IntenseDebate - DaveEngAmerica

13 years ago @ Florida Sentinel Bulletin - Supreme Court Upholds ... · 0 replies · +1 points

Tammy Frisbee of the Hoover Institute told Engage America that the decision to uphold the ACA will cost taxpayers "hundreds of billions of dollars through the ACA's creation of a huge entitlement program of insurance subsidies, a massive expansion of Medicaid, and other new taxes on income, savings, and investment" http://eng.am/Ljob3J

13 years ago @ Daily Camera.com: - Guest column: Key ques... · 3 replies · +4 points

A Bowles-Simpson type “grand bargain,” which leaves no sacred cows untouched, is the best way to get our economy back on track.

14 years ago @ Daily Camera.com: - Joe Dion: What\'s a tr... · 2 replies · +6 points

If we are serious about bringing government spending under control then removing tax breaks is the first place we should start.

Without a doubt tax breaks are a form of government spending. As Howard Gleckman of the Tax Policy Center points out, tax breaks fail the duck test, “If it looks like spending and quacks like spending, it is spending– even it resides in the Internal Revenue Code.” http://bit.ly/GVrWuY

14 years ago @ Florida Sentinel Bulletin - Pres. Obama Plunges In... · 0 replies · +1 points

If we are serious about reigning in government spending, then tax breaks for special interests must go.

Howard Gleckman of the Tax Policy Center points out, tax breaks fail the duck test, “If it looks like spending and quacks like spending, it is spending– even it resides in the Internal Revenue Code.” http://bit.ly/GVrWuY

Who has heard of a tax break they didn't love? In order to right the ship we need to share some sacrifices, starting with tax breaks.

14 years ago @ Daily Camera.com: - Kathleen Brewer: Taxes... · 0 replies · +1 points

The real problem with capital gains is the treatment of “carried interest.” The carry allows private equity managers overseeing an investment deal to receive their compensation as tax-advantaged capital gains instead of as salary, which is taxed as ordinary income. http://bit.ly/xsYfBg

As the Daily Finance's Bruce Watson explains “The money wasn't generated from income that he had already paid tax on. Think of it as being sort of like a tip skimmed off the top of all the money that his company makes for its investors.” http://aol.it/z9mdIZ

So instead of saying the rich need to pay more, we need to be overhauling the tax code using a Bowles-Simpson like plan so that it promotes economic growth and collects the required amount of revenue to support the needs of our country.

14 years ago @ Daily Camera.com: - GOP backs off big cuts... · 0 replies · +1 points

If we are serious about bringing government spending under control then removing tax breaks is the first place we should start.

Without a doubt tax breaks are a form of government spending. As Howard Gleckman of the Tax Policy Center points out, tax breaks fail the duck test, “If it looks like spending and quacks like spending, it is spending– even it resides in the Internal Revenue Code.” http://bit.ly/GVrWuY

Removing a few tax breaks is only the first step in the right direction. Americans deserve full scale tax reform along the lines of the Bowles-Simpson plan, which would increase tax fairness and corporate competitiveness by lowering the marginal rate and removing tax expenditures. http://bit.ly/noTDPF

14 years ago @ Daily Camera.com: - GOP derails Senate \'B... · 0 replies · +1 points

The real problem with our tax system is the treatment of “carried interest.” The carry allows private equity managers overseeing an investment deal to receive their compensation as tax-advantaged capital gains instead of as salary, which is taxed as ordinary income. http://bit.ly/xsYfBg

The reason I am not in favor of the Buffett Rule is that it wouldn't do anything to fix this problem specifically; it would just put a band-aid over it, and a very flimsy one at that. http://bit.ly/IGp8od

Instead of saying the rich need to pay more, we need focus on overhauling the tax code using a Bowles-Simpson like plan so that it promotes economic growth and collects the required amount of revenue to support the needs of our country.

14 years ago @ Daily Camera.com: - Ron Gager: We are carr... · 0 replies · +1 points

Romney did pay a very low tax rate and that is because he makes most of his money as capital gains/carried interest which is currently taxed at 15%. But that does not mean that 29% is a trojan horse, it is very much the average federal tax rate millionaires pay. http://bit.ly/yyLJDp

The real problem is the treatment of “carried interest.” The carry allows private equity managers overseeing an investment deal to receive their compensation as tax-advantaged capital gains instead of as salary, which is taxed as ordinary income. http://bit.ly/xsYfBg

As the Daily Finance's Bruce Watson explains “The money wasn't generated from income that he had already paid tax on. Think of it as being sort of like a tip skimmed off the top of all the money that his company makes for its investors.” http://aol.it/z9mdIZ

So instead of saying the rich need to pay more we need to be overhauling the tax code using a Bowles-Simpson like plan so that it promotes economic growth and collects the required amount of revenue to support the needs of our country.

14 years ago @ Big Government - The Obama White House ... · 0 replies · +1 points

It is a sad time when political tactics outweigh the importance of getting the American economy back in working order. http://nyti.ms/wgYE2J

Far and away, Bowles-Simpson is the most sensible deficit reduction proposal floating around Capitol Hill.

If Congress had implemented the Bowles-Simpson plan when it was first proposed then the tax code would already be simpler, fairer, and better suited to support economic growth. http://bit.ly/noTDPF

A Bowles-Simpson “grand bargain,” which leaves no sacred cows untouched, is the best place to start getting our economy back on track.

14 years ago @ Big Government - Election Year Bamboozl... · 1 reply · +5 points

Giving manufacturers a lower tax rate than other industries gives the tax code an ability it shouldn't have, the ability to pick winners and losers.

Another problem with the corporate tax reform proposal is that it would put a minimum tax on foreign profits. This change would move the U.S. in the opposite direction of how our international trading partners treat foreign income.

Experts agree that these are not the types of reforms Congress should make to the corporate tax code. http://bit.ly/wkIlN5

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