Morris says $250K+ earners will not be able to deduct their mortgage interest. I heard it as "no mortgage deduction at all." What I read is that the cap for itemized deductions would be 28% instead of the 33% today. That's completely different than what Morris said.

He says if you make $150k you only pay SS on the first $100k but will now have to pay it on the full $150k. I can't find any support for that.

Would it be an accurate statement that we would ALL benefit from a simpler tax code?

Morris says the POTUS will limit the deductions you take today for charity, mortage, state and local taxes if you make $150k. Can't find that anywhere. Again, the only limit I could find was a decrease from 33% to 28% IF you make over $250k.

..and we're back. From Forbes(not a noted bastion of liberalism):

 

Obama also has a tax plan, and it’s almost as sketchy. It can be summed up as “soak the rich.” In keeping with his pledge not to raise taxes on the middle class, Obama would extend the Bush tax cuts only on income up to $250,000 for married couples. He would increase the top tax rate to 39.6 percent from 35 percent and end tax breaks for hedge fund and private equity managers.

 

Obama and Romney Tax Plans Are Pie-in-the-Sky - Bloomberg

 

So, my Google key is worn out. I'm struggling to find ANY support for what Morris claims.

Would it be an accurate statement that we would ALL benefit from a simpler tax code?

 

Like any plan, it depends. What deductions are lost in exchange for the simplicity? Human beings will have their hands in crafting such a plan which means agendas and arm-twisting will be part of the deal.

Like any plan, it depends. What deductions are lost in exchange for the simplicity? Human beings will have their hands in crafting such a plan which means agendas and arm-twisting will be part of the deal.

 

How about a usage tax? Straight up no deductions, you spend you pay a tax. I'm sure their are some negatives but I can think of many positives.

How about a usage tax? Straight up no deductions, you spend you pay a tax. I'm sure their are some negatives but I can think of many positives.

 

To be honest I haven't looked into many other plans simply because I do not think we'll ever get there.

How about a usage tax? Straight up no deductions, you spend you pay a tax. I'm sure their are some negatives but I can think of many positives.

 

Go to Fairtax.org, the best plan out there!!!!!

 

 

[video=youtube_share;QRpWir4eDrs]

To be honest I haven't looked into many other plans simply because I do not think we'll ever get there.

 

I understand but doesn't it make sense? The rich would obviously pay more and you would eliminate all those awful things that people like Mitt Romney take advantage of.

Okay, I've watched the video. I keep myself pretty well informed. The video collects every proposal that has been made by anyone and decides that a second Obama administration will implement them all. It is hooey. The only one of the taxes that he mentions that the Obama administration has proposed is the increase in the income tax for incomes over $250,000 and he gets that one wrong. The proposed change in tax rates applies only to income over $250,000, so the increase for the couple in Mr. Morris example would be ZERO. Dick Morris learned his political philosophy from the ladies of the evening whose toes he used to suck. His beliefs are completely dictated by where he will get paid.

Okay, I've watched the video. I keep myself pretty well informed. The video collects every proposal that has been made by anyone and decides that a second Obama administration will implement them all. It is hooey. The only one of the taxes that he mentions that the Obama administration has proposed is the increase in the income tax for incomes over $250,000 and he gets that one wrong. The proposed change in tax rates applies only to income over $250,000, so the increase for the couple in Mr. Morris example would be ZERO. Dick Morris learned his political philosophy from the ladies of the evening whose toes he used to suck. His beliefs are completely dictated by where he will get paid.

 

So you believe that Obama will only raise taxes on people who make $250k. In other words no one else will be effected?

So you believe that Obama will only raise taxes on people who make $250k. In other words no one else will be effected?

 

What anyone believes and what they can back up with any facts may be two very different things. Dick Morris might believe what he says but he has no facts to back them up. Michael, why haven't you responded to Clyde's posts where he debunks by Dick has said.

So you believe that Obama will only raise taxes on people who make $250k. In other words no one else will be effected?

 

What I believe is that broad based tax increases will only affect those making over $250,000. The middle class has seen their taxes go down under President Obama. I also have no doubt that as complicated as the tax code is, someone, somewhere making under $250,000 will see an increase. I also have no doubt that even if taxes are raised on people making over $250,000, someone in that bracket will see their taxes go down. Those will be the exception. In a country of 300 million people I am sure that regardless of what position anyone takes, someone will find an exception and use that in an attempt to make someone a liar. My guess is that is the reason behind your question.

 

With that said, I thiink that after the economy picks up, some taxes should rise. For example, I would raise the SS retirement age to 70. I would also lift the income maximum on SS taxes. If the revenue allowed, I would also lower the SS rate at the same time. I would also eliminate the favorable treatment of health insurance premiums when paid through an employer by either offering it to all or eliminating it for all. I would eliminate the favorable capital gains treatment received by a lot of money manager's payments (could that be the reason Gov Romney won't release his taxes?). All of those things would cause some peoples taxes to go up and some to go down, but would result in a net increase in revenue.

What I believe is that broad based tax increases will only affect those making over $250,000. The middle class has seen their taxes go down under President Obama. I also have no doubt that as complicated as the tax code is, someone, somewhere making under $250,000 will see an increase. I also have no doubt that even if taxes are raised on people making over $250,000, someone in that bracket will see their taxes go down. Those will be the exception. In a country of 300 million people I am sure that regardless of what position anyone takes, someone will find an exception and use that in an attempt to make someone a liar. My guess is that is the reason behind your question.

 

With that said, I thiink that after the economy picks up, some taxes should rise. For example, I would raise the SS retirement age to 70. I would also lift the income maximum on SS taxes. If the revenue allowed, I would also lower the SS rate at the same time. I would also eliminate the favorable treatment of health insurance premiums when paid through an employer by either offering it to all or eliminating it for all. I would eliminate the favorable capital gains treatment received by a lot of money manager's payments (could that be the reason Gov Romney won't release his taxes?). All of those things would cause some peoples taxes to go up and some to go down, but would result in a net increase in revenue.

 

Why make those who work and pay into this, example ME, from age 18 until 70? I think this is a crook of dung!!! I'd like the option to drop out and let me invest it on my own. Hell, if you just put it in a coffee tin in the cupboard till you retire you would have more than what you would get from SS.