Thursday, January 26, 2012
Tis the Season, I Guess
I agree with President Obama that we should do away with the special consideration for capital gains (I make up for it with conservatives by reducing the corporate tax rates significantly). But, if he's trying to portray this act as some sort of great deficit reducer, then he's wholly incorrect. Erin Burnett (smart AND good looking) on CNN last night said that this proposal would only reduce the deficit by 30-40 billion - a pittance. Methinks that this was much more a reelection ploy than it was any sort of substantive policy overture.
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10 comments:
Why "make up for it with conservatives by reducing the corporate tax rates significantly"?
I don't like the corporate income tax. It's clumsy, reduces productivity, and hurts a lot of middle class people who have retirement funds, whole life policies, etc.. I would much prefer to tax rich individuals and get the moolah that way.
Corporations use the "commons". They use public facilities and benefit from public services. Shouldn't they pay a share of their costs?
I would rather have the rich executives bear the costs and create as hospitable an environment as possible for businesses to want to locate here.
I don't know what the real number is, but 30-40 billion is a lot of money, regardless of how much we are over budget.
Also, if we balance the budget, that 30 - 40 billion will be huge and will help pay down the debt annually.
Long term gains is an obsvious target to go after, and a fair one.
My proposal is much bolder, John. I would do away with the special consideration for capital gains for everybody. The deficit is way too massive for simple tinkering and the politicians from both parties have to be far more honest with the American people.
Welcome back, btw.
Will
I am a little confused. On one hand you say corporate income tax hurts a lot of middle class people who have retirement funds, yet you want to do away with the special consideration for capital gains for everybody which also would hurt a lot of middle class people who have retirement funds.
Are you saying that you want to do away with one tax that hurts the middle class and replace it with another tax that hurts them?
Also, I'm not so sure that either tax hurts the middle class so much.
Jerry Critter: Are you saying that you want to do away with one tax that hurts the middle class and replace it with another tax that hurts them?
I don't believe Will has any concern for the middle class. He's a corporatist, hence his concern for corporations over individuals.
Jerry, doing away with the special consideration for cap gains would hurt the wealthy more that the middle-class because the middle-class pay a lower rate of income tax to begin with, AND under my proposal the wealthy would pay 40% for BOTH regular income and cap gains, not the 35% and 15% that they currently pay.............wd, as a member of the middle-class, you can rest assure that I care about it. 401Ks, retirement pensions, and whole life policies would do significantly better under my proposal - a proposal that goes directly at where the wealth is and limits the overall collateral damage.
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