SENATE BILL: Income Tax Reform Act of 2014 (Failed)

[Southern Senator North Carolina Yankee]

Why except the charitable donation deduction? I know that it sounds horrible, but if the goal is to broaden the base and increase the efficiency of the economy, it doesn't make sense, especially when you consider where most charitable donations go (and I'm not just talking about churches). We should also be mindful of how any change in the tax code will interact with Nixcome in terms if effective marginal tax rates.

This needs to be considered, the last thing we want to do is damage that policy. Particularly when everyone and there cousin now wants to expand it in someway for some purpose (haven't checked all the campaign threads for President closely but I do recall it being mentioned by both once or twice).

[Southern Senator North Carolina Yankee]

Oh yea,  the TNF Amendment is hostile.

I made clear in a another thread why marginal tax rates that high are a bad idea. The last test case had mitigating factors propping up the economy and even then we paid heavy price afterwards.

The best rate is somewhere between 45% and 55% for the top tax bracket.

[Southern Senator North Carolina Yankee]

Why don't we compile a list of all the deductions we presently have and how much they cost for starters? Remember that we are scaling back the home mortgate deduction already to pay for a reduction in the healthcare payroll tax.

We can then look at how much can be gained by their removal, means testing etc etc.


Then once you have that number you can reduce the rates by that amount?

I would like to simplify the code too and maybe reduce the number of brackets as well as the knock the top rate down to at most 55%.

[Southern Senator North Carolina Yankee]

True, the queue is indeed empty.

Oh but you are mistaken, it takes sixteen weeks for a new Senator to get a bill on the floor surely.

If I had a good eight hour stretch on a Saturday morning that would change, but when you don't get to sleep until two and get up at five, you begin to run low by around noon.

[Southern Senator North Carolina Yankee]

Is that from real lfie or is that altered to reflect Atlasian policies?

[Southern Senator North Carolina Yankee]

Well we already altered the mortgage interest deduction in that bill in the previous Senate.

https://uselectionatlas.org/FORUM/index.php?topic=189543.100

[Southern Senator North Carolina Yankee]

That is why we should start first with finding out what deductions can be cut/limited/means-tested first?


We need to review them and decide which ones we are comfortable with removing nad then seeing how much of a rate cut that will then afford us.


Tyrion gave a nice RL list but now we need to knwo whicho f those are in effect here and how much they cost. A good place to start would be last years budget.

[Southern Senator North Carolina Yankee]

I have been wanting to discuss this with thr President in detail, but we seem to never be on at the same time this past few days and thus we catch each other's messages when the other is off.

[Southern Senator North Carolina Yankee]

I am usually on for short periods of time in the evenings, though I have been trying unsuccessfully to get on as early as five. That didn't happen today because we were suppose to go on a trip, that was then cancelled. Then there is usually a long period on Saturday Morning of course.

[Southern Senator North Carolina Yankee]

We can make the language vague enough to remove deductions pertaining to certain subjects. If that had already been done previously, there's no harm in doubling up.

It's hard to be perfect with the byzantine statute we have, after all.

I am not sure I understand. Also, how would the numbers be crunched or could they?

[Southern Senator North Carolina Yankee]

I am confused still, could you give like an example of the strcuture you have mind?

[Southern Senator North Carolina Yankee]

A budget will have to be done this summer though. How would they be able to do that in such case?

[Southern Senator North Carolina Yankee]

Well we should try something I think?

a blanket percentage for those above a certain income maybe? Then, if you find out which income groups contribute what to the tax expenditure,s you can just reduce it by that percentage and DemPGH and comapny will have a much easier time inserting that in the budget.

[Southern Senator North Carolina Yankee]

THoughts?

[Southern Senator North Carolina Yankee]

so should I put this to a final vote to get rid of it?

[Southern Senator North Carolina Yankee]

A final vote is now open on the underlying legislation, Senators please vote Aye, Nay or Abstain.

[Southern Senator North Carolina Yankee]

Damn it Cincy, update the topic header.

[Southern Senator North Carolina Yankee]

NAY

You can end this now Cincy.