Massive increase in income tax attempt

[positivedoppler]

Could be off topic but wolfandfinance has gotten pretty political last year so maybe here.

Two of the big ones. Eliminating interest deduction for mortgage. Eliminate exclusion of interest on state and local bond.

 

[Pens1566]

Mortgage interest deduction is somewhat of a red herring. Something south of 10% of filers claim it. It's also not going to drastically change the amount the IRS collects in any meaningful way. It's in the low tens of billions.

Not to mention what it might do to an already ridiculous housing market.

 

[biostud]

Ahhh, they joy of automatically calculated taxes

 

[Fenixgoon]

1) Eliminate capital gains tax.
2) Raise taxes on the rich

 

[IronWing]

1) Eliminate capital gains tax.
2) Raise taxes on the rich

You mean to say that most of our most intractable problems are caused by the greed of the wealthy and could be painlessly solved by taxing the bastards?

 

[uallas5]

1) Eliminate capital gains tax.
2) Raise taxes on the rich

That and equipping the IRS adequately and allowing them to do their JOB wouldn't hurt either.

 

[brycejones]

Massively increase the inheritance tax on estates over $100M and kill loopholes to it.

 

[Fenixgoon]

Massively increase the inheritance tax on estates over $100M and kill loopholes to it.

I couldn't think of the name for it because it's always referred to as the "death tax" even though the average person is not affected by changes in inheritance tax laws. Just the super wealthy

 

[brycejones]

I couldn't think of the name for it because it's always referred to as the "death tax" even though the average person is not affected by changes in inheritance tax laws. Just the super wealthy

Great way to prevent long term oligarchy is to limit inherited wealth. Republicans keep screaming they want a pure meritocracy right?

 

[Brainonska511]

1) Eliminate capital gains tax.
2) Raise taxes on the rich

1) Treat capital gains as ordinary income
2) Add another bracket or two on the top, raise taxes on the rich, but also taxes upper middle class should also probably go up (maybe just roll back Bush and Trump tax cuts)
3) Estate tax - stop raising the cap; eliminate stepped up basis; limit the ability to shield estates from taxes. Plus, the estate tax is great: you can pass on a little tax-free, and then a dead person is paying the rate (whereas an inheritance tax is one that the person inheriting pays). No need to foster such obscene generational wealth

That and equipping the IRS adequately and allowing them to do their JOB wouldn't hurt either.

Yes, and 4) Let the IRS write regulations that close some of the bs loopholes that exist and are exploited by multimillionaires and whatnot, like the "limited partnership" one or "carried interest".

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The US is a very wealthy country with relatively low taxes across the board compared to comparatively developed countries. We can overall afford to tick rates up a little bit, especially if we want to expand social safety nets and government services.

 

[Moonbeam]

Mandatory income tax should be eliminated and instead a recommended voluntary tax based on income be recommended. This could include, under 100% voluntary compliance, an inflation indexed guarantee of 50 thousand a year per adult and 25 thousand per child up t two children or a reduced income to none if people decide they don't want to pay.

In this way the country would quickly fall apart owing to the greed of the American people as fitting of their piggish mentality. It would guarantee that those who fuck others would fuck themselves in the process.

 

[WilliamM2]

Could be off topic but wolfandfinance has gotten pretty political last year so maybe here.

Two of the big ones. Eliminating interest deduction for mortgage. Eliminate exclusion of interest on state and local bond.

Why would you even discuss anything this conspiracy nut says?

Some examples:

Too many to list.

WolvesAndFinance

Weekly Videos on Current Events from an Accountant Zach De Gregorio https://wolvesandfinance.com/

www.youtube.com

F this guy.

 

[NWRMidnight]

Mortgage interest deduction is somewhat of a red herring. Something south of 10% of filers claim it. It's also not going to drastically change the amount the IRS collects in any meaningful way. It's in the low tens of billions.

Not to mention what it might do to an already ridiculous housing market.

The reason that it is such a low number is mainly due to Trump's tax changes in 2017, by removing many deductions, and forcing those that use to itemize into the standard deductions, making them undable to claim their morgage interest and such. The deductions that remain, mainly benefit the rich, including morgage interest.