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Started By
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Maybe some f you Tax Gurus would like to weigh in on this.
Posted on 2/26/14 at 3:17 pm
Posted on 2/26/14 at 3:17 pm
1
Posted on 2/26/14 at 3:43 pm to La Place Mike
FINALLY, the GOP comes up with their own plan.
Seriously. Finally they actually put forth some specifics. If Romney had done this before the election, I feel pretty confident he would be the POTUS right now.
Seriously. Finally they actually put forth some specifics. If Romney had done this before the election, I feel pretty confident he would be the POTUS right now.
Posted on 2/26/14 at 3:45 pm to Tiger n Miami AU83
quote:
Senator Charles Schumer of New York, a senior Democrat on the Finance Committee, called Camp’s plan “dead on arrival” because it would eliminate the state and local tax deduction, which is important to residents of high-tax states such as New York and California.
:shocked face:
Posted on 2/26/14 at 3:46 pm to Tiger n Miami AU83
They've put for TONS of specifics. Nothing will pass the Dem Senate. That's why we need to get rid of Mary.
Posted on 2/26/14 at 3:47 pm to Zach
quote:That idiot Harry can't even get his own parties shite to the floor.
Nothing will pass the Dem Senate
Posted on 2/26/14 at 3:47 pm to Tiger n Miami AU83
quote:I guess I missed the Democrats Plan for Tax reform.
FINALLY, the GOP comes up with their own plan.
What do you think about this particular plan?
Posted on 2/26/14 at 3:49 pm to La Place Mike
quote:
I guess I missed the Democrats Plan for Tax reform.
Guess you did. Because they have put forth several with a LOT of details that have been discussed here a good bit. Obama put forth a detailed plan before the election.
As for what I think, I have only spent about 20 minutes reading it. Read the executive summary - more like scanned it because it is a fluff piece and 95% irrelevant, and scanned the actual provisions.
I think it is pretty interesting and I agree with it overall and in principle. It actually makes a serious effort (first I have ever seen) to really simplify the code. It axes a SHITLOAD of deductions, exclusions, and credits. MANY special interest groups are gonna go apeshit over a lot in it. Should be interesting. Additionally, it is not particularly kind to high earners - they lose a lot of tax breaks. That should be interesting. Finally, I am interested to see whether it is revenue neutral. I am sure a study there will be forthcoming.
Oh yeah, employer provided health insurance benefits becomes additional taxable income at the higher tax levels. Interesting and will be very unpopular for higher earners I suspect.
This post was edited on 2/26/14 at 3:55 pm
Posted on 2/26/14 at 3:55 pm to La Place Mike
quote:
I guess I missed the Democrats Plan for Tax reform.
Maybe you missed the Bush Tax Cuts For The Wealthy(tm) expiring at the end of 2010?
Forward!
Posted on 2/26/14 at 3:56 pm to La Place Mike
I love the idea of making income taxes simpler and eliminating targeted deductions. Don't like the part about increasing the deductions for children and increasing child credit (earned income credit?). Seems to go against the philosophy of the plan. Need to broaden the base, eliminate targeted deductions, simplify, and lower rates, and is revenue neutral.
This post was edited on 2/26/14 at 3:58 pm
Posted on 2/26/14 at 3:57 pm to Tiger n Miami AU83
quote:
MANY special interest groups are gonna go apeshit over a lot in it.
Which is why it's going to be DOA. Fixing the tax code is kinda NIMBY in that everyone wants it fixed, except for the things that benefit them.
Posted on 2/26/14 at 4:00 pm to Bard
quote:
Which is why it's going to be DOA. Fixing the tax code is kinda NIMBY in that everyone wants it fixed, except for the things that benefit them.
Yep. Almost all of us are feeding at the trough one way or another with the monstrosity called the tax code.
Posted on 2/26/14 at 4:00 pm to Bard
quote:
Which is why it's going to be DOA. Fixing the tax code is kinda NIMBY in that everyone wants it fixed, except for the things that benefit them.
it badly needs to be done and would greatly benefit the country. But it would take brave and non partisan politicians to get it done. So it's not remotely possible
Posted on 2/26/14 at 4:01 pm to Tiger n Miami AU83
quote:Thank you for your response.
I think it is pretty interesting and I agree with it overall and in principle. It actually makes a serious effort (first I have ever seen) to really simplify the code. It axes a SHITLOAD of deductions, exclusions, and credits. MANY special interest groups are gonna go apeshit over a lot in it. Should be interesting. Additionally, it is not particularly kind to high earners - they lose a lot of tax breaks. That should be interesting. Finally, I am interested to see whether it is revenue neutral. I am sure a study there will be forthcoming.
Oh yeah, employer provided health insurance benefits becomes additional taxable income at the higher tax levels. Interesting and will be very unpopular for higher earners I suspect.
Posted on 2/26/14 at 4:02 pm to Bard
The plan is definitely impactful to just about everyone. It really looks like a serious attempt to simplify and change a lot of things.
Lot of special interest groups are gonna go apeshit.
Overall, I sorta like the attempt. The specifics I have read so far seem reasonable also. Lot for people to like and dislike which to me means it is an honest attempt at reform.
Lot of special interest groups are gonna go apeshit.
Overall, I sorta like the attempt. The specifics I have read so far seem reasonable also. Lot for people to like and dislike which to me means it is an honest attempt at reform.
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