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Mon Nov 26, 2012, 02:19 PM

How to avoid the so called fiscal cliff. 4 easy steps.

1.Tax the rich.
2. Tax capital gains and dividends at the same rate as earned income.
3. Tax corporations at the same rate as persons.
4. Cut military spending by 50%.

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Reply How to avoid the so called fiscal cliff. 4 easy steps. (Original post)
go west young man Nov 2012 OP
Mika Nov 2012 #1
Vincardog Nov 2012 #2
Egalitarian Thug Nov 2012 #4
question everything Nov 2012 #3
silverweb Nov 2012 #5
Yavin4 Nov 2012 #6
question everything Nov 2012 #7

Response to go west young man (Original post)

Mon Nov 26, 2012, 03:18 PM

1. What about small business corporations?

The owner of a small biz who's biz takes in $50K-$100K (for example) would be double taxed to the point of it not worth starting a small biz.

Any thoughts on this?

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Response to Mika (Reply #1)

Mon Nov 26, 2012, 03:24 PM

2. Small businesses are taxed once at the personal rate. Got another TP?

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Response to Mika (Reply #1)

Mon Nov 26, 2012, 03:29 PM

4. With that little gross income, the chances are your hypothetical is a one person operation using

 

a 'C' corporation pass-through. Where's the double taxation? Either the corporation has no profits to tax as all the money goes to you, or the corporation keeps all the profits and everything you spend is the corporation's money (which will likely get a visit from the IRS). It would also be possible to have some combination of the incomes, but the final tax bill would remain the same.

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Response to go west young man (Original post)

Mon Nov 26, 2012, 03:25 PM

3. Social security tax on all income

eliminate the cap (110K, I think). This will make Social Security solvent and eliminate the need to cut benefit or to raise tax on everyone.

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Response to question everything (Reply #3)

Mon Nov 26, 2012, 04:28 PM

5. +1000

I was going to add that, but you beat me to it.

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Response to go west young man (Original post)

Mon Nov 26, 2012, 04:34 PM

6. That's Pretty Much What Bush I and Clinton Did, and They Produced a Surplus

within a few short years.

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Response to Yavin4 (Reply #6)

Mon Nov 26, 2012, 05:25 PM

7. I think that Clinton (not sure about papa Bush) capped capital gain tax at 20% (nt)

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