tax, Income Tax, Tax Law Tags: federal income tax, federal tax, fiscal cliff, income tax, tax code, tax law, tax reform
Republican Crash
The election message should have rang out loud and clear to top ranking Republicans that the American people would much rather prefer to let the wealthy make a sacrifice this time around to divert falling off the fiscal cliff…seeing as how we have one of the largest income gaps in US history. President Obama hears this message loud and clear and he will be darned if he gives them an inch on what the American people want. Now the GOP facing the blame game for this issue and beyond must walk on eggshells to determine the best way to avert a whitewash of their party and a political comeback for the forthcoming elections.
Now it seems as if the republicans are backed into a corner left to the will of Mr. Obama trying to save face under the public eye while trying to fight for tax cuts for their constituency. Mr. Boehner has felt his ranks falling out from under him as rationality takes over conformity. It seems as if the only chance the Republicans have to recoup their losses is give up on the tax hikes for the wealthy and try to look amiable when entitlements are on the table without looking like the bad guy…which is quite a tough sell since they are rallying against the popular vote.
One by one the rank and file slowly fall out of line and realign with the American People. Bob Corker, a Tennessee Senator just recently made his case on Fox News that these tax cuts will allow for congress to ” shifts to entitlements and maybe it puts us in a place where we actually can do something that really saves the nation.”
Is this just wishful thinking on the Republican’s part? Now with Republican’s on the run maybe Mr. Obama won’t back down on entitlements needed so desperately by the middle class. Maybe, just maybe, he will turn his laser focus on trimming the bloated defense budget that has been growing for too long. Maybe with his newfound power he will finally revise the tax system further refining the tax brackets for the wealthy. The Republicans hope that this small sacrifice will make them stronger in the long run but I say that Grover and all of the anti tax Republicans will take note of this fact and the party will hurt as a result. F
But what of the Republicans threats of raising the tax on the wealthy will only lead to economic demise and the fall of the great United States? Well with the rich paying their fair share we will finally see the reality of this statement. If raising taxes on the wealthy doesn’t hurt growth or small businesses..what argument will the Republicans have to stand on. Even their own party is beginning to question the very foundation the Republicans sit on. Because we all didn’t fall in line with the Romney vision of servitude does that mean that the core principles of the Republican party are at stake. Only time will tell.
Categories: Federal Tax, Income Tax Tags: buffet rule, federal income tax, federal tax, republican, Republican Tax, tax code, tax reform
Grover Norquist against the world
We have seen enough statistics in our day to realize that most people agree on NOTHING. It is very hard to get consensus on anything. It seems as if the American people would fight over a piece of shit nowadays.
Well a Quinnipiac University poll released Thursday has just proven that hell has frozen over and the American people can agree on one thing. HATING GROVER NORQUIST AND HIS STUPID TAX PLEDGE. Yes, that is right 85% percent of voters including 77% of Republicans think that the sacred goat of the Republican Party “not raising taxes on the wealthy” was a BAD BAD IDEA under any condition. What was going on in the Republic Caucus is beyond me but I have a feeling that most of them drank the “gold flake kool aid”
While the Norquist tax pledge wasn’t specifically mentioned. This insignificant figure wedged his way into our life’s with a stupid meaningless pledge that he expects all of his “bromises” to uphold. I have a feeling this Grover person deals with Napoleon Syndrome making himself to be more important than he actually is. I mean he isn’t the president or even an elected official. He is just some scraggly businessman with the balls of the very old in his hands that heads Americans for Tax Reform. . Why may you ask? I do not know. Maybe he has very deep pockets or a very deep throat.
Of course this is all just induction based upon the results of a simple poll question. Still one would argue that maybe this insistence on sheltering the wealthy does have something to do with good ole Grover since the Republicans drop his name every chance they get. Seriously is this guy a celebrity on AMC or something?
This poll question does hint on something much larger than it appears on the surface
Raising taxes on the rich is quite popular among those that aren’t rich. Surprise there ehhh? As a matter of fact 60% of those surveyed support it the other 40% are fans of Justin Beiber and Paris Hilton and don’t want a tax increase to hurt their acting careers.
Why pollsters neglect on having a polling question is beyond me. Maybe they think this Grover character has had his minute of fame. or maybe with the re election of Barack Obama people are waking up to the fact that the world doesn’t revolve around the wealthy. It is ok for the haves to suffer just as much as the have nots. I mean $250,000 a year could get you quite a pretty lifestyle. I think it is understandable for the wealthy discount riders to being paying their fair share. Lets approach this “fiscal cliff” in a balanced manner because money can only buy you so many votes and politicians. It looks like if the Republicans want to avoid taxing the wealthy they might want to look at updating their playbook from the age of the dinosaurs.
Categories: Federal Tax, Income Tax, Tax Law Tags: federal income tax, federal tax, fiscal cliff, income tax, republican, Repulbican Tax, tax pledge