Hey whats up with this Fiscal Cliff ?

Quote from Radeck : You are misinformed. 14% is his effective rate AFTER all deductions, and it is based on capital gains and dividends tax, NOT income tax...totally difference things, and you would be paying the same rate as he is if that was how you got your money And news for you, Obama also has overseas and offshore accounts, not that there is anything illegal about that, so your suggestion that there is something wrong with that are false Oh and since you are a student and probably don't realize this, good luck finding a job when you get out of school, since these people you are happy to hose with taxes are the ones who would be doing the hiring, since these small business owners whom you love to hate are the ones who provide 70% of the jobs in this country. Let me know when a poor person hires you and pays you a salary...good luck with that

Already have a job, thank you very much. It's called internships and getting ahead while learning and getting experience.
I didn't go for some BS degree.

Quote from 124nic8 : Pretty sure you don't need a horse that competes in the Olympics for horse therapy. Nor to even own that horse.

That's your opinion. It does not mean you are right nor that anyone else should live up to your opinion. You don't have to own a house and take the interest deduction, you can rent right? Same scenario...some prefer to own rather than rent. And there is nothing wrong with using the horse in competitions to try to make some money off it to recoup the investment, just like if you own a house but don't need it for a time it makes sense to rent it out and get some money out of it.

What other arguments do you have so I can shoot them down as well?

Quote from ChristianM19 : Already have a job, thank you very much. It's called internships and getting ahead while learning and getting experience. I didn't go for some BS degree.

Congrats...except an internship is not a real job that will pay your bills, mortgage/rent, car note, etc....it is a form of education, and your employer gets you to work for free or next to nothing...when you join the real job market, let me know when a poor person hires you.

Quote from Radeck : Congrats...except an internship is not a real job that will pay your bills, mortgage/rent, car note, etc....it is a form of education, and your employer gets you to work for free or next to nothing...when you join the real job market, let me know when a poor person hires you.

You seem to be mistaken.
I said I have a job.
But i took my time doing internships earlier to gain experience. That's how I landed this job that requires 2yr experience(I have for 3yrs) and working in an office(I have for 5yrs). It may be 18 an hour and not much by today's standards but I get a TON of overtime and it also helps paying my tuition and bills.

Quote from Radeck : Please enlighten me as to how the Romney's ownership and legal deduction of the horse contradicts such values and quest for a better america. If what they did was illegal, then you might have a point, but as it were they were 100% within their rights. If you think they were doing anything illegal, feel free to report them to the IRS fraud department....otherwise get off you high horse and faux outrage and faux indignation

And, of course, you have the same mentality about those who legally use deductions and credits to pay no net federal income tax, right? Just a whole lotta faux outrage & faux indignation against a group of people that acted totally within the bounds of the current tax laws...

Quote from ChristianM19 : Ozzy was running for president on good values and a better America?

What is amazing is that supposedly conservative people step up to defend a $70,000 deduction for a dressage horse for someone who income was $20+M a year and only paid 13% in taxes but if a single mother with two kids use a food stamp and buy a pizza instead of buying ground beef the same supposedly conservative people want her to be put in jail.

Simply disgusting!

Quote from Radeck : Please enlighten me as to how the Romney's ownership and legal deduction of the horse contradicts such values and quest for a better america. If what they did was illegal, then you might have a point, but as it were they were 100% within their rights. If you think they were doing anything illegal, feel free to report them to the IRS fraud department....otherwise get off you high horse and faux outrage and faux indignation

Let me ask you two question and I would appreciate honest answers.

1. Do you think Rmoney would amend his income tax now that he has lost and claim the portion of the charitable deduction that he did not claim?

2. If he does that, you would be here defending him and his honor because he has not done anything illegal. Right?

(Since when conservatives sense of morality and ethnics started ending at the legal edge?)

Quote from Radeck : You are misinformed. 14% is his effective rate AFTER all deductions, and it is based on capital gains and dividends tax, NOT income tax...totally difference things, and you would be paying the same rate as he is if that was how you got your money

This is really a red herring. Dividends are income. Cap gains are income. Gifts are income. When you find money in the street, that is income. When you win the lotto, that is income.

