Which deductions would you eliminate?

[question everything]

(if any)




From a story in the WSJ, Nov. 2, titled

Tax Breaks Under Fire (if you cannot open the story, type the title into Google)

http://online.wsj.com/article/SB10001424052970204707104578093233954747820.html

[Mnemosyne]

1. Dancing horses. nt

[still_one]

2. Dividends and capital gains, and yes it would impact me. Also

Getting us out of the trillion dollar wars, and reducing the military budget

[msongs]

3. food as a business expense.everybody has to eat,but not a million $$ restaurants nt

[unblock]

4. exclusion of overseas income.

right now, if you own money or investments held in a foreign bank, you pay income tax on the profits/dividends/interest (minus a credit for taxes paid to a foreign country).

but if you set up a corporation overseas to do exactly the same thing, the money can grow and grow and you don't pay income tax in the u.s. until and unless you repatriate the income.

screw that.

we should "look through" such arrangements for income tax purposes. if you own that profit, anywhere in the world, you should pay american taxes on it.

[Warren Stupidity]

5. On that list: none of the above.

Raise the tax rates back to 1999 levels. End of problem.

[bemildred]

6. Tax all income the same as earned income, or better tax unearned income 10% higher.

And remove the FICA cap.