Author Topic: Obama Weighs a Tax Overhaul (simplifying income taxes for corps and indiv.)  (Read 652 times)

Soul Crusher

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Obama Weighs a Broad Tax Overhaul (simplifying income taxes for corporations and individuals)
New York Times ^ | 12/10/2010 | Jackie Calmes




WASHINGTON — President Obama is considering whether to push early next year for an overhaul of the income tax code to lower rates and raise revenues in what would be his first major effort to begin addressing the long-term growth of the national debt.

While administration officials cautioned on Thursday that no decisions have been made and that any debate in Congress could take years, Mr. Obama has directed his economic team and Treasury Department analysts to review options for closing loopholes and simplifying income taxes for corporations and individuals, though the study of the corporate tax system is farther along, officials said.

The objective is to rid the code of its complex buildup of deductions, credits and exemptions, thereby broadening the base of taxes collected and allowing for lower rates — much like a bipartisan majority on Mr. Obama’s debt-reduction commission recommended last week in its final blueprint for reducing the debt through 2020.

Doing so would offer not only an opportunity to begin confronting the growth in the national debt but also a way to address warnings by American business that corporate tax rates and the costs of complying with the tax code are cutting into their global competitiveness.

Mr. Obama signaled his inclination in off-the-cuff remarks on Wednesday as he was defending the tax cuts deal negotiated with Congressional Republicans this week. “We’ve got to have tax reform,” he said.

Economic and political advisers say the process is in its early stages, and Mr. Obama ultimately could decide against such action, given the pitfalls, both political and substantive. In the past, any effort to alter the tax code has provoked powerful opposition among interest groups, and the picking of winners and losers.


(Excerpt) Read more at nytimes.com ...


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Good idea.  Far left will completely collapse. 

GigantorX

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Eliminating deductions is a big first step as it would allow people to actually see what the true cost of government is.

Lower the rates, expand the base, everyone pays.

Dos Equis

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This is a good sign.  He's moving in the right direction (so to speak). 

tonymctones

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Eliminating deductions is a big first step as it would allow people to actually see what the true cost of government is.

Lower the rates, expand the base, everyone pays.
will not fly with the far left idiots...just ask straw  ;)

Soul Crusher

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Bama needs to tell the far left to fuck off.


If he does that, says something like "I tried it a certain way and it failed, we are oing to try this because the ntion comes before my ideology",   I would give him MASSIVE props. 


But lets see. 

MB

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Flat tax, everyone pays.  I would get rid of all the deductions. 

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Good idea.  Far left will completely collapse. 

lol just what does that mean

Soul Crusher

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lol just what does that mean


Go to DU or HP and witness it for yourself. 

If he does this and gets behind the deficit reduction commission, you can hold me to this - I will give him immense credit.   

225for70

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,

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Go to DU or HP and witness it for yourself. 

If he does this and gets behind the deficit reduction commission, you can hold me to this - I will give him immense credit.   

Who gives a shit who you give credit to?.. no one gives a shit about what 3333 from getbig thinks ::)

but what does Completely collapse mean. like will the democratic party not exist any more?

Soul Crusher

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Re: Obama Weighs a Tax Overhaul (simplifying income taxes for corps and indiv.)
« Reply #10 on: December 10, 2010, 12:17:25 PM »
Who gives a shit who you give credit to?.. no one gives a shit about what 3333 from getbig thinks ::)

but what does Completely collapse mean. like will the democratic party not exist any more?


The Democrat party is mostly made up of groups who depend upon govt largesse an govt programs and set asides. 

If Obama all of sudden puts into motion something that moves us away from that, all of those groups will be in outright revolt and simply stay home or form a 3rd party.