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With the GOP and the Democrats looking to end various tax breaks to finance tax cuts, a new...

With the GOP and the Democrats looking to end various tax breaks to finance tax cuts, a new Congressional report shows that exemptions amount to over $1T/year - around the same amount as the budget. The biggest breaks are those for employer-provided health insurance and pensions, which are forecast to reach $164.2B and $162.7B respectively in 2014.
Comments (53)
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    The report touts the heart an soul of years of lobbying an vote buying. This is the reason the IRS code makes the yellow pages look like a tiny brochure.

     

    I don't want to watch these leeches ( mostly lawyers) in Congress nibble at a few billion to pretend there doing the right thing.

     

    Do away with it all. A "fair tax " aka Flat Tax an be done with it ALL.

     

    Then get both houses to vote for 1 term an out ! Then fight the case with the Supreme Court an win.

     

    America is reborn. The shinning country on top of the Purple Mountains Majesty...

     

    All the fledgling democracies can see a true example of how we all should live. Now they see all the wrong things and how can we export the culture our founders dreamed about an hoped we could keep !

     

    A real Democrat and a real Republican want this. All that don't aren't real. There takers an "nimbys" and don't love themselves as they love there neighbors.
    25 Mar 2012, 04:21 AM Reply Like
  • Great Swami
    , contributor
    Comments (546) | Send Message
     
    DeLatin,

     

    Amen brother, unfortunately it will never happen......at least not in what remains of my lifetime
    25 Mar 2012, 09:18 AM Reply Like
  • Financial Insights
    , contributor
    Comments (945) | Send Message
     
    Everyone in america is on welfare, if you file a tax return you are taking handouts.
    25 Mar 2012, 11:55 AM Reply Like
  • davidbdc
    , contributor
    Comments (3141) | Send Message
     
    Thats not true. There are many among us that don't take any exemptions and simply pay the tax rate for our income group.

     

    What we need is for the tax code to be simply about providing revenue to fund government, not to pick and choose winners and losers.

     

    Get rid of all deductions for everything. Leave a graduated tax code that is still progressive. And reduce the rates, and the size of government. Its not a tough mathematical problem.
    25 Mar 2012, 04:34 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9923) | Send Message
     
    DBC,
    Exactly, the tax code should absolutely not be about picking winners and losers. And a simplified tax code that eliminates all deductions and treats all income, regardless of source, the same is realistically the only way to achieve such. And yes, broadening the base would enable very significant reductions in rates.

     

    Unfortunately such will never happen, as the big money did generate substantial wealth for themselves exploiting the tax code and will fight to the death to preserve their preferential advantages.
    25 Mar 2012, 04:48 PM Reply Like
  • Financial Insights
    , contributor
    Comments (945) | Send Message
     
    Really? Do you have children? Do you itemize? I am sure you take the standard deduction and the individual deduction as well. No matter how you slice it if you file taxes you are taking "handouts" from the government.

     

    I agree. Get rid of all deductions and exemptions, and lower the overall tax rate, and leave it progressive.
    25 Mar 2012, 05:48 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4009) | Send Message
     
    Eliminate the income tax and you eliminate the military industrial complex and the welfare state.
    25 Mar 2012, 08:07 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    Eliminate the military industruial complex an you'll all be cleaning woks !
    25 Mar 2012, 08:09 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4009) | Send Message
     
    Tru dat. New idea. Go back to the original idea of fighting wars, take spoils.
    25 Mar 2012, 08:43 PM Reply Like
  • davidbdc
    , contributor
    Comments (3141) | Send Message
     
    yes I'm married and no I don't itemize. I'm not sure how I've taken handouts since I've never claimed the mortgage deduction and have payed personal income tax on all my business interests over the years. I was told a few years ago I've probably paid several hundred thousand more than what could have been paid over the years.

     

    I don't agree with much of what goes on in DC, but I still pay my taxes and at the rate the law says to pay. I don't have off-shore accounts, fancy corporations to hide my income, nor government favored consumption to reduce my tax bill.

