Rayn's Tax Plan?

[waterdog101]

Paul Ryan on tax plan: ‘It would take me too long to go through all the math’ he has 37 days, to go through it. and if he would just name the top 3 loopholes, he is going to close would be nice. and it really wouldn't take that long. and would pull a lot of votes his way. unless the loopholes would benefit, the really rich more than the middle class. then it would push voters the other way. sure hope he can find 5 or 10 minutes, in the next 37 days to name 3 or 4 loopholes he is going to seal up.

[kydonky]

Mortgage interest may go the way personal intrest went for the middle class. We used to be able to deduct intrest on autos, boats, any personal intrest.

When the personal intrest deduction was discontinued the loophole was to tack your personal intrest to second mortgages on personal residences/house.

One problem this cause for the middle class was that in bankruptcy personal loans could be discharged and a personal residence could be held outside of bankruptcy.

By tying personal loans to second mortgages on the personal residence these debts would be secured by the home and less likely to be discharged in bankruptcy.

This also goes a long way to understanding why so many people have borrowed and refinance homes to the maximum over the last 3 decades.

The home equity has become a revolving credit line.

The perfect storm hit and housing is now in the dump.

Maintaining a flat 15% capitol gains tax with out considering net income is fair. Not only is the 15% rate capped but you don't pay FICA, local tax and in many cases state income tax. But if you earn that same amount through wages you pay tax based on your net income + FICA +local and state tax.

The flat rate capitol gains is not a loophole that is on the table.

It really is better to not know the details untill this election is over.

[kydonky]

It is just sad that any past attempts at tax simplification has simply resulted in the middle class paying more tax.

Another fiasco from the last tax simplification legislation was losing income averaging.

This had a significant affect on small middle class busineses, particularly small contractors and farmers.

Small bussiness that have boom and bust years could average income over periods of 5 and in some cases 10 years. So if they made $50,000 for three years and $10,000 in two of the years they paid tax based on an income of $34,000. This really helped small busineses weather downturns in their buisness. Currently if you have a really robust year and make $275,000 you pay tax based on the percent for that level of income for that year.

So we have a proposal to lower tax rates by 20% and keep the tax income neutral. There must be some kind of magic math to do this. You simply cannot cut your income 20% and have your income remain the same.

The explaination is that loopholes for the wealthy will be closed. So this is supposed to increase the tax burden on the wealthy. But in the real world we know that with the corporate lobby, congress will not allow the corporate tax burden to increase an amount that would cover a 20% tax cut for all of the working families in the country. This would have more conseiquences on investment that any raise in the cap on capitol gains.

Show me this magic math!!!! I want to use it when I balance my checkbook.

[Chubminnow]

It's been since 2007/2008 since I last had a raise...lucky to even have a job at this point (four years of Obama's Blunder's)...but my taxes have sure went up. Kind of tired of it.

[waterdog101]

It's been since 2007/2008 since I last had a raise...lucky to even have a job at this point (four years of Obama's Blunder's)...but my taxes have sure went up. Kind of tired of it.

man I hate the fact, that you haven't had a raise. I'm all for everyone, getting a raise. but if you think you are working for less money now, than you should be getting. you just wait until the Republicans, can ever make ky, a right to work state. and what ever you are getting paid now, will be cut by 1/2 or at least a 1/3.

[Chubminnow]

I'm all for everyone, getting a raise. but if you think you are working for less money now, than you should be getting. you just wait until the Republicans, can ever make ky, a right to work state. and what ever you are getting paid now, will be cut by 1/2 or at least a 1/3.

Forget man...save your breath...I wouldn't vote for Obama if his only opponent was a block of cheese...and it's not a democrat verses republican things with me....it's just that I think Obama is an idiot, plain and simple. Plus he is in WAY over his head. Has been from day #1...

Less union and less government would make things better...Plus it ain't about what I "think" I should be getting paid. I'm doing fine, just don't like the fact that even though I haven't seen a raise in a few years my taxes have been raised EVERY year...and besides, no one else I know is getting raises either...in fact everyone is **** lucky to still have a job. Things are slow...and I hope you don't think otherwise, cause if you do, you're dead ass wrong.

[kydonky]

[QUOTE=Chubminnow;499134]Forget man...save your breath...I wouldn't vote for Obama if his only opponent was a block of cheese...and it's not a democrat verses republican things with me....it's just that I think Obama is an idiot, plain and simple. Plus he is in WAY over his head. Has been from day #1...
QUOTE]

Here is the latest Irainian news report.

Iran's leading news agency published a poll that claimed rural whites in the U.S. favored Iranian leader Mahmoud Ahmadinejad over president Barack Obama.

[COLOR=#ff0000]http://news.yahoo.com/blogs/sideshow...180154413.html[/COLOR]

Did you get a call from an Irainian area code?

