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Thread: Very similar article printed on the Ryan plan

  1. #16
    Junior Varsity
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    This is a very good point!!

    Quote Originally Posted by Red_in_Blue_Land View Post
    God I would love to see the Obama budget that has passed during his time as President that has done anything and I mean anything to address tax policy at all...
    The President does not want to be serious with fiscal issues. Either does the Senate Leader. I know I know Mitt Romney uses loopholes and doesn't pay taxes..............
    “If ever a time should come, when vain and aspiring men shall possess the highest seats in Government, our country will stand in need of its experienced patriots to prevent its ruin.”
    Samuel Adams

  2. #17
    The Walking Red
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    Quote Originally Posted by BigMacHusker View Post
    We could start with the Ryan framework, or Simpson/Bowles or didn't the President have a deficit reduction committee thingy he shot down like everything else but tax the rich?
    Obama definitely hasn't shown the leadership ability required on these issues. For four years the only thing we have consistently heard is we must tax the top 1% more.

  3. #18
    Quote Originally Posted by nems View Post
    I think there are any of a number of them. If the two parties really went at it, they could easily tighten up the code and broaden the tax base. My preferred approach would be to attack certain itemized deductions such as mortgage interest and charitable deductions. I wouldn't eliminate them, rather just phase them out at a lower AGI.

    Clearly the AMT and certain capital gains rates could be adjusted.

    The fact of the matter is that the upper 20% pay the vast majority of income taxes, so the specific work would take some work.

    But there are many options.

    The key thing is COMPREHENSIVE tax reform.

    Not just attacking 1% of the country in the name of "fair share" ...

    Class warfare will get us nowhere.
    I would not touch charitable contributions, although I might narrow what gets defined as a 501c3 charity. People should not have to pay taxes on income they choose to transfer to others for purposes of helping society.

    I would cap home mortgage interest at 400k or 500k of loan principal.

    I would end the employer deduction for health care insurance and replace the current broken system with insurance exchanges where individuals, not businesses, are the purchasers of health insurance.

    I would get rid of the deductions for medical expenses and business expenses.

    I would eliminate real estate depreciation for investment properties.

    I would eliminate tax subsidies to engage in certain types of business, whether its building green cars or drilling for oil.

    I would tax capital gains the same as income.

    Basically, I would get rid of 70-75% of the deductions, exemptions, and rebates that make up the vast bulk of the tax code, and in exchange impose 3 tax brackets instead of the current six. I would broaden the tax base so 90% of taxpayers are paying at least something in federal income tax, even if it is very little.

    By dramatically reducing tax expenditures, the tax code would be at least as progressive as the current system, because such expenditures disproportionately benefit the very wealthy.

    What I have articulated above is basically the Ryan tax plan. Although it does not identify which tax expenditures will have to be eliminated, it does identify a percentage -- 70%, and it does discuss what types of expenditures will be first on the chopping block: corporate tax breaks that are designed to encourage certain types of economic behavior.
    "The distinctive mark of the Christian, today more than ever, must be love for the poor, the weak, the suffering." Pope John Paul II


  4. #19
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    Quote Originally Posted by ChitownHusker View Post
    What I have articulated above is basically the Ryan tax plan. Although it does not identify which tax expenditures will have to be eliminated, it does identify a percentage -- 70%, and it does discuss what types of expenditures will be first on the chopping block: corporate tax breaks that are designed to encourage certain types of economic behavior.
    I hear you. One can easily see how Romney and Ryan are grounded economically in a manner that is good for the long term financial health of the country.

    Being willing to actually put forth something that is a positive conversation rather than an exercise in class warfare is refreshing.

  5. #20
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    Quote Originally Posted by nems View Post
    I hear you. One can easily see how Romney and Ryan are grounded economically in a manner that is good for the long term financial health of the country.

    Being willing to actually put forth something that is a positive conversation rather than an exercise in class warfare is refreshing.
    Conservatives practice their fair share of class warfare as well. Let's not pretend otherwise. It's disgusting on both sides.

  6. #21
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    Do you think any Republican administration (especially this prospective one) would ever raise capital gains taxes by any significant amount?

  7. #22
    Quote Originally Posted by Showman View Post
    Do you think any Republican administration (especially this prospective one) would ever raise capital gains taxes by any significant amount?
    I think they could be treated as ordinary income if marginal rates were reduced in accordance with the Bowles Simpson and/or Ryan tax plans. Obama, on the other hand, is not interested in comprehensive tax reform but only symbolic soak the rich proposals that have no chance of passing Congress, so there is no chance of anything substantive occurring if he gets a second term.
    "The distinctive mark of the Christian, today more than ever, must be love for the poor, the weak, the suffering." Pope John Paul II


  8. #23
    The Walking Red
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    Quote Originally Posted by Showman View Post
    Do you think any Republican administration (especially this prospective one) would ever raise capital gains taxes by any significant amount?
    As part of a comprehensive tax overhaul ... Absolutely.





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