MaggieMae
Reality bits
- Apr 3, 2009
- 24,043
- 1,635
- 48
i dont dig it. i'm ok with more taxes so long as expensiblility rises. they aim to lower both like idiots. the capital gains hike is sensible, but i think deductability for investment should be thrown in as a plus-side.
The intent is to lower the base tax rates BUT eliminate the huge exemptions (and subsidies, I hope). How many billions collectively are written off every year? If that money was included included in net income, it would also be much fairer. It's the main reason why many millionnaires are able to pay little or no income tax at all by zeroing out their net income as a result of enormous tax benefits.
the vast majority of expensible or deductible expenditures are inputs into the economy. through offering these deductions, the government endorses activity which builds the economy and employment situation itself. i think the idea that many (if that means a significant amount) millionaires pay little or no income tax is delusional in light of most of the country's trillion dollar tax revenue coming from high earners. i believe you are referring in fact to corporation tax.
Which ones on Schedule A are valuable inputs to the economy?