President, no more tax cuts

[Crabtownboy]

What needs to be done is do away with all the tax loopholes, tax breaks, and tax deductions, and have everyone pay the same tax rate which would be the fair way. If God saw it was the right way under the law then it is the right way.

I agree with a flat tax, but it will never happen. Too many have vested interests in a complex system. Gee, what would all the tax lawyers do?

 

[freeatlast]

I agree with a flat tax, but it will never happen. Too many have vested interests in a complex system. Gee, what would all the tax lawyers do?

You are most likely correct in that it will never happen.

 

[targus]

So shouldn't Warren Buffet and others like him pay as much as their secretaries? Remember Warren said he pays less than his secretary and he also said that should be corrected by Congress.

How about if Buffet first pays the ONE BILLION in back taxes that he already owes !!!!

 

[targus]

Gee, what would all the tax lawyers do?

They would probably all work for Buffet to help him to continue to avoid paying the ONE BILLION in back taxes that he owes !!!

 

[LadyEagle]

So shouldn't Warren Buffet and others like him pay as much as their secretaries? Remember Warren said he pays less than his secretary and he also said that should be corrected by Congress.

You do realize, don't you, that if the tax cuts expire, the inheritance or estate tax will reset from 35% to 55%, causing many small businesses to go under in order to sell assets to pay the tax? And, the estate tax covers everything, not just small business, but savings, real estate, pensions, anything people want to leave to their relatives when they die. I just heard this explained yesterday, but you can google it.


Warren Buffet paying less than his secretary is true, but it is an incomplete truth. Warren Buffet paid his taxes on capital gains, taxed at 15%. The reason why capital gains are not taxed as high as income tax is because the corporations that Warren Buffet had invested in were already taxed at 35%. His secretary paid her taxes on income tax rates at 35%. She must make a tremendous salary if her income tax turned out to be 35%.

The whole logic that obama trumpeted was based on a half-truth, or not the whole truth, comparing apples and oranges.

I disagree about obama not wanting to be president. He may not want to run because he already thinks he is our king, IMO.