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tax increases unnecessary if we eliminate loopholes
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capetonian



Joined: 11 Aug 2006
Posts: 1178
Location: Florida

PostPosted: Sat May 01, 2021 11:28 am    Post subject: tax increases unnecessary if we eliminate loopholes Reply with quote

I'd rather see them eliminate the 1031 exchange loophole, the step-up loophole, and the carried interest loophole. What other loopholes should they eliminate so that W2 high-income earners don't disproportionately bear the brunt?
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swchandler



Joined: 08 Nov 1993
Posts: 10348

PostPosted: Mon May 03, 2021 2:03 pm    Post subject: Reply with quote

A bit earlier, I remember that your post cited what I thought was your yearly income. I guess I was curious about another post to the windsurfing side of the forum today that indicated that you would move back to Oahu if the cost of living wasn't so high.

No doubt, living on Oahu, or any of the other islands, would be quite a bit more expensive than the mainland, but I find it hard to believe you would have had a problem given your cited income.

The following article was sent to me by my nephew, who lives and owns a home on Kauai, but has been renting an apartment and working on Oahu for some time now for his job. Based on HUD statistics from 2018, $93.3K or less was considered to be low income for a family of four.

https://www.hawaiinewsnow.com/2018/09/20/hud-now-considered-low-income-oahu/
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mrgybe



Joined: 01 Jul 2008
Posts: 5129

PostPosted: Mon May 03, 2021 11:04 pm    Post subject: Re: tax increases unnecessary if we eliminate loopholes Reply with quote

capetonian wrote:
I'd rather see them eliminate the 1031 exchange loophole, the step-up loophole, and the carried interest loophole. What other loopholes should they eliminate so that W2 high-income earners don't disproportionately bear the brunt?

A couple of comments. First, "loopholes" is a misnomer. The regulations are functioning as intended by legislators, meaning that they had majority support (however obtained); not easy to reverse. Second, the numbers are not large. The Obama Administration estimated that if carried interest were taxed as ordinary income, it would bring in $18 billion over 10 years. The elimination of the step up in basis at death could theoretically bring in $30-40 billion a year if wealthy people don't take mitigating steps. They will, so the numbers would likely be much smaller. Compare those potential tax revenue increases to the six thousand billion dollars of proposed additional spending and they have barely made a dent.

Elimination of "loopholes" just isn't going to do it. The fact is that, if enacted, the massive proposed expenditures will increase taxes/ costs for everyone in one form or another. Those who actually believe the top 1% can fund them are ignorant of the facts. But there is no doubt that high income earners will pay the lions share, as they do now. Elections have consequences.
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coachg



Joined: 10 Sep 2000
Posts: 3290

PostPosted: Mon May 03, 2021 11:55 pm    Post subject: Re: tax increases unnecessary if we eliminate loopholes Reply with quote

mrgybe wrote:
Elections have consequences.


Yes they do. I can think of over 577K people that would absolutely agree with you if they were still alive.

Coachg
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mac



Joined: 07 Mar 1999
Posts: 17108
Location: Berkeley, California

PostPosted: Tue May 04, 2021 11:58 am    Post subject: Reply with quote

Mitch McConnell and those who repeat GOP talking points are born again. But wait, what did Trump do?

Quote:
BY KIMBERLY AMADEO REVIEWED BY
MICHAEL J BOYLE
Updated April 07, 2021
During the 2016 presidential campaign, Republican candidate Donald Trump promised he would eliminate the nationís debt in eight years.1 Instead, his budget estimates showed that he would actually add at least $8.3 trillion, increasing the U.S. debt to $28.5 trillion by 2025.2 However, the national debt reached that figure much sooner. When President Trump took office in January 2017, the national debt stood at $19.9 trillion. In October 2020, the national debt reached a new high of $27 trillion. That's an increase of almost 36% in less than four years.


The national debt reached a new high of $28 trillion less than two months after President Trump left office.3


Hm, $8.3 thousand billions. I missed the howls of outrage.
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boggsman1



Joined: 24 Jun 2002
Posts: 8822
Location: at a computer

PostPosted: Tue May 04, 2021 12:49 pm    Post subject: Reply with quote

mac wrote:
Mitch McConnell and those who repeat GOP talking points are born again. But wait, what did Trump do?

Quote:
BY KIMBERLY AMADEO REVIEWED BY
MICHAEL J BOYLE
Updated April 07, 2021
During the 2016 presidential campaign, Republican candidate Donald Trump promised he would eliminate the nationís debt in eight years.1 Instead, his budget estimates showed that he would actually add at least $8.3 trillion, increasing the U.S. debt to $28.5 trillion by 2025.2 However, the national debt reached that figure much sooner. When President Trump took office in January 2017, the national debt stood at $19.9 trillion. In October 2020, the national debt reached a new high of $27 trillion. That's an increase of almost 36% in less than four years.


The national debt reached a new high of $28 trillion less than two months after President Trump left office.3


Hm, $8.3 thousand billions. I missed the howls of outrage.


The budget hawks came out of the woodwork on....about....January 21st, 2021.
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mac



Joined: 07 Mar 1999
Posts: 17108
Location: Berkeley, California

PostPosted: Tue May 04, 2021 1:01 pm    Post subject: Reply with quote

Their mantra--we get to spend and you don't. We get to appoint judges and you don't.
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techno900



Joined: 28 Mar 2001
Posts: 4069

PostPosted: Tue May 04, 2021 3:01 pm    Post subject: Reply with quote

Test

Last edited by techno900 on Tue May 04, 2021 3:05 pm; edited 1 time in total
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techno900



Joined: 28 Mar 2001
Posts: 4069

PostPosted: Tue May 04, 2021 3:01 pm    Post subject: Reply with quote

Another way to look at it:

Percent increase in national debt by President.

* = two terms, which is a factor.

Trump - 37.6
Obama - 69.9 *
Bush - 105 *
Clinton - 31.6 *
Bush - 54.3
Regan - 186.3 *
Carter - 42.7
Ford - 47.1
Nixon - 34.3*

https://www.self.inc/info/us-debt-by-president/
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boggsman1



Joined: 24 Jun 2002
Posts: 8822
Location: at a computer

PostPosted: Tue May 04, 2021 3:19 pm    Post subject: Reply with quote

Good data. Reagan/ Bush both topped 100%---Reagan almost 200%!! Clinton super low...So, again , January 21st , 2021 all conservatives automatically turn back into deficit hawks.
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