Boehner on supercommittee: Tax increases are out, revenues could be in

The Hill ^ | 11/03/11 | Russell Berman

[Ann Archy]

EVERYONE should pay Federal Income Tax at the IDENTICAL PERCENTAGE RATE minus their deductions for themselves and their kids, mortgage and charity...PERIOD. Close the loopholes.

[Go Gordon]

raising taxes is raising taxes, whether you just do it or eliminate “loopholes” (provisions allowing people to keep THEIR OWN MONEY to invest and spend)

Cut me a break. GE paid zero dollars in taxes last year, even though it made billions in profits because of tax shelters and loop holes. I assume you are against a flat tax? The flat tax would reduce tax rates, but it would increase revenues (not to mention, eliminate 10's of thousands of pages of internal revenue rules/regs). It would probably even broaden the base, causing taxes to be applicable on a portion of the 47% that currently do not pay federal income tax.

Face it, we have to assess taxes somehow, some way, to pay for the legitimate functions the feds are required to perform. The fact that 47% of income earners pay nothing in federal taxes, sucks. That's right, I'm in favor of changing the tax code to ensure a large chunk of the 47% pay something. They need to put a skin in the game. Hence, changing (reducing) the tax code to include more taxpayers would increase revenues, without raising rates.

[ngat]

“EVERYONE should pay Federal Income Tax”

Wrong. No one should pay Federal Income Tax. Repeal the sixteenth amendment.

[musicman]

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[mewzilla]

Tax Rates vs Tax Revenues, Part 2: The Laffer Curve

[mewzilla]

BTW, you had the brains to wonder and the gumption to ask. You’re not dumb :-)

[afraidfortherepublic]

See: http://www.freerepublic.com/focus/f-news/2802514/posts

I agree with this proposal. Sounds like a win;win to me.

[silverleaf]

Cut ME a break if you want me to believe the govt will ever go after “the middle class” as they see it and put “skin in the game” with Federal taxes on the new entitlement class making $50K a year

The code word “loopholes” means eliminating deductions for mortgages (many of which were acquired using income qualifiers based on many decades of existing tax code) and favored tax status for retirement savings in 401K/IRA’s

The solution to our decline is not MORE REVENUE, it is LESS SPENDING ..... when did this government EVER apply "more revenue" to paying down anything? All that ""more revenue" gives our govt is more access to credit to run up more debt. You give a drunk panhandler standing outside a liquor store $10 and think he is going to spend it on health food? I sure don't know where everyone making $100K+ is putting all their money they “don't need” and who thinks putting thousands more per family in obama’s govt overdraft account solves a damn thing about curbing the damage caused by congressional spendaholics

[Truth29]

"I’d like to see a payroll tax placed on capital gains income.

Would you support making that income qualifying for SS benefits?

[silverleaf]

LOL! You can’t tax capital gains until someone sells something and makes a capital gain. Checked the housing market and the stock market lately?

All that higher taxes on capital gains does, is make people like me hang onto our assets and not sell them unless we are desperate.

Hence higher capital gains tax usually mean less revenue.

[Georgia Girl 2]

Is he kidding? Maybe he thinks we are all so stupid we don’t know where revenues come from.

[KDD]

I get capital gains income from stock dividends.

They are taxed as capital gains at about 15%.

From the IRS.

Effective January 1, 2003, dividends paid by most corporations are taxable as long-term capital gains. The new 15% and 5% capital gains rate applies to qualified dividends.

[KDD]

Would you support making that income qualifying for SS benefits?

Yes, and perhaps even better benefits for those making over 100,000 who then would have to pay more in.

I think the cap is at 100,000 now.

[silverleaf]

oh, dividends.... Yes, now I remember

I just got a check for $7 and change from my last long term holding, I hope it doesn’t push me into the millionaire tax bracket

[Neoliberalnot]

The only way to increase revenues is for the progs and libs to pay their share. No more free rides for the able-bodied would solve the revenue problems.

[bvw]

BMG

[dools0007world]

Boehner is an embarrassment. More than that, he is an American traitor. He’s sold his soul to the Marxists.

Thanks for your post. I’m in my 68th year of life. Sometimes the synapses don’t snap like they used to.

[ColdOne]

He is such a disappointment.

[kevao]

You think that’s bad, ask Boner his definition of “spending cut.” I bet it won’t match your definition of the term.

[dools0007world]

Thanks for the reference. Very enlightening and is easy to explain. I like the bit about higher taxes affecting people the same way socialism does. Negative events—like rising taxes and burdensome sociaslism—cause them to pull back.