by Outcast_Searcher » Sat 27 Oct 2012, 02:57:59
$this->bbcode_second_pass_quote('Pops', '
')I think the right tells themselves a story about just how exceptional they are and of course the recent "I built that" hubristic gas cloud is the perfect example. It is embarrassing to me to see people so full of themselves that they choose to ignore the sacrifices of the past that gave them their chances.
Pops, with respect I think you are an honorable person who consistently makes thoughtful, intelligent posts. But I feel compelled to point out here that (IMO):
1).EVERY healthy person (in the US) has access to similar infrastructure provided by the government. Some (able bodied and smart) people choose to work a hell of a lot harder than others. To me, those that work hard and earn lots of money (honestly) DO BUILD THAT, and denying that is pure left wing babblespeak designed to justify income redistribution - period.
2). It is embarrasing to ME to see people so full of themselves that they think they have a right to take other people's hard earned money and redistribute it for what they deem "good" -- AND pat themselves on the back and call such behavior MORAL! AND call the behavior of hard working people who want to keep most of what they earn IMMORAL!
$this->bbcode_second_pass_quote('Pops', '
')But the reality is "Tax Expenditures" are the name for loopholes or as those on the right like to say welfare.
Do you know what the largest Tax Expenditure is?
Tax exclusion of employer paid health insurance.
The second? The mortgage interest deduction
Third? Capital gains exemption on sale of residence.
What would those rugged individualists say about the elimination of those tax expenditures?
On this I would agree absolutely 100%. This is why, conceptually, I like the idea of Romney's "let's have a flat tax break of 'X' and be done with it". As far as I'm concerned, I'd choose 'X' be ZERO for EVERYBODY, and really be DONE with it.
While we're fixing the system <grin>, I'm all for a simple, practical, progressive tax code. We could argue endlessly about the details, but the concept would be that:
1). All income is treated the same. Whether capital gains and dividends, or digging ditches or anythng in between.
2). As I said above, no deductions, period. (None for kids, houses, etc.) Thus no government incentives distorting the economy. There is good and bad in that, but at least it is simple and consistent.
3). For about the first $40,000 in income per household -- no income taxes. This takes care of the truly poor. (Oh, if you have 8 or 18 kids -- that's YOUR responsibility and YOUR problem -- the planet is overpopulated).
4). For the middle -- say $40,001 to $150,000, you'd have 20% income taxes. Not overly burdensome, but it adds up when you can't deduct things.
5). For the top, say $150,001 and above, you'd have 35% income taxes. Moderately burdensome, but you get to keep about two thirds of ALL YOU MAKE, and you can plan accordingly. Again, no game playing to shelter income so the wildly rich (like Warren Buffett) would pay SERIOUS tax when he sells his BRK stock, for example. No hiding in muni bonds or weird lawyer-concocted tax dodges for another.
6). Everything above is indexed to inflation. This lets people plan, and prevents the government from enlarging itself via inflation creep.
....
And oh by the way, there's a consequence to this. We have to CUT programs, possibly ALL programs, if this generates insufficient revenue. You want rugged individualism from the right - fine, but we need some form of self control and redistribution limits from the left (and the military) to make it work.
....
I know most will think this is crazy/unworkable. (I think it is just different, simpler, and far more honest). This comes from someone who:
a). Comes out "moderately capitalist" and "socially libertarian" on the test in your link.
b). Called Simpson-Bowles "a good start" and wants to have a meaningful budget SURPLUS by EVERYONE sacrificing.
Yes I know, snowballs will bask in hell with no melting before most "rugged individualists" would go for this. That's why we're so thoroughly screwed financially.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.