     

    I fully believe that we're already over the cliff and my children and grandchildren will live a lesser life due to the idiots in DC and the idiots that continue to elect men and women who are willing to sell out their country for their thirty pieces of silver. But I still pay my taxes.
    26 Mar 2012, 01:09 AM Reply Like
  • Poypoy
    , contributor
    Comments (58) | Send Message
     
    You still probably take the standard deduction. Don't try to be a martyr, most people here pay "the rate that the law says to pay", it is just that they understand deductions are built into the system. Not saying it is the best tax code, but it is the one we use.
    26 Mar 2012, 03:38 AM Reply Like
  • Financial Insights
    , contributor
    Comments (945) | Send Message
     
    Not attacking you david. Just stating that the tax code is built for everyone taking charity from the government. You have kids? So you take the Child Tax Credit. Do you pay for their college? You take the lifetime or American Opportunity Credit.
    26 Mar 2012, 08:53 AM Reply Like
  • untrusting investor
    , contributor
    Comments (9923) | Send Message
     
    One can always hope the politicians finally deal with tax preferences, but sure would not hold out much hope for anything substantive in that arena.
    25 Mar 2012, 12:20 PM Reply Like
  • Zigg
    , contributor
    Comments (55) | Send Message
     
    You must have misplaced that magic wand somewhere in fantasy land
    25 Mar 2012, 01:31 PM Reply Like
  • positivethoughts
    , contributor
    Comments (1811) | Send Message
     
    Ron Paul is the only one that wants to change the way things are done in America, yet 90% of voters don't support him. Americans deserve what they get.

     

    'Tea Partiers' claim they want small government, yet they support Rick Santorum in droves - what a joke. 'Tea Partiers' are Christians who like war.
    25 Mar 2012, 02:26 PM Reply Like
  • Hendershott
    , contributor
    Comments (1498) | Send Message
     
    By all means, lets get rid of healthcare and pensions. Get down to basic capitalism and stop using government to try to prop up the consumer. Real creative destruction on a grand scale. Reality will quickly set in. Ever read Charles Dickens? Maybe we would end up with a system that actually works. Or not.
    25 Mar 2012, 02:35 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4009) | Send Message
     
    Charles Dickens was a Fabian Socialist who trained a spotlight on the social ills of his time. He never dreamed that productivity increases would result in higher wages. Shine a light on a problem and free people engaged in free markets will find a solution. Leave it to the do gooders and social engineers and you'll be living in a collective.
    25 Mar 2012, 04:33 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    You should of gotten Tony Blair to break that stained glass an smash the world instead of remaking it
    25 Mar 2012, 05:01 PM Reply Like
  • positivethoughts
    , contributor
    Comments (1811) | Send Message
     
    In Canada, we can't get access to our 'free' healthcare.
    25 Mar 2012, 05:18 PM Reply Like
  • Hendershott
    , contributor
    Comments (1498) | Send Message
     
    Well, lets go back there. Actually I didn't know Dickens made policy.
    25 Mar 2012, 05:52 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4009) | Send Message
     
    Come to the U.S. before Obamacare kicks in. It will cost you, but it won't be rationed.
    25 Mar 2012, 07:46 PM Reply Like
  • positivethoughts
    , contributor
    Comments (1811) | Send Message
     
    Already have. Gone 4 times for medical care - paid cash.
    25 Mar 2012, 07:48 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    The panel starts in Jan 1, 2013 if the Supremes o/k the mandate ! 15 persons on the death panel and if your 70 or older you will be made comfortable and let die. Stay in Canada ! Save yourself ...

     

    Rationed BIG TIME............Run canadian run ! eh
    25 Mar 2012, 07:51 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4009) | Send Message
     
    God bless you. Dick Cheney just got a heart transplant. Under rationed care, they would let the old fart die, but as an apparatchik, rationing probably wouldn't apply to him.
    25 Mar 2012, 08:46 PM Reply Like
  • positivethoughts
    , contributor
    Comments (1811) | Send Message
     
    17% in Canada pay for healthcare and are refused access to a family doctor. I go to Japan, the U.S. or China when I need to see a doctor. The travel is expensive, not the healthcare.
    26 Mar 2012, 06:41 AM Reply Like
  • Econdoc
    , contributor
    Comments (2944) | Send Message
     
    eliminate them all. give us a lower rate - eliminate tax on capital gains - elimiante double tax of dividends.

     

    let me have a one page tax return that I can complete myself and I will even give the government half the $3000 I pay my my accountant to prepare it - as a bonus.

