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Forum Post: Tax Rates Vs Loopholes

Posted 7 years ago on March 13, 2013, 6:26 p.m. EST by OTP (-203) from Tampa, FL
This content is user submitted and not an official statement

No point in increasing laws when the worst criminals all have "Get outta Jail Free" cards.

Raising the rate with 76k pages of loopholes is meaningless. Its just feel good legislation. It was a decent sized raise, and it brought in an extra 70billion, maybe, in a 3T budget.

If every 4.5% brings in 70b, then a 40% raise will bring in 700b. That only brings us halfway there.

No one is going to pay 70% in a global marketplace.

Now if they all said they had enough and left, I would be thrilled. But we would then have to make that amount up with the smaller people, and it would bury all of us.

Toss in the fact that we are completely stuck in gridlock because of ZIRP, and its quite the conundrum we are facing.



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[-] 1 points by inclusionman (7064) 7 years ago

I guess we can't raise taxes on the wealthy then. Oh well gramma, crack open the dog food

Is that what you want? Save the wealthy from any tax increase?

[-] 0 points by penguento (362) 7 years ago

Oh, you can raise 'em all right. The question is how much? Past a certain point it's counterproductive. And it's a well-known and well-understood phenomenon that tax increases never raise the money they were supposed to. So you have to be realistic about what you can do and what you can achieve. Otherwise you get nowhere.

[-] 1 points by inclusionman (7064) 7 years ago

I disagree. raising taxes absolutely is the answer. Only on the wealthy.

Don't be afraid. They can take it. They've had a long, sweet, cushy ride on the wealth they have taken from the rest of us.

It's time they give back some to fix the economy THEY screwed up!!

[-] 0 points by penguento (362) 7 years ago

Always a problem. Raise taxes on the rich to 100%, and you'd raise a lot of money. Except, of course, you wouldn't. You'd raise 100% of nothing.

[-] -1 points by highlander3 (-62) 7 years ago

1 page tax code and a flat tax would take care of a lot of problems