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Reform the IRS and Stop the Tax Loopholes

Stop taxing the poor and the middle class and stop the rich from avoiding taxes. In his article entitled : "Fiscal Therapy" found at http://www.motherjones.com/news/feature/2009/01/fiscal-therapy.html the author talks about some of the loop holes in our tax system and that the IRS needs to be brought to the 21st century.

The author David Cay Johnston, in his article entitled: Fiscal Therapy says: "End Legal Tax Cheating. The marginal tax rate for cops and teachers is more than 40 percent—25 percent for income taxes and another 15 percent for Social Security and Medicare taxes. The marginal rate for some hedge fund managers, five of whom earned more than $1 billion in 2007, has been zero. That's because many of these speculators have been able to avoid taxes by operating through offshore partnerships under rules that let them defer income taxes. Executives, entertainers, and athletes also have been able to amass vast untaxed fortunes: For example, Roberto C. Goizueta, the ceo of Coca-Cola in the '80s and '90s, built a nest egg of more than $1 billion, but was able to defer taxes on most of it until he died."

Please read the rest of the article. I am sure all his points can be verified with a little research.

Thank you,
6 Comments  »  Posted by gems to Economy on 1/12/2009 11:15 AM

Comments

 
tamiisaqt
1/12/2009 12:47 PM
I read that if tax havens and other loopholes for the rich were illegal that our country would not be in debt at all. The people with the most are costing us billions every year. Meanwhile they are worried about how much healthcare will cost...end tax havens, there is the money for health care!
 
iowajoe
1/12/2009 2:17 PM
The tax code needs to be radically rewritten. The current 15,000 pages is an open invitation to lie, cheat and steal. Set realistic progressive tax rates for individual, small business, and corporate categories with no exceptions. Tax lawyers need to become extinct. No corporation ever pays the 35% rate so why have it? Any multi-national that wants to play in the U.S. must pay a set, fair and realistic rate with no exceptions.

We need a federal sales tax. The underground economy is probably in the trillion dollar + range every year and no federal tax is paid on it. This must end.

Taxes must be spent wisely. FICA should never be spent on anything but FICA.
 
career fed
1/12/2009 5:01 PM
 Don't blame the IRS - all they do is take orders from Congress.  If you want change, you need to be writing your Congressmen.
 
IM2BZ
1/12/2009 6:36 PM
The current tax code regarding the deduction of Capital Losses limits losses to $3000 per year.  With the massive reduction of investment values (equities and real estate),  the FULL loss associated with the sale of a capital investment should be allowed.  The code doesn't limit the "gains" on the sale of capital investments, why should the losses be capped?
 
breadman23
1/13/2009 3:59 PM
How about abolish the IRS and repeal the income tax, considering it's illegal under our constitution.

All taxes on the people must be direct and apportioned. The income tax is not apportioned as it varies by amount of income, and therefore is illegal.

There is also NO LAW on the books requiring you to pay your income tax. Please educate yourselves.

Check out Aaron Russo's 'Freedom to Fascism' film on google video or youtube.
 
JBrown
1/13/2009 8:11 PM
Yes the tax code needs to be re-written.  Yes loopholes, incentives and tax credits ALL need to be wiped off the books to re-establish a fair system. 

There ought to be so few tax credits and incentives in any given tax year that every american could name and count them on no more than thier fingers and toes.
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