     

    E
    25 Mar 2012, 04:53 PM Reply Like
  • Tack
    , contributor
    Comments (12726) | Send Message
     
    Econ:

     

    They're going to take all of your $3000 and more. You're a producer, not a recipient. That makes you, and all of us like you, a loser in today's politics of entitlement.
    25 Mar 2012, 05:00 PM Reply Like
  • kata
    , contributor
    Comments (442) | Send Message
     
    No matter how you reduce taxes, to do it to raise more money for Washington to spend, is flatly wrong and essentially misses the point. The point is to reduce the size and power and scope and reach of government. It is already out of control. It is mammoth. It far outreaches anything that anyone outside of George Orwell ever envisioned for this country. Get an organization chart for your county or your state and one for the Federal govt and look at it. See what it does and how much you pay and what you give up.

     

    You cannot have your freedoms guarenteed if government consumes your rights as an individual. And that is what it is doing with all your money. We need a zero based budget first. One that decides exactly what we want the Federal govt to do and how much we are prepared to pay for it. Then we figure out how to raise the money.

     

    We dont put the cart before the horse because its a scam to do so and the only ones it benefits are the politicians and the bureaucrats. This is not the USSR yet.
    25 Mar 2012, 05:01 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    It is worse then Russia.. The Russian Gov was ruthless and gave the people nothing ..

     

    The US is 60%+ takers and they vote..It's Ballots not bullets in the US and that is what destroyed her ! And, that will never change..........

     

    Wait till Barry has 4 more......ha ha ha ha ha ha ha

     

    Remember...You do not have to be rich to use the techniques they use..

     

    Get a simple foreign foundation an start moving you assets. Be like Buffet an Gates an Sorros..........

     

    The game is rigged ,so, play by it's rules..
    25 Mar 2012, 05:08 PM Reply Like
  • Tack
    , contributor
    Comments (12726) | Send Message
     
    I recall some recent Eastern European immigrants to America being interviewed by an American reporter, after they'd lived here for about a year. The reporter asked, "Do you ever worry that America will become socialistic, like the lands you left?"

     

    The immigrants' answer noticeably startled the reporter, when one of them said, "Socialistic? America is already socialistic; it will soon be Communistic on its present course."
    25 Mar 2012, 05:13 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    Viva la Obama ! Redistribute the wealth.... We live in a taker society and like I just commented... It's ballots not bullets...

     

    Get enough deadbeats hooked on handouts an get them to the poles. Obama is using the campaign money to build a massive ground game and I will bet in 2014 there will test the 2 term limit in the court...

     

    Will I last long enough to se it ?? Don't know if I want to.
    America was the way..
    25 Mar 2012, 05:19 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4009) | Send Message
     
    Americans have been conditioned by the political parties to ask for ever more handouts in return for contributions from their lobbies. To complicate matters, politicians are largely gnorant of economics and finance and are easily manipulated by their corporate paymasters. Throw the economists (most of whom are collectivists) into the mix and you end up with $15T in debt and unfunded liabilities approaching $100T. It really is a shame the American people did not demand that their politicians uphold the Constitution, but people would rather be taken care of by their government than live free.
    25 Mar 2012, 05:29 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    TheG, isn't really scary when you write the truth ? And, it is just as scary to read it !

     

    115 trillion is actually 50% if you factor things 100% truthfully and that is greater the entire worlds debt including all written history. And, what is horrific is allegedly brilliant guys/gals think they can move budgets a few % an it's all good.

     

    Then you here 850,000 of 950,000 SA ers think truth tellers are madmen !
    25 Mar 2012, 05:39 PM Reply Like
  • Hendershott
    , contributor
    Comments (1498) | Send Message
     
    I am obviously missing something. What new entitlement or handout did everyone get in the last three years?
    25 Mar 2012, 06:05 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    All time record numbers on food program ! Record numbers or mortgage forgiveness. Record numbers of mortgage reductions. Rental program assistance... 61% all ALL US households have someone on some Federal program. Even student loan forgiveness program is monstrous. Then we are paying underwater homeowners to let cities bulldoz there homes to keep some with a little value.

     

    Look at the US debt clock.. Not political and look in lower right hand corner Shows 25 million unemployed and the US workforce is at multi decade lows and thus the US Treasury will take in much less money than calculated,so, bless Mrs Solice as the new head of the BLS as she is changing the way all stats are tabulated.. Obama has loyal stooges.

