Clinton and Trump Tax Plans

[KeithE]

[Sandy]

I like the fair tax proposal as well. Just doing a little bit of reading about Trump's proposal, along with the spending he proposes, he's actually putting forth a plan that will increase the deficit and the national debt. Her plan doesn't cut much in the way of spending, but does put forth the means to pay for most of it. Of course, the wealthy will scream like stuck pigs, but it's not an unfair plan, given the extent to which they benefit from the things that their tax money will help provide.

[ET]

Are you kidding me? Please note that Hades has most likely frozen over. Kieth, Sandy and I have a general consensus on an issue!!!!!!! I too would love to have a talk on something like the "Fair Tax" or even a flat tax. The savings alone from the billions of dollars Americans both personal and corporate spend in dealing with the IRS would be a stimulus we all could get behind.

Alas, there is an army of accountants and lawyers whose livelihoods depend on having the knowledge of navigating such a system and being really well paid for that knowledge. They would not take kindly to having their occupations abolished by simplifying the tax code in such a manner.

Imagine, almost no tax forms to fill out, not paying for Turbotax every year, no Schedule Cs, tax credit for this, that and the other thing, navigating the maze of home office deductions for my wife's self-employment....millions of wasted hours....I mean...we can dream at last, can't we?

If only.

[KeithE]

[Dave Roberts]

Last year, the IRS Code (as enacted by Congress) has now exceeded in length "The Complete Works of Shakespeare." It can only be described as The Tax Lawyers and Accountants Full Employment Act." Despite the orthodox "trickle down" tax bills, wealth does not trickle down in the current economy, and investment is not made into research and development or modernization of facilities because it is more profitable to buy up your own or other stocks through investment banking schemes. The current tax code creates this monstrosity of gutting corporations for profit and endless consolidation because taxes can be avoided through the loopholes.

[Ed Pettibone]

Ed: Did any of you fellows ever have more than Econ 101?

[Mrs Haruo]

Ed: I took a course in Economics in high school at my father's urging hoping to learn about the stock market and investing in bonds and real estate and pork bellies and the like, but all we really discussed was the potlatch system of the Kwakiytil Indians and trading copper for fish and dog hair blankets. I'm no help at all. I just know I am glad I still live in a state where there is no state income tax. Only one set of tax forms to bash my head against a wall over, unless I own a business. Then the state dings me for everything under the sun and a lot of permits for things I didn't know existed. Then get dinged nearly $300 for transfer fees and new plates for my late father's 20 year old car? If this is trickle down, what is trickling down on me doesn't smell like money. Living at the low end of economic scale is very hard work.

[Dave Roberts]

[KeithE]

[Sandy]