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Freedom from Stagflation

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July 01, 2011 – Comments (9)

I would just like to wish everybody a happy and safe Independence Day before I jump into this month's letter.  Regardless of how bad some things sound, I remember that the people of the United States have created one of the world's great civilizations in a very short time.  No ten to twenty year period should destroy the gifts of our geography, the cumulative depth of our visions and the consistent hard work of a nation.  America can overcome any theft or any bastardization of American ideals if we just use common sense to trump ideological dogma.

Click here for this month's letter at my firm site.

 

9 Comments – Post Your Own

#1) On July 01, 2011 at 11:49 AM, chk999 (99.97) wrote:

Interesting letter. But I have a question. You mention making the tax code more fair, but don't define "fair". What is your proposal on this?

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#2) On July 01, 2011 at 12:57 PM, outoffocus (23.49) wrote:

I would like to propose a "fair tax code".  Just simplify the tax code.  Get rid of all these deductions and credits.  If you want one particular group to pay less taxes, just lower their rate, period.  For instance, if you want small businesses to pay a lower rate, just lower the tax rate for the schedule C.  Period. You can't say it can't be done because they did it for the schedule D.  There's no need for the tax code to be as convoluted as it is. But thats just my opinion.

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#3) On July 01, 2011 at 1:32 PM, PeteysTired (< 20) wrote:

outoffocus

a thunderous clap from me. 

Unfortunately, the tax code is the only bastion for true congressional work of creating complexity :)

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#4) On July 01, 2011 at 3:19 PM, kirkydu (92.19) wrote:

I agree with outoffocus in general.

More specifically, the proposals by the President to get rid of a pile of special interest tax breaks make a ton of sense.  I'd also limit how much in cap gains from secondary markets can be taken at the cap gains rate, say a million a year, everything above that is income taxed.  It makes no sense people making millions are paying teen tax rates.  The tax break for hedge fund managers is criminal, that needs to go yesterday.

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#5) On July 01, 2011 at 3:48 PM, outoffocus (23.49) wrote:

And one further point, I dont believe that simplifying that tax code will cause all CPAs to lose their jobs.  As a CPA, I actually make some of my money from tax preparation.  But what simplifying the tax code will do is reduce the amount of time I have to spendng finding out what the newest and hottest deduction is so I can spend more time doing actual accounting (go figure).  It will cause many of these cracker jack big box tax shops to go out of business.  But considering how they prey on the little guy, some of them should go out of business.  But thats just my opinion anyway. 

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#6) On July 03, 2011 at 12:19 AM, ChrisGraley (29.74) wrote:

How's this for a simplified tax code?

Zero Income Tax...

Zero Corporate tax...

Stop taxing production all together.

Pay for everything with a sales tax and exempt necessities.

Tax consumption and discourage consumption.

Watch the jobs come back when we are a net producer again. 

 

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#7) On July 04, 2011 at 11:35 AM, kirkydu (92.19) wrote:

Chris, can you say "black market?"  Fine theory, but unattainable.

 

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#8) On July 04, 2011 at 2:29 PM, leohaas (31.21) wrote:

Here is my proposal for a fair tax:

1) Abolish all business taxes (including SS and Medicare tax).

2) Institute a flat income tax (including SS and Medicare tax).

3) Subject all income (regardless of source) to the income tax. No deductions for anything. One exception: the first X dollars of income are not taxed (X to be negotiated and indexed to CPI).

Yes, I still call myself a Proud Liberal!

Happy Fourth.

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#9) On July 04, 2011 at 5:48 PM, ChrisGraley (29.74) wrote:

@ #7 It is more enforcable than the income and corporate taxes and has been working fine for Texas and Wyoming.

 

 

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