Your party can never again claim to be the fiscal party.
Face the fact that you guys screwed the pooch yet again.
Get some new ideas that might work insteand of the same old failed ones which history has proven dont work.
quit buying the same old failed argument that you masters are feeding you.
we tried you shit and it failed
What does that do with anything I said?
Fact is, we have huge deficits and a disappearing middle class because the manufacturing is going overseas. BOTH parties were responsible for that.
Why is it that NO ONE including Conservatives EVER mention the $200+ billion a year in lost TAX REVENUES because of the Net Operating Loss rule?
From 2001 forward there was over $8 trillion in economic,market,asset losses from:
1) dot.com bust.. 2) 9/11... 3) worst hurricanes in history..
that people that would have paid an average of $200+billion more a year in taxes DIDN"T!
Over $1 trillion in Federal/state/local tax revenue was written off because
the IRS and some states allowed tax payers to deduct from taxes owed these $8 trillion in losses!
YET NO ONE seems to know this!!!
Why?
The IRS rules are clear:
2) according to the IRS definition of Net Operating Loss NOL..
Eligible losses, farming losses, qualified disaster losses, and specified
liability losses, defined next, qualify for longer carryback periods.
Publication 536 (2010), Net Operating Losses (NOLs) for Individuals, Estates, and Trusts
3) According to IRS then the above $8 trillion in losses can be
deducted for up to 30 years!
$8 trillion divided by 30 years equals $200 billion a year in losses deducted against tax liability.. means lost tax revenue!