(11-10-2012 09:07 AM)jaxx Wrote: The other side....Boehner says they didn't learn a damn thing from the election. He's giving Willard's ideas, keeping the rich folks tax cuts. Idiot. With help like his nothing will get done.
Weekly Republican Address: Speaker Boehner on Helping Our Economy Grow
Published on Nov 9, 2012 by JohnBoehner
Delivering the Weekly Republican Address, House Speaker John Boehner (R-OH) highlights his call for bipartisan action on a plan to avert the fiscal cliff and help our economy grow and create jobs, which is critical to solving our debt. A former small business owner, Boehner notes that a Senate-passed proposal to go off part of the fiscal cliff by raising the top two tax rates would, according to independent accounting firm Ernst & Young, destroy more than 700,000 American jobs. "Instead of raising tax rates on the American people and accepting the damage it will do to our economy," Boehner says, "let's start to actually solve the problem" and make 2013 the "year to begin to solve our debt through tax reform and entitlement reform." Boehner also thanks America's veterans and their families for their service as the nation prepares to mark Veterans Day.
I shutter every time I hear a Democrat suggest that closing the loopholes is a possible way to fix the revenue side of the tax fairness argument. It is to be expected for Republicans to make that argument but Democrats should see it as the bait and switch that it really is.
Those tax loopholes and dodges are myriad and lie deep in the bowels of the tax code. They populate pages so far back in the volumes that it is a place "where no one has gone before". The very idea that we could ferret out enough loopholes to close to make a difference ignores the fact that old ones never used and new ones that don't exist yet won't spring into use the day after we "reform" the tax code.
On the other hand, the tax rates are right there on the opening pages of the tax code. They are clear and understandable to all. It does not take a gaunt nerd wearing green eyeshades to understand or explain. Their intend is clear. The more you are able to support the more you are expected to support in a civil society.
Closing loopholes is not a worthless endeavor but it is also not a panacea. By the same reasoning higher tax rates are also not a panacea to our revenue problem. The "green eyeshade" folk will look for and inevitably find or create loopholes to make the tax rates laughable.
I like both approaches but naturally favor raising tax rates to create a bigger pile for the cutters to whittle away at. In addition we need a something akin to the proposed "Buffet Rule" so that no matter how many loopholes exist or are used the very very wealthy will still pay their fair share.