     

    We all know it's ballets not bullets.. Obama is using the campain dollars to build a mega system to get all these votes they paid for to the polls. He knows usually these takers don't vote. He WILL change that in 2012 !He learned something as a community organizer !

     

    Even the Fed who is above politics seems to have bitten by the Dem soap box.......... SHAME
    25 Mar 2012, 06:14 PM Reply Like
  • Hendershott
    , contributor
    Comments (1498) | Send Message
     
    I didn't know the food stamp program or renters tax credit were new programs. Who got their student loan forgiven? Real estate short sales aren't new either. We did a lot of that in Orange County in the 90's. Debts do get written off though, when the lender realizes that the borrower doesn't have the ability to pay it back. Maybe some of this has something to do with the economy?
    25 Mar 2012, 08:35 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    Students sighed up for years of things to skip out on paying loans and forgiving mortgages an IRS exemptions is new. Programs to reduce loan amounts is new.. Orange County was bankruptcy deal ,but, Obama's car bankruptcy deal f--ing the bond holders an giving Unions the stock was the worse event in history of US capitalism and set a precedent that will haunt investing in the US as time goes by !
    25 Mar 2012, 08:45 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4009) | Send Message
     
    We have met the parasites and they are us. When parasites kill the host, it's not a good time for anyone.
    25 Mar 2012, 08:47 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    Holy cow Bat Geof.. many (MANY ) years back I was a med tech in the Army and pregnancy was in the disease section of the text book. An organism that will kill it's host !

     

    Yep, medically were all parasites ! It is a fact and your first to point it out ! One like for you ! aloha
    25 Mar 2012, 08:52 PM Reply Like
  • diadochi
    , contributor
    Comments (199) | Send Message
     
    Please. Get some facts before applying fingers to keyboard. Federal govt. spending is about 20% of GNP...pretty much where it's been since the end of world war II. http://bit.ly/H4mvIA
    25 Mar 2012, 11:36 PM Reply Like
  • Hendershott
    , contributor
    Comments (1498) | Send Message
     
    I don't know anyone who has had their student loan forgiven. Bankruptcy doesn't discharge student loan. This other stuff sounds like bankruptcy alternatives. Bond holders don't come out so hot in bankruptcy. Any way, government policy has to be set by what is good for the country, not the bondholders. It's not like GM or Chrysler or even Greek bondholders got taken by surprise. Fannie and Freddie preferred holders got taken by surprise. But that happened in 08 under a different administration.
    26 Mar 2012, 06:20 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    Hen, I'm sure the program forgave student loans if they agreed to teach in problem schools and something else too as i remember it.

     

    And,since the US developed the Contract Law system from the English torts court system Bond holders were first in line ! That was the backbone of investing and ALWAYS the stockholders took it where the sun didn't shine. This happening with the car companies was a shocking twist and WILL hurt the investing going forward an will cause start ups to pay much higher rates an demand the wacky CDSs. And Fannie an Freddy holders had nothing to sell or way to capture anything.. You can often generate some assets to pay to the front of the line creditors ,but, Fanny an Freddy were too far gone. Frank Reigns an his boys had cooked those books and there were billions in phantom & phony assets. That is why bond holders got nada,but, the car companies had assets ,but, the unions got them.

     

    Your not going to look into the website an write that Obama didn't throw the unions the $s an screw the creditors. I can tell your ability to know right an wrong despite a political slant.. Common ! aloha
    26 Mar 2012, 06:55 PM Reply Like
  • Hendershott
    , contributor
    Comments (1498) | Send Message
     
    Probably due to CDSs, bond markets don't function like they used to. Bonds have become very dangerous now unless the bond holders also participate in the CDS market. GM and Chrysler, UAW members and their families vote and eat and spend money. There are more of them than bondholders. Politically, decisions are made (in theory) to benefit the voters, the populace. Bailing out Chrysler for the second time and bailing out the UAW, GM. the parts companies, unionized or not, et. al was a no brainer. I'm not sure there was much of a market for all those plants at the time anyway, but the calculation was that there was no market for all the employees.
    27 Mar 2012, 04:59 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    B/S.. They call it vote buying ! It is the lowest form of life in our country and destroys all that America is about. I can't imaging going to your business an taking it from you and then handing it to an employee and saying here .. It's yours .

