govt on a real economic platform

[ruffryder]

Planet Money did a great podcast about what an economic platform by economists (liberal, conservative, all of them) would look like.

http://www.npr.org/templates/archives/archive.php?thingId=127413729

They listed 5 things that should be changed in our tax system and criminal code.

1) Remove mortgage interest deduction
2) Remove employer health insurance deduction
3) Remove corporate income tax
4) Remove income tax and payroll tax
5) Decriminalize drugs

They some what agreed on a consumption tax (sales tax), and environmental tax (carbon fuels and other pollutions).

I like all of them, but number 4 is kind of iffy. I agree on removing payroll tax for businesses , but it might not be easy to completely remove the total income tax.

What do you guys think?

 

[ruffryder]

No one has any comments?

Or is this a case of "cut all of the tax loop hole's except for mine"?

 

[polaris dude]

Well as far as decriminalizing drugs, only marijuana should be decriminalized. However, I don't think any drug should become an industry. But I also think that we should have a flat tax with no deductions whatsoever.

 

[ruffryder]

However, I don't think any drug should become an industry.

What about Vicodin (Hydrocodone/paracetamol)? It is dang close to synthetic heroin...

 

[POLZIN]

I like the idea of a flat comsumtion tax that way EVERY american can pay their fair share rich or poor.

the mortage deduction can go away as long as property taxes do to. The dipchit in the audio clip trys to make the comparison but neglects the proerty tax aspect of owning a home rather than renting.

Inusrance deductions . the new health care law is going to have a huge huge impact on employer provided healthcare.

on that note the "Caddilac health plans" they talk about. Anybody have one thats not a union employee? I dont . I think the new laws are going to backfire on the unions whos canidate got it pushed through.


corporate tax: definetly a no brainer.


decriminalizing drugs: No brainer! Even cops are smart enough to realize this.


Id like to see the child care dedctions go away. Even though I have kids and get them. Any rational person shoud be able to see that it makes absolutlue no sense that the more children you have using public sector goods and services like schools etc. the less you pay? its idiotic at best . you want kids great! Their your responsiblity not the rest of the tax payers.

 

[ruffryder]

the mortage deduction can go away as long as property taxes do to. The dipchit in the audio clip trys to make the comparison but neglects the proerty tax aspect of owning a home rather than renting.

Isn't that mostly a federal vs state tax issue? The mortgage deduction is a deduction off of your federal taxes. I guess you can deduct your property taxes as well. Though your property taxes go to your local state / county, not the federal govt.

 

[polaris dude]

What about Vicodin (Hydrocodone/paracetamol)? It is dang close to synthetic heroin...

Sorry, I should have clarified, I meant for recreational purposes. I think that even cigarettes should be illegal quite frankly

 

[ruffryder]

Sorry, I should have clarified, I meant for recreational purposes. I think that even cigarettes should be illegal quite frankly

Isn't abuse abuse? Does it matter what the purpose is?

Making cigarettes illegal? Sounds like more regulation.. and honestly, won't due much except put it to the black market.. I started smoking when I was 15...

 

[POLZIN]

Isn't that mostly a federal vs state tax issue? The mortgage deduction is a deduction off of your federal taxes. I guess you can deduct your property taxes as well. Though your property taxes go to your local state / county, not the federal govt.

tax is tax I dont really care where the $ goes.the point is still the same.

why do I get to pay property tax to build roads/ schools for people who dont pay property tax but take advantage of those things? In that regard it would seem that the federal deduction eqalizes things. no tax no dedution- pay tax get the deduction. it is completey insane policy that creates lots of needless bureaucracy. .

 

[ruffryder]

tax is tax I dont really care where the $ goes.the point is still the same.

why do I get to pay property tax to build roads/ schools for people who dont pay property tax but take advantage of those things?

Doesn't everyone pay property tax? Companies and businesses pass it along as increased costs and people that don't own homes / land pay it indirectly in terms rent.

 

[winter brew]

No doubt the tax code needs to be drastically simplified, but what politician will dare to make the big, necessary changes (like #1-2) when their main goal is votes and donations?
Even the current admin. put together the Simpson/Bowles commission......but they dont dare implement any of the recomendations.

 

[POLZIN]

Doesn't everyone pay property tax? Companies and businesses pass it along as increased costs and people that don't own homes / land pay it indirectly in terms rent.

Nice try but not really at best it is an expense for the property owner reducing profit which is also taxable . But I doubt that the property tax on rental properties is deductable

 

[Mafesto]

Id like to see the child care dedctions go away. Even though I have kids and get them. Any rational person shoud be able to see that it makes absolutlue no sense that the more children you have using public sector goods and services like schools etc. the less you pay? its idiotic at best . you want kids great! Their your responsiblity not the rest of the tax payers.

I hear ya man

 

[ruffryder]

Nice try but not really at best it is an expense for the property owner reducing profit which is also taxable . But I doubt that the property tax on rental properties is deductable

Why would you doubt that? Everything I have seen (searched for 2 seconds) shows that it is deductible.

 

[winter brew]

Yes, it is deductable on fed. taxes.

 

[polaris dude]

Isn't abuse abuse? Does it matter what the purpose is?

Making cigarettes illegal? Sounds like more regulation.. and honestly, won't due much except put it to the black market.. I started smoking when I was 15...

ehh maybe, but honestly what is the point of smoking? I've smoked a cig here and a cig there but I never understood what the draw is to tobacco. Its a big waste of money imo.

 

[ruffryder]

ehh maybe, but honestly what is the point of smoking? I've smoked a cig here and a cig there but I never understood what the draw is to tobacco. Its a big waste of money imo.

Funny, that is the same response my boss has about snowmobiling. Different strokes for different folks..

What do you guys think about giving up the home mortgage deduction? Studies have shown that the home mortgage deduction doesn't help people afford homes, just helps them afford bigger ones. Also, a lot of the money from the home mortgage deduction goes to wealthy people with big homes...

 

[03RMK800]

I like the idea of a flat comsumtion tax that way EVERY american can pay their fair share rich or poor.

"Inusrance deductions . the new health care law is going to have a huge huge impact on employer provided healthcare.

on that note the "Caddilac health plans" they talk about. Anybody have one thats not a union employee? I dont . I think the new laws are going to backfire on the unions whos canidate got it pushed through. "

I am self employed. I have insurance through the Grand Junction HMO and provider system that Obama and all the policy wonks claim is how health care ought to be.

To try and reduce my premium, I took one of their touted high cost high deductible plan and reduced benes. Get to stand the 1st $3600. Guess what? It still falls in the 2014 cadillac definition, but its really isn't much insurance.

AND the touted counterpart Health Savings Account is disfavored under 2014 rules to the point it will be useless. You do not get to keep your insurance. You get what the government wants to allow you.