Obama Plans to Name Task Force to Overhaul Tax Code

[I'm Gone 60]

Noone is being "overtaxed" though. All that's going to happen is that some tax cuts for people who don't need them are going to be allowed to expire which in turn will subsidise tax cuts for the middle class.

Everyone acts like this is some sort of daylight robbery.

When you combine Federal and State income, property, sales, gasoline and all the misc. taxes that are hiden on phone and utility bills, I think I'm over taxes.

[himher 634]

We do need an overhauling of the tax code. We could start by eliminating the earned income credit aka refunds of taxes never paid in the first place.

Savings: ~50 bil

[britty 1]

Yes, but that's not really the point is it? None of those employees taxes are not coming out of the bottom line of the corporation. They pass straight through. Same with stock holders. It's really not that relevant.

#######. As I said before, the rich are not crippled by taxes, they are only taxed at the higher rate on a portion of their income and it's not even that high relatively. I am not in the highest bracket, but I sure as hell would like to be and I wouldn't begrudge paying the higher rate Of course, the other thing to do is ensure that taxes are spent efficiently, hence the need for health care reform and other measures.

When you get to the highest bracket, if that ever happens, let me know and I would be happy to pass down some tips on handling your new "rich" status.

I am not ashamed that I don't earn that much - it would be nice and as I don't have a problem with the tax system, I don't suppose I would need to find ways to avoid paying taxes.

My point was that paying the highest rate of tax does not make one "rich". It is an uninformed assumption sometimes made.

[Peikko 1,575]

Rich in these discussions is relative, compared to those who pay the lowest tax retes, the ones on the highest are comparatively rich and because there are no super tax rates, some of those on the highest tax rates most certainly are. I expect as with all these things, those who only 'just' hit the next tax threshold are those who complain the most.

[Ban Hammer 14,155]

Noone is being "overtaxed" though. All that's going to happen is that some tax cuts for people who don't need them are going to be allowed to expire which in turn will subsidise tax cuts for the middle class.

Everyone acts like this is some sort of daylight robbery.

When you combine Federal and State income, property, sales, gasoline and all the misc. taxes that are hiden on phone and utility bills, I think I'm over taxes.

and cigarettes just went up 6-12 bucks a carton, from another tax.

[justashooter 430]

Noone is getting "punished". A set of (frankly unjustified) tax cuts are being allowed to expire for the top tier earners is all.

If anything the middle classes are the ones who have been punished - for years now - by their wages remaining relatively flat despite huge increases in the cost of living.

words from a socialist. "punish those who produce"

[Ban Hammer 14,155]

Noone is getting "punished". A set of (frankly unjustified) tax cuts are being allowed to expire for the top tier earners is all.

If anything the middle classes are the ones who have been punished - for years now - by their wages remaining relatively flat despite huge increases in the cost of living.

words from a socialist. "punish those who produce"

a fine is for doing bad, a tax is for doing good.

[NickD 203]

The employer pays contributions to SSN, I presume, but not to the taxes themselves, or at least that is how it works in the UK. Not having done the payroll over here, I obviously don't know for sure.

As for the cost of doing business, sure, labour costs are always going to be part of that cost, but again, the tax contribution is paid by the employee, not the employer. However, as far as corporation taxes themselves go, I don't know about those.

His half of the FICA taxes are of benefit to the employee, but just about the only benefit as you have to pay income taxes on your half plus the FICA taxes, least you don't have to pay income taxes on the employers half.

In general, if your income is on a W-2, you are screwed with a very limited number of deductions, can't even deduct your expenses to go to work or school. A CEO with a company given vehicle doesn't have that problem and the IRS prefers to stay far away from any corporation as they have some pretty sharp tax attorneys that know ten times as much about tax law than they do.

Then the IRS has earned and unearned income, with earned income, you can be taxed to death with again limited deductions, much more freedom with unearned income where you can even deduct all expenses to make that income, like owning a private jet to fly all over the world and do other things besides business that is fully tax deductible plus huge entertainment expenses for your clients. These large bonuses are also free from FICA taxes as they are unearned income, and today, there are no limits on the amount of FICA tax based on income, the percentage does go down, but if you make a zillion bucks as earned income, have to pay FICA taxes on it with no benefits from the SS when you retire, maximum benefits are low and fixed.