[Hlleonard]

I doubt it will make any difference what either of these candidates has to offer, kentucky will most likely vote republican if the last 50 years is any indication.... I never understood why the folks here vote republican when so many of them seem to rely on government assistance and the republican party seems to have an agenda to reduce or eliminate much of that assistance... Before somebody jumps down my throat, I'm not supporting "welfare losers" but these same programs do a lot of good for folks who actually need assistance from these programs.

[DJD]

I doubt it will make any difference what either of these candidates has to offer, kentucky will most likely vote republican if the last 50 years is any indication.... I never understood why the folks here vote republican when so many of them seem to rely on government assistance and the republican party seems to have an agenda to reduce or eliminate much of that assistance... Before somebody jumps down my throat, I'm not supporting "welfare losers" but these same programs do a lot of good for folks who actually need assistance from these programs.

Why not reduce fraud? Why not reduce wasteful spending? Not one person I know (NOBODY) would want to see a family of any color go hungry or living is hell. The Dems have continually painted anyone who opposes their view on assistance programs as monsters and that's crappola.
Facts are that people can live forever on gubment assistance with little to no responsibility for their actions. We have people on here who actually see first hand all the abuse the system enables..... No party twist just rampant abuse of the system because of the weak, head in the sand officials that pander to an ignorant public opinion poll.
Make capable people work who are on assistance and things will change. Make it illegal to own some of the good things in life if your paying by gubment assistance then things will change. Free phones and free money won't instill a desire to do better.

[Chubminnow]

Why not reduce fraud? Why not reduce wasteful spending? Facts are that people can live forever on gubment assistance with little to no responsibility for their actions.

We all know good working people get down on their luck occassionally and need some type of help...and if they've worked and paid their way then sure, give them some help...but like you say, abuse of the system is wide spread...and plenty of government folks don't mind it beingg like this because it keeps them in a job.

Not far from me (5 to 10 miles) are some new "town homes" or apartments being built...they will be section-8 approved housing when complete...and they are being built on green land down by the Ohio River...I was walking the floodwall of the river this past Sunday morning...on one side the Ohio River...on the other section-8 housing....I thought to myself, man look at that...those people are going to have a nice patio with a decent view...the only thing separating them from the river is the floodwall...but they will be able to sit outside at night and hear the crickets and tree-frogs...even walk a few hundred yards and fish off the bank if they were so inclined to do. Goverment assistance....I wish they would cut it back some or figure out a way to only allow people to be on it for no more than one year or something.

[Hlleonard]

Why not reduce fraud? Why not reduce wasteful spending? Not one person I know (NOBODY) would want to see a family of any color go hungry or living is hell. The Dems have continually painted anyone who opposes their view on assistance programs as monsters and that's crappola.
Facts are that people can live forever on gubment assistance with little to no responsibility for their actions. We have people on here who actually see first hand all the abuse the system enables..... No party twist just rampant abuse of the system because of the weak, head in the sand officials that pander to an ignorant public opinion poll.
Make capable people work who are on assistance and things will change. Make it illegal to own some of the good things in life if your paying by gubment assistance then things will change. Free phones and free money won't instill a desire to do better.

--
I do agree with you, we need to do a much better job of policing federal and state aid to these folks... They tell us it is cheaper to just pay out the money than it is to control the fraud and it might be in the short term but it looks like we would be better off in the long run... I remember when welfare wasn't what it is now, I believe we are a better country now than we were then even though we support a good many folks who are perfectly capable of provide for themselves... As far as the two parties grasping whatever straw they can get hold of and using it against the other, as long as getting elected and re-elected is the most important thing on any candidates agenda ( and not what might be the best for our country) that will continue... The major problem I have with the republican party is it's willingness to sacrifice the well being of folks who actually need the assistance as a means to cut government spending... Welfare is around 12 percent of the budget which is a fair size chunk but contained in that 12 percent are all the people who are unable to put a roof over their head and food on their table and as you pointed out, I doubt any of us would choose to take those necessities away from anybody who can't provide them for themselves... It looks like the welfare vultures will continue to be a necessary evil until we find a way to deal with them... I just don't feel like we should cut granny's livelihood because down the street there is a "lazy bum" who won't provide for his own kids.

[know1]

man I hate the fact, that you haven't had a raise. I'm all for everyone, getting a raise. but if you think you are working for less money now, than you should be getting. you just wait until the Republicans, can ever make ky, a right to work state. and what ever you are getting paid now, will be cut by 1/2 or at least a 1/3.

What percentage of people in this state even work for unions? I'm not sure I know a single person who does.

I think it's better to be non-union with lower salaries than union and have your job shipped overseas since you are demanding wages too high to compete.