#TaxCode Changes Put on the Table

Posted: March 1, 2014 in Excess and Algorithms
Tags: , , , , , , , ,

eanda logoajclogo2by @anarchyroll
2/27/2014

There are very few things that can actually change the American and/or global economy. The reason there are few things is because each one is not just big but gigantic in scope, nature, and application apparatus. A overhaul of the US tax code has been proposed by Michigan Republican David Camp of Michigan.

The banks hate it, retailers love it, Democrats say it’s dead on arrival, and Republicans aren’t really saying anything since it involves raising taxes on top earners. But it is a start, it is a physical, tangible bill, put on the table. The White House has acknowledged at least that much.

Many tax exemptions and tax breaks would be eliminated. Taxes would go down for individuals but go up for companies and corporations that earn X number of dollars. Income earned from investments would be taxed more which is very important. But there are multiple aspects that will prevent it from going anywhere, but it’s a start.

979 pages, which is the length of the bill, doesn’t exactly scream…simplified. But there must be a starting point on this issue, there must. The tax code in the United States is ridiculous and causes more problems than it solves. It favors the rich and hurts the poor. Too much money is hidden, sheltered, and shipped offshore, all of which must end.

Warren Buffet has famously said he should not pay a lower marginal tax rate than his secretary. The fact that is currently the norm, tells you all you need to know about the current tax code and tax policy in the United States. David Camps starting point is truly nothing more than a starting point but you can’t walk before you crawl. Camp’s bill begins the crawl forward, and forward is always the way to go.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s