Tax Overhaul Coming?

[alaskaguy]

The Democrats plan to repeal the alternative minimum tax and lower the tax burden of most lower- and middle-income people. The proposal would be paid for by requiring the wealthy and some corporations and investors to contribute more.

Link: House Democrats propose tax overhaul - Yahoo! News

[Kyle]

Now that Bush has pulled his veto pen out of his arse I don't think we will see a whole lot get done until after the next election.

[brianhos]

This will never pass W's desk. But I agree with the AMT removal, I came very close to hitting that last year, and it would have really hit me hard. I actually agree with this tax plan by the democrats. UGH, that is the first sign of the apocolypse.

[Cyclonepride]

I'll have to read more about it before I like it. If they want to get me excited, they will need to pass a spending cut. HA HA HA not likely.

[cycloneworld]

Here ya go.

Nasdaq 100 Flash Quotes&

The plan is to cut taxes for corporations and shift that burden to the people who make over $150,000 individually or $200,000 household.

[Cyclonepride]

I don't like the sound of this.....not sure what they mean by small, but it doesn't sound good. This is exactly why I support the Fair tax. You get all this convoluted crap where you can hardly tell who is getting screwed, and who is making out like a bandit. The tax system needs to be simple and transparent. If our lawmakers want to write a check to whoever bought them in the last election, I want them to have to write a check so I know it's happening.

The plan also changes current laws to require small businesses in the services sector to pay payroll taxes for their workers.

[ericlambi]

This tax the "rich" **** is complete BS. I actually have a negative net worth from massive student loans, but think I qualify as "rich" according to this article. I already pay WAAAAAY more than my fair share, and the government (democrats) just want more, more, more . . . It's just insane, the more money you make, the less you cost the government (don't need/use medicare or social security or welfare, etc), but all they can talk about is taking more of the already high taxes you pay. While I realize spending on the Iraq war is out of control, the real reason for these tax changes is wealth redistribution and increasing social services for low income people. I wish people could take some responsibility for themselves and their families and that politicians might care enough to do what's both fair and in the best long-term interests of the country.

[Cyclonepride]

This tax the "rich" **** is complete BS. I actually have a negative net worth from massive student loans, but think I qualify as "rich" according to this article. I already pay WAAAAAY more than my fair share, and the government (democrats) just want more, more, more . . . It's just insane, the more money you make, the less you cost the government (don't need/use medicare or social security or welfare, etc), but all they can talk about is taking more of the already high taxes you pay. While I realize spending on the Iraq war is out of control, the real reason for these tax changes is wealth redistribution and increasing social services for low income people. I wish people could take some responsibility for themselves and their families and that politicians might care enough to do what's both fair and in the best long-term interests of the country.

Exactly, if businesses were run this way, people who didn't pay would be the best customers, and get the best service. People who paid on time would be last in line. Of course a businesses can't run this way, because they can't print money.

[d30fan]

The goal of the dems is to get a voting majority who pay little or no tax who they can pander to. It will then take only a few years before the golden goose is consumed, the economy will collapse and we can start over.

[Stormin]

Every man, woman, and child in the USA owes $8,000 each for the Iraq War. That has to be paid.

Much of the rhetoric about increasing the taxes on the wealthiest Americans fails to account that these individuals have "blacked out" on the Social Security Tax. In essence they are paying a SMALLER percentage of total tax on those incomes over $100,000 than a person making just under $100,000.

The Alternative Minimum Tax should be changed. Too many middle class are now being subjected to it. Like it or not, the tax rates for the upper income groups should go back to the Clinton era rate and stay there. Keep the new 10% bracket. Everyone will have kept some tax cut, including the wealthy.

When you consider taxation, consider all types of taxation, and not just single out "income tax". That is very misleading and skews logic when it comes to tax policy and the effect it has and total taxation paid by income group.

[alaskaguy]

Every man, woman, and child in the USA owes $8,000 each for the Iraq War. That has to be paid.

Much of the rhetoric about increasing the taxes on the wealthiest Americans fails to account that these individuals have "blacked out" on the Social Security Tax. In essence they are paying a SMALLER percentage of total tax on those incomes over $100,000 than a person making just under $100,000.

The Alternative Minimum Tax should be changed. Too many middle class are now being subjected to it. Like it or not, the tax rates for the upper income groups should go back to the Clinton era rate and stay there. Keep the new 10% bracket. Everyone will have kept some tax cut, including the wealthy.

When you consider taxation, consider all types of taxation, and not just single out "income tax". That is very misleading and skews logic when it comes to tax policy and the effect it has and total taxation paid by income group.

Of course the wealthiest Americans are paying a SMALLER percentage of total social security taxes based on their income. Generally social security is a retirement annuity system. Increasing the social security taxes on wealthy Americans without increasing the benefits paid wealthy Americans transforms the system into a wealth-distribution scheme.

[brianhos]

Like it or not, the tax rates for the upper income groups should go back to the Clinton era rate and stay there. Keep the new 10% bracket. Everyone will have kept some tax cut, including the wealthy.

Nope, wrong. We should tax everyone the same, stop treating the people that are educated and work hard as some sort of "evil class." I am really sick of people saying we should tax the rich more than the 38% they are already being taxed. Start making the middle class and poor share some of the load, they are the ones that use all the services.

If we want to balance the budget we should tax the poor at 50% for being lazy and uneducated. Then maybe they will strive for something in life...

See how ridiculous that sounds, it is the same as taxing the rich at a higher rate.

[brianhos]

Of course the wealthiest Americans are paying a SMALLER percentage of total social security taxes based on their income. Generally social security is a retirement annuity system. Increasing the social security taxes on wealthy Americans without increasing the benefits paid wealthy Americans transforms the system into a wealth-distribution scheme.

It already is a redistribution scheme.

[Kyle]

Nope, wrong. We should tax everyone the same, stop treating the people that are educated and work hard as some sort of "evil class."

To what extent do you support this if the money is not going to more direct redistribution (e.g. welfare, healthcare, social security), but instead goes to things like infrastructure and defense?

[brianhos]

To what extent do you support this if the money is not going to more direct redistribution (e.g. welfare, healthcare, social security), but instead goes to things like infrastructure and defense?

How about you get one vote for each dollar in taxes you pay per year. That way when we ask the rich to pay more taxes, they get something back for it.

I am 100% for a flat tax with no deductions, so we can treat people equally.