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zymok (24.64)

Raise my taxes

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August 09, 2011 – Comments (4)

With the posturing going on in Washington, the two parties have backed themselves into a position where it's almost inevitable that various tax deductions will be terminated to increase revenue.

I say good. It moves us in the direction of a flat tax.

Let's get rid of deductions for mortgage interest, 401k contributions (and earnings), IRAs,  union dues, tax preparation fees, charitable contributions, professional publications, state taxes, interest on municple bonds, job hunting expenses, entertainment expenses, uniforms, relocation expenses, medical expenses, health insurance, and all of the literally hundreds of other items that can qualify as a deduction. While we're at it, let's have one rate for earned and unearned income. Money is money, and the government should not be giving preferential treatment to one source or another.

While we're at it, let's flatten the corporate tax structure as well. No more subsidies for ethanol production, oil percentage depletion allowance, solar equipment, foreign earnings, low-income housing,  accelerate depreciation of machinery, and who knows how many other programs. All profit gets taxed equally.

It's not hard to figure out how to raise revenue, but doing so requires disempowering congress and putting a lot of lobbyists out of business.

I'd be willing to pay more to see that happen.

4 Comments – Post Your Own

#1) On August 09, 2011 at 5:38 AM, whereaminow (< 20) wrote:

It's easy to be conspicuously compassionate when someone else is footing the bill.

They already have a way for you to donate your money to the government.  Just write them a check.  They've never refused one.

Just don't advocate to donate mine as well.  It's impolite.

I'd like to see the loophole rate raised to 100%

David in Qatar

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#2) On August 09, 2011 at 8:53 AM, TDRH (97.67) wrote:

+1 rec for whereaminow. 

Seriously though, I personally would not object to an increase in taxes, but I believe that it should have a sunset clause - similar to the Bush era tax cuts.  They could even be tied to quantified effective reduction in the size of the government.   The government has demonstrated repeatedly that it is inefficient and ineffective organism.  Expenditure should be reduced and capped at a fixed % of GDP.   

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#3) On August 09, 2011 at 9:41 AM, VExplorer (28.99) wrote:

+1 rec for whereaminow too. 

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#4) On August 09, 2011 at 10:35 AM, zymok (24.64) wrote:

David,

Make everything deductible... This is brilliant. Making everything deductible also deprives congress of the power they derive by giving preferential treatment. It is the antithesis of a flat tax, but achieves the same end.

 Sir, I bow to your genius.

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