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U.S. Tax reform ideas

By chdchan ·
Tags: Off Topic
(1) Incentives to tax-payers for tax prepayment (early birds), e.g. rebate or discount coupons for shopping, or governmental bonds;
(2) Higher income cashflow by more frequent tax payment by monthly instalments for the same amount that previously paid annually;
(3) Lowering taxes for successful re-entrants to employment market to stimulate more taxation incomes;
(4) Higher taxes for monopolized or near-monopolized businesses, and globalization players that have capitalized much on industry export.

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Drop the mortgage interest exemption.

by CharlieSpencer In reply to U.S. Tax reform ideas

Preferably entirely, but definitely on second homes and primary homes that cost over $200,000.

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Agree and Disagree...

by cmiller5400 In reply to Drop the mortgage interes ...

$200,000 is too low for a primary cutoff, IMHO. Where I live, the median prices in the towns around me range from 300,000 to 500,000 for a single family home.

Dump the second home exemption, if you can afford two, you don't need the tax break.

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This illustrates one of the problems .......

by maxwell edison In reply to Agree and Disagree...

...... when people advocate a large command and control federal government.

It also illustrates the problems generated when people like us try to decide, debate, or discuss what's best for other people - and then use government to implement "our desires" over them.

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Huh?

by cmiller5400 In reply to This illustrates one of t ...

WHO should be making these decisions if not "us"?

I'm not advocating for a large government; never once mentioned it. Just said that in MY case, that cap wouldn't be fair. Not all markets are the same so a house that is worth 300,000 here is probably worth 150,000 some where else.

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I'm missing your point entirely.

by CharlieSpencer In reply to This illustrates one of t ...

When you say "This illustrates on of the problems...", what are you referring to by 'This'? Mortgage interest deductions? Eliminating them above a certain value? Debating the issue?

Sorry, your indirect object lost me. What in the previous couple of posts do you think is illuminating the problem you describe?

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Okay, I'll clarify

by maxwell edison In reply to This illustrates one of t ...

I see Palmetto and cmiller discussing what kind of mortgage deduction is appropriate. What may be appropriate for one may not be appropriate for the other. Palmetto should make decisions for Palmetto; cmiller should make decisions for cmiller, and the government should butt out.

It shows the lunacy of the federal government "one size fits all" solutions. And it shows why states should take back power from the federal government.

The whole federal tax structure is a sham. You should be debating the merits of the entire tax structure instead of focusing on one individual nuance of it.

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I don't see a complete tax overhaul as politically possible.

by CharlieSpencer In reply to Okay, I'll clarify

Unfortunately, I think working in small chunks is the only feasible approach. We can debate at any level we want but when it comes to Congressional action, it becomes a question of holding out for everything on principle and getting nothing, or pragmatically accepting a percentage if that's all that's possible.

I'm reminded of the Linux advocates who refuse to install any closed source or proprietary drivers for video or NIC. The proprietary drivers may solve some of their problems, but installing them compromises those users open source integrity.

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And I don't disagree with you there, Palmie

by maxwell edison In reply to I don't see a complete ta ...

A complex tax overhaul not being possible, at least in the near future. But regardless, instead of chipping away at the small chunks of overall system - which only lends legitimacy to the overall system - I'd rather focus on the underlying problem.

If you have a junker of an automobile that's better suited for the junk yard, why argue over what color to paint it? The better discussion would be how to replace it.

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Why can't we have a flat tax and no deductions for anything?

by AV . In reply to I don't see a complete ta ...

We created this unbelievable tax nightmare in this country by allowing all kinds of loopholes. Its just ridiculous. We should scrap the whole thing and start over. Even if we just do it a little at a time.

AV

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A flat tax on income (one's labor) or on consumption?

by maxwell edison In reply to Why can't we have a flat ...

See my message below before answering.

(Okay! Okay! I changed my mind. So sue me!)

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