View Poll Results: Do you support the People's Budget?

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  • Yes.

    11 47.83%
  • No.

    11 47.83%
  • Unsure.

    1 4.35%
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Thread: People's Budget.

  1. #41
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    Re: People's Budget.

    Quote Originally Posted by Kandahar View Post
    Revenue minus expenses. Next.
    Right and itemized deductions = expenses.



    So then you agree with me that we don't need itemized deductions? Why are you arguing the point then?
    You know how many middle income people you would hurt without itemized deductions?



    If those other taxes are part of your cost of doing business, then they'd be included in your expenses (and therefore your taxable net income would be lowered accordingly). Basically, the IRS just tries to make the self-employed pay the same taxes they'd be paying if they were working elsewhere, which is fair as far as I'm concerned.
    Is that why the self employed have to pay the self employment tax and don't qualify for tax credits like people, working elsewhere?

  2. #42
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    Re: People's Budget.

    Quote Originally Posted by Boo Radley View Post
    Not what you said. Allow me to quote:
    Right! And the discussion is about income taxes. I'm not the one moving the goal posts.

  3. #43
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    Re: People's Budget.

    Quote Originally Posted by U.S. Socialist. View Post
    Since we are having a new budget debate over the debt ceiling how do you all feel about the People's Budget? I firmly support it For the people worried about the debt it cuts the deficit by 5.6 trillion. Here is the link: Congressional Progressive Caucus : FY2012 Progressive Budget
    This is way, way too sensible of a plan to ever have a chance in Washington.

  4. #44
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    Re: People's Budget.

    Quote Originally Posted by apdst View Post
    Right and itemized deductions = expenses.
    No, I am referring to the deductions that cover specific KINDS of expenses. For example, if the government decided (for who-knows-what reason) that it was in society's best interests for you to buy your employees donuts every Friday, so they made a special provision in the tax code that allowed you to deduct the cost of donuts for your employees (beyond treating it as a normal cost of doing business)...THAT is the type of deduction that I'm referring to. If we're just talking about taking your revenues and subtracting your expenses, that's perfectly fine with me.

    Granted, it's a little bit messier for businesses than for employees, because there is always a gray area between what is a legitimate cost of business, and what is a personal expense (i.e. attending a conference that happened to be located in a Caribbean resort). So the IRS has to have *some* guidelines for those types of issues. But generally they should treat sole proprietors no differently than they treat employees, when it comes to personal deductions.

    You know how many middle income people you would hurt without itemized deductions?
    You just said you wanted to tax everyone X% on their net income, period. Make up your mind.
    To answer your question: not many. Overall, the deductions in our tax code are regressive. There are some SPECIFIC deductions that are progressive, but drastically simplifying the tax code would be a net positive for the middle-class...many of whom just take the standard deduction anyway.

    Is that why the self employed have to pay the self employment tax and don't qualify for tax credits like people, working elsewhere?
    The self-employment tax compensates for the fact that they don't pay payroll taxes on their own income. It is exactly the same percentage as the payroll taxes would be. As for employee tax credits, I'm not sure which ones you're specifically referring to...but generally speaking, they are part of the problem and should be eliminated too. Except for the EITC, which is one of the best anti-poverty programs we have IMO.
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  5. #45
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    Re: People's Budget.

    Quote Originally Posted by Phys251 View Post
    This is way, way too sensible of a plan to ever have a chance in Washington.
    Thank God that there are enough people to see the idiocy of this plan, for it to become reality.

    It's nothing more than a list of age old Libbo talking points.

  6. #46
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    Re: People's Budget.

    Quote Originally Posted by apdst View Post
    Thank God that there are enough people to see the idiocy of this plan, for it to become reality.

    It's nothing more than a list of age old Libbo talking points.
    Why is it idiotic, by chance?

  7. #47
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    Re: People's Budget.

    Quote Originally Posted by apdst View Post
    Thank God that there are enough people to see the idiocy of this plan, for it to become reality.

    It's nothing more than a list of age old Libbo talking points.
    Do you really think that using a nasty and demeaning nickname for people makes you seem more credible? And before the obvious and stupid answer, the tea partiers themselves coined the term teabagger, without knowing the testicular meaning for it.
    Liberté. Égalité. Fraternité.

  8. #48
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    Re: People's Budget.

    Quote Originally Posted by Phys251 View Post
    Why is it idiotic, by chance?
    Hell, read it and you can see.

  9. #49
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    Re: People's Budget.

    Quote Originally Posted by Paschendale View Post
    Do you really think that using a nasty and demeaning nickname for people makes you seem more credible? And before the obvious and stupid answer, the tea partiers themselves coined the term teabagger, without knowing the testicular meaning for it.
    You think I give a ****? I'm going to be labled a racist, because I oppose Obama and all other Libbo politicos, anyway.

  10. #50
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    Re: People's Budget.

    Quote Originally Posted by apdst View Post
    Right! And the discussion is about income taxes. I'm not the one moving the goal posts.
    Your quote was about taxes, and as has been pointed out to you a few times, income taxes is not the only way people pay taxes. So, not paying one tax doesn't mean all that much.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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