Is it a fair system? It's fair to the super rich in that they paid money to buy congress to get these laws passed, but certainly not fair to the poor hard working slobs.

[HAL 9000 96]

Why is it ok too tax some people disproportionately? Why should the government be in the business of making things "fair"?

Keep in mind overtaxing the rich has bad side effects.

Its all about what is fair and what isn't. Last I checked, the rich are still rich after taxes. The not so rich, so-so.

#######. As I said before, the rich are not crippled by taxes, they are only taxed at the higher rate on a portion of their income and it's not even that high relatively. I am not in the highest bracket, but I sure as hell would like to be and I wouldn't begrudge paying the higher rate Of course, the other thing to do is ensure that taxes are spent efficiently, hence the need for health care reform and other measures.

You'd still be rich, right? No poverty or life-altering imposition of government taking your money to support society's leeches?

[Peikko 1,575]

The employer pays contributions to SSN, I presume, but not to the taxes themselves, or at least that is how it works in the UK. Not having done the payroll over here, I obviously don't know for sure.

As for the cost of doing business, sure, labour costs are always going to be part of that cost, but again, the tax contribution is paid by the employee, not the employer. However, as far as corporation taxes themselves go, I don't know about those.

His half of the FICA taxes are of benefit to the employee, but just about the only benefit as you have to pay income taxes on your half plus the FICA taxes, least you don't have to pay income taxes on the employers half.

In general, if your income is on a W-2, you are screwed with a very limited number of deductions, can't even deduct your expenses to go to work or school. A CEO with a company given vehicle doesn't have that problem and the IRS prefers to stay far away from any corporation as they have some pretty sharp tax attorneys that know ten times as much about tax law than they do.

Then the IRS has earned and unearned income, with earned income, you can be taxed to death with again limited deductions, much more freedom with unearned income where you can even deduct all expenses to make that income, like owning a private jet to fly all over the world and do other things besides business that is fully tax deductible plus huge entertainment expenses for your clients. These large bonuses are also free from FICA taxes as they are unearned income, and today, there are no limits on the amount of FICA tax based on income, the percentage does go down, but if you make a zillion bucks as earned income, have to pay FICA taxes on it with no benefits from the SS when you retire, maximum benefits are low and fixed.

Is it a fair system? It's fair to the super rich in that they paid money to buy congress to get these laws passed, but certainly not fair to the poor hard working slobs.

The US tax system does seem skewed toward penalizing the 'almost rich' more than anyone else, which as they are the biggest cohort and proportionally left in the worst position by being so, would seem rather repressive on those people. Time for the middle class revolution!

[Ban Hammer 14,155]

The US tax system does seem skewed toward penalizing the 'almost rich' more than anyone else, which as they are the biggest cohort and proportionally left in the worst position by being so, would seem rather repressive on those people. Time for the middle class revolution!

now i'm with you!

[HAL 9000 96]

The US tax system does seem skewed toward penalizing the 'almost rich' more than anyone else, which as they are the biggest cohort and proportionally left in the worst position by being so, would seem rather repressive on those people. Time for the middle class revolution!

now i'm with you!

Time to distribute the guns!!

[AlHayatZween 2]

The US tax system does seem skewed toward penalizing the 'almost rich' more than anyone else, which as they are the biggest cohort and proportionally left in the worst position by being so, would seem rather repressive on those people. Time for the middle class revolution!

now i'm with you!

Count me in!

i will trade in my donuts for a firearm!

[I AM NOT THAT GUY 5,715]

The US tax system does seem skewed toward penalizing the 'almost rich' more than anyone else, which as they are the biggest cohort and proportionally left in the worst position by being so, would seem rather repressive on those people. Time for the middle class revolution!

now i'm with you!

$13 more a week is not enough for you ingrates! Sheeesh!

[Ban Hammer 14,155]

The US tax system does seem skewed toward penalizing the 'almost rich' more than anyone else, which as they are the biggest cohort and proportionally left in the worst position by being so, would seem rather repressive on those people. Time for the middle class revolution!

now i'm with you!

Time to distribute the guns!!

this should be fun to watch, miss cleo with a gun