Congress Should Stop Subsidizing Millionaires Through the Tax Code; Agree or Disagree?

Question

On November 1, the House Ways and Means Committee approved a bill (H.R. 3996) that would close the tax loophole for “carried interest” earned by buyout-fund managers. Closing this unwarranted loophole will raise $25 billion over ten years, offsetting half the cost of providing AMT relief for 2007.
The Carried Interest Provision is a Subsidy for Fund Managers, paid for by the rest of us.
Eliminating the Carried Interest loophole has NO effect on the taxation of Capital Gains.
Eliminating this tax loophole will have NO effect on Realtors.
Congress Should NOT carve out exceptions that would keep the loopholes for some sectors.
Closing the Carried Interest tax loophole will have NO effect on pensions.
The American people will NOT view this measure as a "tax hike."
http://www.ctj.org/pdf/carriedinterestfacts.pdf

Thoughts?

Answer 1

Agreed. Here are some of my thoughts on the subject. The rhetoric about taxes is a very powerful weapon in the hands of the American right while like most rhetoric it's empty and not based on facts. They want to underfund essential government services and then use the inevitable bad service as an example why the funding should be even less. That's the scheme but most Americans know this as the low taxes talk which most unfortunately love. If he promised massive tax cuts I'm afraid Osama himself could get elected in America.

Your example clearly shows for who all the tax breaks and cuts are really meant. My thoughts come down to this. The American people are mostly misguided about taxes and fail to see the low tax/smalll government scheme for what it truly is

Answer 2

(H.R. 3996)

closes the tax loophole for “carried interest” earned by buyout-fund managers.
$25 billion over ten years
1/2 AMT relief for 2007.

Congress Should NOT carve out exceptions that would keep the loopholes for some sectors.


Don't bankers end up paying 50% tax anyway? Yah that sucks atleast they arn't flippin burgers.

Yah egalitarianism is a good thing for non state societies.

The thing is though.. aran't fund managers a good place to put subsidies?

All in all I think it is sad you need to subsidize your financial sector.. but don't they do the same to the US?

US dollar has been falling lately no?

Answer 3

sturdy Lord.. why can't you people see that they are working the two aspects against the midsection? it is so obtrusive.. the 1st ingredient to the TA.R.P money went out under Bush with definitely no strings.. for this reason that's misplaced ..long previous. Chris Cox and Hank Paulson The SEC head and the secretary of the treasury, respectively have been the two Bush appointees.. neither have been held in charge.. want I remind all that the stimulus plan began final fall till now Obama became even elected.. the main suitable did that's superb to steer away from the be conscious recession till the subsequent guy became in, even though it collapsed slightly to quickly.. and that they have got been given hung with it. fact the inventory Markets lowest element in 14 years got here throughout the time of the Bush regime fact, 70% of the No bid Contracts went without delay to Haliburton and KBR (haliburton subsidiary) on a unlawful 2 trillion greenback conflict. fact the unemployment Numbers as properly as spending have been botched throughout the time of the Bush years.. there isn't any precise accounting of the two. fact Obama is an extension of a similar business company community and has shown himself a dependable concern of the proper 4000 American households who've greater Liquid Capital than the backside a hundred and fifty million people. blended.. fact... YOU ALL have been HAD!

Answer 4

If you earned more money,you too could take advantage of the tax loop holes that all citizens have. You just don't earn enough to take advantage of them. That's the reason your Momma told you to stay in school, go to college.

IF....you want a fair tax code?

Lobby your Congressman and Senators,to introduce a bill replacing the tax code now in place,with a FEDERAL SALES TAX. Everybody pays the same tax. You get your entire check. You determin how much you will spend or save not the Government. The Sales Tax cannot be raised except by a national referendum. The hated IRS will be no more. The money collected now would increase considerable due to the snaring of all those that refuse to pay the tax now. If you deal in criminal activities,your going to pay taxes on it .

YOU CANNOT EXCAPE.!!!

Answer 5

To be honest... I disagree.

If there were less taxes on everyone, we wouldn't be subsidizing people who get tax breaks. Congress should cut spending and stop worrying about which sector to mug next.

Or, in lighter terms: If your hot air balloon gets a leak, common sense says you should patch the hole. Congressional sense says you should makes the balloon bigger.

Stop the inefficient spending! Stop taxing the rich to cover your tracks! Fewer boogeymen and more solutions.

Answer 6

I think lawyers should be the only people who should pay taxes, just for a few years. I bet after the first year that law will be as simple, just and clear as everyone wants.

Answer 7

Yes. Everybody should have to pay some taxes.

I support repealing income taxes all together and replacing them with a wealth based tax (eg: taxed on the value of what you own) and/or a goods and services (GST) sales tax where you are taxed based on the lifestyle you want to live.

Answer 8

I was never given a job by a poor person. In the immortal words of "Ten Years After": "tax the rich, feed the poor, till there are, no rich no more."

Answer 9

Absolutely Agree.
Just goes to show how equally corrupt the parties are!