The Republicans in the supercommittee are floating a plan to increase tax revenues which includes raising income taxes for middle class tax payers who itemize. The proposal would push them to take the standard deduction which means no more mortage, property tax, or charitable deductions. But if you are a couple making over about $200K you can still itemize and you get a 20% tax cut from 35% to 28%.
Why do tax proposals from Republicans seem to include a big tax cut for the wealthy and an increase for the middle class?
To be fair the middle class who do not currently itemize would probably get a tax cut. The plan is supposed to raise tax revenue by $290 billion over the next decade.
This supercommittee was sure given a lot of power in that it appears they could completly rewrite the tax code without it getting a vote from the full Congress.
To be fair... it's because both side, all sides, otherwise know as the Professional Political Class, one way or another want to acquire as much money and power as possible, either on the backs of the rich, the middle class or the poor. In the long run, only they benefit... the rest of us wind up bearing the burden. But, as long as we have partisans on both sides protecting the interests of the Professional Political Class, they keep us busy fighting each other, deflecting us from the truth, and we merrily go on our way fighting partisan phantoms... doing the bidding of the kleptocrats and plutocrats that reign on high.
It should not be a partisan issue... it should be all of us against them... period. I tire of left, right... it's all wrong.
And herein lies the problem with exemptions, deductions, tax breaks, incentives- etc.. etc...
The government picks and chooses the winners and losers. Oh you have a kid- you get a break. Oh- your married- you pay more. Oh- you own a house- you get a break. This is another good reason why these schemes should be eliminated- and a flat tax installed in their place. Better yet- eliminate income taxes all together and move towards a consumption based tax system.
Of course this would take power away from congress- so they will never do this- they prefer to pick and choose the winners and losers. Consumption based taxes would also mean that the better the economy and the better individuals do- the more they will spend and the more the government collects in taxes. It would make the government a partner with Americans instead of an enemy.
It also would mean that as the economy contracts- the government would collect less money as people cut back their spending- the size of government would have to cut back when the citizens cut back- putting the government in alignment with the fate of it's citizens. This type of system would also promote saving and investing.
But it won't happen until we replace all of the corrupt politicians.
BearMtnHIB wrote: And herein lies the problem with exemptions, deductions, tax breaks, incentives- etc.. etc...
The government picks and chooses the winners and losers. Oh you have a kid- you get a break. Oh- your married- you pay more. Oh- you own a house- you get a break. This is another good reason why these schemes should be eliminated- and a flat tax installed in their place. Better yet- eliminate income taxes all together and move towards a consumption based tax system.
Of course this would take power away from congress- so they will never do this- they prefer to pick and choose the winners and losers. Consumption based taxes would also mean that the better the economy and the better individuals do- the more they will spend and the more the government collects in taxes. It would make the government a partner with Americans instead of an enemy.
It also would mean that as the economy contracts- the government would collect less money as people cut back their spending- the size of government would have to cut back when the citizens cut back- putting the government in alignment with the fate of it's citizens. This type of system would also promote saving and investing.
But it won't happen until we replace all of the corrupt politicians.
But it won't happen until we replace all politicians... because every single one of them are corrupt. (fixed that for you)
Maybe because most Senators & Reps are the 1%r's?
