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Over the Fiscal Cliff

elko-mike Wrote: Nov 30, 2012 12:23 AM

The marginal tax rate for the rich is 35% and, according to the WSJ, they pay an effective tax rate of 24.6%. If ALL deductions are eliminated and the top marginal tax rate for the rich was lowered from 35% to 24.6%, then the change would be revenue neutral. Moreover the rich can rid themselves of the bills from attorneys and accountants to shelter income, and thereby they would come out ahead. Look the purpose of taxes is to raise revenue for government operations; deductions are used for social engineering and to accumulate power in Washington. Both of these uses are illegitimate and should be eliminated. Eliminating deductions is good policy and that's what Republicans should stand for.

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The Obama Timeline author Wrote: Nov 30, 2012 3:23 PM

Yes, it makes sense to streamline the tax code yet have the result not be higher taxes. But that is not what Obama demands. He wants more revenue. Period.

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Over the Fiscal Cliff

Election, shmelection. When it comes to keeping the enterprise known as the United States of America solvent, aka avoiding the Fiscal Cliff, the country is right back where it was November 6, 2012. With pretty much the same cast of characters in this practiced face-off: the president vs. Congress, specifically the Republican-dominated House.

This now annual showdown might as well be one of those daily re-enactments of the Gunfight at the OK Corral staged to entertain the tourists, and it's getting just as old. Even as the advance billing gets more and more shrill: The End is Near! Bush Tax...

Related Tags: Budget and Government 2012 Election Fiscal Cliff Tax Exemption tax revenue