Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

The proposed simpliefied income tax

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion: Presidential (Through Nov 2009) Donate to DU
 
question everything Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-01-05 12:35 PM
Original message
The proposed simpliefied income tax
execSUMM11012005.pdf

Printer Friendly | Permalink |  | Top
Der Blaue Engel Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-01-05 12:38 PM
Response to Original message
1. Huh?
Printer Friendly | Permalink |  | Top
 
question everything Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-01-05 12:57 PM
Response to Reply #1
2. Sorry, I thought that I had the complete address
Printer Friendly | Permalink |  | Top
 
SoCalDem Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-01-05 01:02 PM
Response to Original message
3. I don't need the website to tell you the outcome..
rich people..... benefit
middle class people...... lose
really poor people...... not much difference
Printer Friendly | Permalink |  | Top
 
question everything Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-01-05 01:04 PM
Response to Reply #3
4. And I am in the wrong forum!! Urggg!
Sorry, moderates, if you can move this to the "everything else..."
Printer Friendly | Permalink |  | Top
 
zbdent Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-01-05 01:07 PM
Response to Original message
5. Basically, if you can afford to send your money to a Republican
then you shouldn't have to pay any taxes . . .

Printer Friendly | Permalink |  | Top
 
question everything Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-01-05 01:12 PM
Response to Reply #5
6. On the one hand, the plan will drastically reduce deductions on mortgages
and eliminate home equity loan and mortgages on second homes - which will affect mainly the rich.

On the other hand, it will eliminate deductibility of state taxes which will affect, surprise, people in blue states.
Printer Friendly | Permalink |  | Top
 
papau Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-01-05 01:16 PM
Response to Original message
7. links
Printer Friendly | Permalink |  | Top
 
question everything Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-01-05 02:24 PM
Response to Reply #7
9. Some examples (from the WSJ)
The panel suggests turning the deduction into a tax credit equal to 15% of eligible mortgage interest, which means the tax break for interest on a $100,000 mortgage would be the same for every taxpayer, regardless of income. It suggests lowering the $1 million ceiling to the size of an average mortgage, using Federal Housing Administration regional data.

(snip)

The change would mostly affect only taxpayers in higher brackets with above-average mortgages. Under current interest-deduction rules, a taxpayer in the 35% income bracket with a $500,000 mortgage at 6% in the country's pricier urban corridors can reduce his or her taxes by just over $10,000. By contrast, under the new proposal, that same individual could claim a credit of roughly $2,800, according to Goldman Sachs. The commission also recommends ending tax breaks for second homes and home-equity loans. In its proposal, current homeowners would be able to keep their original mortgage-interest deductions, which would change only if the homeowners refinanced or purchased a new home.

(snip)

In its deliberations, the tax panel looked at who benefits from the current mortgage-interest deduction. Their answer: Mostly higher-income earners who itemize deductions on their tax returns rather than taking the standard deduction. Two-thirds of taxpayers don't itemize, the Internal Revenue Service says. And, the IRS says, about 35% of the tax savings from the mortgage-interest deduction goes to taxpayers with gross annual incomes above $100,000. In the U.S., 9% of taxpayers earn more than $100,000.

http://online.wsj.com/article/SB113080653852284789.html... (subscription)

Printer Friendly | Permalink |  | Top
 
durablend Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-01-05 02:11 PM
Response to Original message
8. OOOOH I KNOW! I KNOW!
"Send ALL your income to the RNC"

Rinse and repeat
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Thu Nov 27th 2014, 07:56 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion: Presidential (Through Nov 2009) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC