November 15, 2012 - 3:01 pm
Brian Hughes of the Washington Examiner talks to Alexis Garcia about the looming fiscal cliff. Will President Obama and Speaker Boehner throw the country into fiscal oblivion by raising taxes on the Middle Class? Will homeowners lose their mortgage interest deductions? How much will families pay in higher taxes? Find out.
Let’s go over the cliff. Seriously.
The President wants to raise taxes on some. Wrong. Let’s go back to the Clinton tax regimen and let the lower income taxpayers pay more taxes as well. Restore the employee payroll taxes as well. The lower income taxpayers get most of the goodies, let them pitch in. If we are going to be socialists, we need to tax like socialists. Freebies that someone else pays for are ruinous. Cutting expenses won’t hurt either. Everyone is earning less and spending less. Maybe the US government needs to do the same. Of course, this will keep lobbyists out of the loop this year, but they can wait for the next feeding frenzy.
I agree. A few places to start:
1. Define income as *all income* minus legitimate business expenses. No more special types of income with lower tax rates for the rich. No more redefining income as not income.
2. Eliminate all tax credits. Add back a small number of rarely claimed credits that can be justified on humanitarian grounds, like the one for the blind.
3. Prosecute tax evasion using the duck test. If it looks like tax evasion, start an investigation and start seeking warrants. Businesses will stop using Caymans and Clearstream accounts if the mere presence of one is considered just cause for a criminal investigation.
The official tax rate will stay the same %percentage rate that it was in the Clinton years, but everyone will be paying more. The higher reported income numbers will help shore up the state budgets.
1.Will essentially eliminate investment. When you invest capital you run the risk of losing the principal. If every time the market goes down it’s your loss, but every time it goes up the increase is taxed to hell, then the threshold for safe investment climbs dramatically. People will be even more risk averse than they are now.
2. I would mostly agree with, but it’ll never happen because that’s the main way they go about social engineering in this country.
3. This is a terrible idea because it’ll be selectively enforced. Do you think Holder is going to audit someone who consistently donates to democrat’s campaigns? How about someone who donated to Romney? This is the most crooked administration in history, do not give them more tools to “punish their enemies.”
“The most crooked administration in history”? How quickly people forget eight years of Bush jr….who didn’t manage to get anywhere close to Harding.
It would be very interesting to see how the democratic elite would react to the idea of actually taxing wealth instead of income. Let’s say you got to exempt your house and a million dollars and then had to pay 3% per year of your remaining net worth in taxes. I think both parties would run and hide from that suggestion.
In reality, the wealthy care little about tax rates. They can maintain and even increase their wealth in so many ways that avoid taxation. Whatever they do pay is inconsequential and does not impact their comfortable lives. In fact I believe that most favor keeping taxes high so that money flows from the middle class to poor minorities in order to keep them from storming their castles.
In the end it is the middle class that carries the burden – locked in a position that prevents them from ever getting rich themselves due to high income taxes and resulting sluggishness in the economy.
TAXES AND REGULATIONS ARE KILLING THIS COUNTRY, BUT OBAMA DOES NOT AGREE WITH IT. IN PAST 90 DAYS OBAMA ADMIN POSTS 68 NEW REGULATIONS EACH DAY. In keeping some of the most controversial environmental and healthcare regulations under wraps during the month of October, the federal government has posted to its regulations website an average of 68 new regulations and notifications. The total comes to 6,125 in the past 90 days as of Friday … READ MORE: http://bwcentral.org/2012/11/in-past-90-days-obama-admin-posts-68-new-regulations-each-day/
Need to raise taxes and cut spending. Need to both BOTH, morons.
You flunked not only grammar, but also economics.
‘Need to both BOTH’ upside your head. Talk about an x-moron …
If they collect more (illegal) taxes- they just spend more. This is how we got here to begin with.
They have learned NOTHING. They will learn NOTHING. There is no way out, but for it all to fail, fall, then start back up again as it was designed and this time, without the elite running things, but the average Americans without their person in mind.