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HUFFPOST SUPER USER
chaotician1
12:19 PM on 06/03/2013
The so-called IRS Tax code is such a mess, immoral, criminal in intent and purpose; it should be changed to a one page income redistribution tax for individual earnings all treated the same with no deductions; just brackets and rates with the income redestributed eqiually to all citizens between 21 and 65. Then fund all Government with a VAT and fees for govt services to business like most "modern" countries! Incidently, eliminate Payroll taxes as well and roll them into VAT too.
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pshakkottai
retired engineer
11:56 AM on 06/03/2013
The whole point is moot. USA is monetarily sovereign and does not need taxes at all. Why not block fund states and eliminate all state income taxes as India does?

And what is fair taxation?

http://www.huffingtonpost.com/social/pshakkottai/lessons-from-the-world-of_b_3340541_256496152.html
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HUFFPOST SUPER USER
Alan Rudo
Forgive enemies; nothing annoys them more
11:49 AM on 06/03/2013
First this article assumes everyone is okay that upper tax rates of 34% - 39% are reasonable, even when the kick in as low as $75k of corporate profit. Second, this ignores the benefit of low tax rates altogether, and does not factor in what would happen if you raise rates - money and business flows out of US seeking lower tax rates.
11:53 AM on 06/03/2013
We tried lowering top tax rates, including cutting capital gains rates in half, for over 30 years. Jobs have gone overseas all that time. Your little dogma has not worked the way you claim it does.
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OKOrlando
Liberalism destroyed Detroit
02:04 PM on 06/03/2013
Less jobs will go overseas if we have lower taxes. Think logically please.
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Craig Schultz
If there is hope, it will be found in Pripyat.
04:35 PM on 06/03/2013
Jobs have gone overseas because Fair Trade allows it and foreign labor is cheaper.
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HUFFPOST SUPER USER
BobSF94117
12:04 PM on 06/03/2013
There is no societal benefit to low tax rates. Your team promised there would be. They were wrong. (I happen to think they knew they were wrong, but let's be charitable and call i a mistake instead of a purposeful lie.)
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bookreader451
it is 2014 not 1971 I stand with Wendy
11:32 AM on 06/03/2013
The itemized homeowner deductions are NOT high income tax deductions. I live in one of those higher tax states and since my property taxes just doubled after a reassessment I certainly need that break.........otherwise even more of my income will be taken out of circulation and help to exacerbate that downward spending that harms the economy.
11:17 AM on 06/03/2013
This article does not take into account the recently passed tax bill. High-income taxpayers can only deduct 20% of their state and local taxes now, not the whole thing.
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HUFFPOST SUPER USER
mbi11
Independent Voter
09:31 AM on 06/03/2013
Many of these tax deductions can be fixed of their disproportionate effect by making them income based. Those in the middle class should be allowed breaks just to stay above water, but this is not the case for the very wealthy. Capping the charitable tax deduction was discussed last week on a financial program and two very wealthy philanthropists were adamant about retaining it. When you realize that many of these contributions are for purposes including political and self-aggrandizing wonder if it would still continue. It seems theses two characters will be generous only when the government and society pays them to do it.
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HUFFPOST SUPER USER
Alan Rudo
Forgive enemies; nothing annoys them more
11:51 AM on 06/03/2013
You would kill the charitable benefactors.
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HUFFPOST SUPER USER
mbi11
Independent Voter
12:06 PM on 06/03/2013
How much is really charity if they won't spend because they are not getting the tax deduction?  They are spending US Taxpayers taxes.  I would use a declining scale and cap it.  We'll see who are the real philanthropists.  
02:48 PM on 06/03/2013
Tough
HUFFPOST SUPER USER
Ryvle
05:18 PM on 06/03/2013
Private charity reduces the burden on government for helping the poor and needy. You need to encourage this behavior unless you believe it's important for aid to come primarily from the government and money must flow through the government for bureaucrats to redistribute as they see fit.
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HUFFPOST SUPER USER
mbi11
Independent Voter
10:56 AM on 06/04/2013
Charity is just that charity, not because you are going to get an advantage like a tax break. This is something else than charity, a negotiation with the wealthy. Those who are truly charitable don't need government money in the form of tax rebates to do good deeds. Those who demand a kickback are not truly charitable. Cap the deduction and money will still flow from people who believe in helping others. Negotiating with others is a fools game because by their wealth they have shown they are far better at getting the best of people. Better for society to collect it from them in estate taxes,
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CoveredUp
The road goes on forever and the party never ends.
09:15 AM on 06/03/2013
Think of all the Social Security & Medicare Taxes those employees are not paying on their income that is hidden in the form or Health Insurance, Disability Insurance, Life Insurance, matching 401K contributions and other company paid benefits paid on their behalf but not shown as income on their W2.
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Arthur Walsh
The Shadow Knows!
09:25 AM on 06/03/2013
Figures you would post on that one! There were three others there why just go after those who make the least amount of money? Because you are paid for that exercise in BS?
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CoveredUp
The road goes on forever and the party never ends.
09:27 AM on 06/03/2013
Not, paid just educated in finance/accounting so I think of these things.
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HUFFPOST SUPER USER
Peter007
09:48 AM on 06/03/2013
The "carried interest" tax break may eliminate about $1.3 billion a year in potential tax revenues. If it were eliminated, I guess the Feds might collect 1/2 of that or $700 million.

The tax exempt status of health care benefits amounts to $250 billion a year and is grossly unfair because it gives tax breaks to middle and upper income people while not giving it to lower income people..

So...$1 Billion in tax breaks vs. $250 billion... ?

I'd focus on the $250 billion too.
tlrdevel
Vote, or don't complain
03:34 PM on 06/03/2013
It's on money that is earned in another country. They are paying those items (in whatever form and name they are called) in the country they earn the money in.
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CoveredUp
The road goes on forever and the party never ends.
03:36 PM on 06/03/2013
Maybe you meant to reply to a different post. I'm talking about benefits paid for work performed in the states.
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Craig Schultz
If there is hope, it will be found in Pripyat.
04:40 PM on 06/03/2013
When I was living and working abroad, I had to file and pay federal, and state income taxes. My state taxes being based on my federal filings.

Even if I was employed by a foreign company and paid foreign income tax, beyond a certain exclusion level, I still had to pay US federal and state income taxes.

Why not corporations?