Walmart workers staying home black friday

[JPhillips]

I'm all for closing loopholes, but that can't get done quickly with the way corporations own Congress. The only quick way to raise revenue is to raise marginal rates. Negotiating tax reform is at least a six month process and then won't raise nearly as much as expected.

[CraigSca]

Originally Posted by JPhillips

Negotiating tax reform is at least a six month process and then won't raise nearly as much as expected.

Devil's advocate - if it won't raise nearly as much as expected, then it can't be much of a problem, and certainly not worth the strident "corporations don't pay taxes because they horde money overseas" rhetoric I'm hearing.

Seriously, they're only going to come up with a temporary solution anyway, and we're going to be repeating this same garbage next year. Let's fix this this right way - get rid of the loopholes.

[JPhillips]

How do you propose to do that? These loopholes exist because people have bought them. How is that going to change on a case by case basis?

[Galaxy]

Originally Posted by JPhillips

The only quick way to raise revenue is to raise marginal rates. Negotiating tax reform is at least a six month process and then won't raise nearly as much as expected.

Which is it a given that raising marginal rates will somehow raise the projected revenue? If you've noticed, a bunch of corporations are issuing one-time special dividends right now, so the shareholders won't be hit and have money in their hands, which might deter them from selling stocks and avoiding higher tax rates at the moment. Investors, entrepreneurs, financial managers, and corporations are changing their tax and investment/selling strategies to adjust to the new rules.

The 250k+ crowd is already going to be hit with an additional 3.8% ObamaCare tax.

[Marc Vaughan]

Originally Posted by JPhillips

How do you propose to do that? These loopholes exist because people have bought them. How is that going to change on a case by case basis?

If people just 'accept' the status quo then nothing will ever change - yes it might be challenging to overcome ... but that doesn't mean it shouldn't be attempted.

[Galaxy]

To add, and in a more abstract picture, aren't we missing the big economic future? Unions will be passe due to technology.

Robotic machinery/technology is getting even more advance, and it will continue to do so. Education is starting to see the very early stages of the impact that technology will have. Mobile devices, high-quality telecommunication products (such as Skype, networking platforms, ect.), and other general technological advances. A recent article in Fortune said that self-driving cars will start becoming accessibly available in 10-15 years. Battles and recon missions are starting to use technology instead of humans. Space travel and exploration is changing. Medicine will only continue to advance.

Are we not missing the boat on how the economy and how our lives will look, instead of how we "want" it look?

[JPhillips]

Originally Posted by Marc Vaughan

If people just 'accept' the status quo then nothing will ever change - yes it might be challenging to overcome ... but that doesn't mean it shouldn't be attempted.

I'm fine trying that over the next year, but it isn't going to get done by Jan. 1. That process will take a long time.

[gstelmack]

Originally Posted by JPhillips

I'm fine trying that over the next year, but it isn't going to get done by Jan. 1. That process will take a long time.

We've been talking about tax reform for something like 2 decades now. How much longer do you want to give it?

[Marc Vaughan]

Originally Posted by JPhillips

I'm fine trying that over the next year, but it isn't going to get done by Jan. 1. That process will take a long time.

I agree totally - but the 'Jan 1' deadline is wholly artificial - better to do it right than rush it imho ... but also vital to 'get it done' and actually start the process rather than the politicians just taking a 'stance' on it and doing nothing.

[SteveMax58]

The other thing to consider is that while closing loopholes may be tedious & have conflicts of interest all over the place...so do marginal tax rates on the wealthy.

But changing the argument from "wealthy vs. poor" to "tax fairness vs. tax avoidance" is a much less polarizing discussion for Dems & Repubs (not to mention much more difficult to refute because of special interest).

[JPhillips]

Originally Posted by gstelmack

We've been talking about tax reform for something like 2 decades now. How much longer do you want to give it?

Talking about it and negotiating a bill are two very different things.

[JPhillips]

Originally Posted by Marc Vaughan

I agree totally - but the 'Jan 1' deadline is wholly artificial - better to do it right than rush it imho ... but also vital to 'get it done' and actually start the process rather than the politicians just taking a 'stance' on it and doing nothing.

Right, but by Jan. 1 the marginal rate goes up unless something else is agreed upon. I'm all for tax reform, even if I think the guys that bankroll congress will keep anything meaningful from happening, I just don't see how it gets done instead of a marginal rate increase.