I think this is kinda pathetic. There are legitimate arguments for a smaller tax rate for cap-gain. But the fact that some pathetically claim one is income and one is not is not.

Delete

Quote from TRNT : What is amazing is that supposedly conservative people step up to defend a $70,000 deduction for a dressage horse for someone who income was $20+M a year and only paid 13% in taxes but if a single mother with two kids use a food stamp and buy a pizza instead of buying ground beef the same supposedly conservative people want her to be put in jail. Simply disgusting!

Link to back up your faux outrage and your attack on a group simply because you disagree wih them? Thanks!

Quote from andyfico : Link to back up your faux outrage and your attack on a group simply because you disagree wih them? Thanks!

Well, this sounds like a silly request but since you are a pal, here.
http://slickdeals.net/forums/show...stcount=66

Quote from TRNT : This is really a red herring. Dividends are income. Cap gains are income. Gifts are income. When you find money in the street, that is income. When you win the lotto, that is income. I think this is kinda pathetic. There are legitimate arguments for a smaller tax rate for cap-gain. But the fact that some pathetically claim one is income and one is not is not.

What I would like to see is tax reform. A flat tax would be best but probably not politically possible. Everyone pays a certain % of their income. You make 10,000 or 10M - doesn't matter, you pay the same %. You don't get discounts, credits, etc. You can't write off your horse, your kids, or your house. If you get food stamps or other gov't programs (for very low income) that is not counted as income, everything else is.

The sad thing is when they raise taxes - and they will - the rich will only dodge more taxes with all the loopholes. The poor won't pay anything and the middle class will once again foot the bill.

Odds are the dems and reps won't budge - again. They'll have their thumbs in their easr and watch as we all (almost 90% of Americans) pay more in taxes. Tax Reform - that's what we need.

http://www.washingtonpost.com/bus...story.html

Quote from StarNova : What I would like to see is tax reform. A flat tax would be best but probably not politically possible. Everyone pays a certain % of their income. You make 10,000 or 10M - doesn't matter, you pay the same %. You don't get discounts, credits, etc. You can't write off your horse, your kids, or your house. If you get food stamps or other gov't programs (for very low income) that is not counted as income, everything else is. The sad thing is when they raise taxes - and they will - the rich will only dodge more taxes with all the loopholes. The poor won't pay anything and the middle class will once again foot the bill. Odds are the dems and reps won't budge - again. They'll have their thumbs in their easr and watch as we all (almost 90% of Americans) pay more in taxes. Tax Reform - that's what we need. http://www.washingtonpost.com/bus...story.html

You mentioned two distinct things:

1. elimination of all (or say most) deductions
2. institution a flat tax

So far so good. You also kinda imply that one cannot be had without two. Why is that? I would like to see many many many of the deductions to evaporate overnight. Right now! Yesterday! Immediately! To keep one hostage in order to achieve two is very unfortunate and a tactic that eventually will backfire if not already (similar to keeping middle class tax cut hostage in order to also give the super rich a tax cut. how outrageous is that?)

For full disclosure I am also against a flat tax rate. I have said this before and I say it again. To think that the next $1000 earned after the first $50,000 should be treated equally wrt to taxation as the next $1000 earned after the first million is just absurd. People should pay taxed based on the benefit that they drive from the society/government/infrastructure/system. And the guy that makes $20+ million a year like Rmoney does benefit way more, even if calculated as benefit per dollar, way more than a teacher or a fireman.

Quote from TRNT : This is really a red herring. Dividends are income. Cap gains are income. Gifts are income. When you find money in the street, that is income. When you win the lotto, that is income. I think this is kinda pathetic. There are legitimate arguments for a smaller tax rate for cap-gain. But the fact that some pathetically claim one is income and one is not is not.

false...that is the general public / layman perception / definition of income...that is NOT the legal nor the tax definition of income. Income refers specifically to wages, tips, interest...it does NOT apply to cap gains nor dividends...those have a totally separate definition and categorization in tax law

but then you knew that didnt you? and just wanted to muddy the waters with red herrings and irrelevant distractions....please try again.