     

    That proves all that good people see as the problem. Politicians will always do the wrong things if they think it will get votes an keep them in Congress.

     

    Chrysler the first time . The holders lost huge and there were no gifts as all the loan dollars were paid back with interest and a typical bankrupsy reorganizing procedue. GM won't even be required to pay the first 40 billion back of the money Bush gave them. And there were no CDS swaps involved on the GM an Chrysler

     

    Those came years later.
    27 Mar 2012, 06:42 PM Reply Like
  • Hendershott
    , contributor
    Comments (1498) | Send Message
     
    So, it's vote buying, so what? I believe I intimated as much, but why would you expect anything different? The government bails out the banks, foreign and domestic, and AIG, and you expect the group in power to go for reelection having done that and then stiff armed the auto industry? Not likely, no matter what party they belong to. Politicians do what they perceive will keep or get them into office, whether its populism or PAC money. As one famous or infamous politician once said "There are two things important in politics. One of them is money....and I don't remember the other one." I don't make policy and have no influence on it either. I have to navigate the results. "you don't have to be a weatherman to know which way the wind blows" I believe populism is alive and well and the GOP is publicly making a mess of themselves.
    27 Mar 2012, 07:27 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    How many wrongs make a right ? When does the 115 trillion debt become worrisome.

     

    It isn't populism. It is the beginning of communism !

     

    The fact the republicans have to morph into democrats to remain viable makes the US a one party Cuba.

     

    Some day Pat Buchannan's book will have foretold the new America and I will be in a better place. And,my foundation will provide homes outdide the US for all my family. 3 continents to choose !

     

    You see through your one sided political eyes ! I care not about party ideaology.. I don't care about anything but the right thing and compromise will NEVER achive it. DOOM
    27 Mar 2012, 07:37 PM Reply Like
  • Hendershott
    , contributor
    Comments (1498) | Send Message
     
    DOOM? Pat Buchanan?
    27 Mar 2012, 07:51 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    Yes, he wrote a new book and he is not a racist ,but, an old time republican an ex presidential candidate.Who was a person who wrote Nixon's speeches.

     

    Any an all democrats should joyfully read his book ! He rightfully tells the party's direction an what the Latin voting block will do to the party. It will disappear !
    27 Mar 2012, 08:03 PM Reply Like
  • Hendershott
    , contributor
    Comments (1498) | Send Message
     
    I'm speechless.
    27 Mar 2012, 08:15 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    Wow,you ! Speechless ?!

     

    I hope you'll read it and enjoy it. He is a skilled author. No doubt about it ,but, the message for republicans is dire an correct ! aloha
    27 Mar 2012, 08:19 PM Reply Like
  • Hendershott
    , contributor
    Comments (1498) | Send Message
     
    Speech Writer, speechless....bad pun....i know Buchanan, watched him for years on the McLaughlin report. not my favorite...but that's just me....I don't buy this no compromise stuff....I have my opinions but readily admit that i can be wrong....on the other hand....the bailout of the auto, parts, dealer etc industry was a rousing success....whether the bondholders got stuffed and the UAW got kissed or not.....and whether capitalism got forever changed or not....economics evolves......I'm not a bond guy but the bond market changed after securitization and derivative packaging.....it isn't what it was....like i said, economics evolves.
    28 Mar 2012, 07:59 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    hen.
    What you call evolving I see as deteriorating and moving towards destruction. There are no compromises to handle a 115 trillion dollar debt and when Bond rates rise will dround ! We must lose the "reserve" because of it.History is clear in fiat issues like this ! Take steps if your not a senior !!! Really !

     

    And, since you know of the McLaughlin Report t/v show an maybe other shows the Mr. Buchanan had you know he is part of the political fabric. I am NO fan of his ,but, he happened to pen a book that I found shockingly on point and as clear as the day is long. I don't think anyone can read it and look at reality and not reach the same conclusion. Which I considerer more of a contusion for republicans..

     

    Oh well, nice chatting and good luck to you me an all on SA, DL
    28 Mar 2012, 08:14 PM Reply Like
  • Hendershott
    , contributor
    Comments (1498) | Send Message
     
    Enjoyed it. Regards DH
    29 Mar 2012, 01:35 PM Reply Like
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