[I]f we are going to make real progress, we can’t fixate on every overhyped, half-baked tax slogan that comes along. Sooner or later we must get back to basics. Here’s the main question: Should taxes be cut, raised, or reformed without changing overall revenue? The answer is that taxes should be cut in the short term, raised after we are clearly out of our cyclical downturn, and then reformed only after we have settled on the magnitude of tax increases needed for deficit reduction. [Martin Sullivan]
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The President Wants Your Ideas On Tax Reform
No, seriously. Get on this. Now before you libertarian types start screaming for abolishment or fans of Teve Torbes start demanding a flat tax, the Briefing Room Blog states that, “The mandate to the [President’s Economic Recovery Advisory Board] is NOT to recommend a new tax system.” Their emphasis, so that means they’re serious. No messing about the current system because it’s just fine, thanks.
So, sorry people, taxation with incompetent representation will continue but this is your chance to get off your asses and at least pretend like you’re making something happen.
Do your part, after the jump
But don’t even think about raising taxes on the middle class, however you choose to define it, “They were instructed not to consider options that involve raising taxes on families making less than $250,000 per year. So be mindful of their constraints when submitting ideas.”
There, now if you had career changing moment this week, this is your chance to give back. So take a week to think about it and then sober up and get to work. You’ve got until October 15th, a familiar deadline. See? They’re thinking about you.
Tax Reform Subcommittee Requests Ideas [Whitehouse.gov]
President Obama Wants Your Tax Reform Ideas [TaxProf Blog]
Rich-hating Legislation of the Day: The Ending Taxpayer Subsidies for Yachts Act
Sorry for being a little to the game on this one but everyone seems to still be in their meat-induced comas and this type of proposed legislation has left us wondering: IS NOTHING SACRED? If the affluent in our society can’t write off the mortgage interest on their second home that also happens to be boat, haven’t the terrorists won?
The Ending Taxpayer Subsidies for Yachts Act was introduced by Rep. Mike Quigley (D-IL) with co-sponsors Reps Tim Walz (D-MN) and Gary Peters (D-MI):
“There’s absolutely no reason why taxpayers should subsidize luxury yachts,” said Quigley. “As we work to address our budget challenges, closing this frivolous tax loophole is a no-brainer.”
“We’re going to have to make some hard decisions to tackle our national debt, but this isn’t one of them,” said Walz. “Closing this tax loophole restores the Mortgage Interest Deduction to its original purpose; helping middle class families realize the American Dream through homeownership.”
Currently, taxpayers are allowed to deduct mortgage interest for up to two homes from their tax returns. Yachts equipped with bedding, toilet facilities, and a kitchen qualify even if they aren’t used as a primary residence. The Ending Taxpayer Subsidies for Yachts Act would limit the tax deduction to only those who use their boats as a primary residence.
“We need to get the deficit under control, and that means simplifying the tax code and eliminating special interest tax giveaways like the Yacht Loophole,” added Peters. “Homeownership is part of the American Dream and we should encourage it, but yacht owners don’t need any special handouts, especially in the middle of a budget crisis.”
Also, it’s our understanding that the Reps will use the following footage to make a case for their bill:
[via DMWT]