Comments about ‘Letter: Floundering economy’

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Published: Friday, Dec. 13 2013 12:00 a.m. MST

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Mike Richards
South Jordan, Utah

Those telling us that corporations "own" Washington are wrong. Harry Reid, and every other Democrat, has his staff send out "pleas" for "contributions on every bill. Read the book, "Extortion" by Peter Schweizer and then let's discuss who is at fault.

ObamaCare was meant to profit those who wrote that legislation and those who would profit from the court battles generated by that legislation. There was no attempt to help you and me. That bill was written to enrich Obama and his followers. Anyone who disagrees only has to show us that ObamaCare has no contradictions, that it lowers health-care costs by $2,500 per family, that it allows us to keep our insurance policies and our doctors; otherwise, they will have to admit that Obama lied to us and that everyone involved in that process lied to us. It was not the "corporations" who lied to us, but the Democrats who overturned the will of the people and passed legislation that will haunt us for generations.

A flat tax or a sales tax or a restructured tax will not solve anything until the corrupt politicians who fleece us are removed. There is no "porportion" involved!

Louisville, KY

Mike Richards,

I won't go down the Obamacare road with you.

But I agree wholeheartedly that our first priority is to get rid of the corrupt politicians. Those exist on both sides of the aisle. And yes, until we get rid of them, no change to this or that tax system will be of any help.

Good legislators would work well with any tax system. Bad legislators will make any system a problem.

The Taxman
Los Angeles, CA

@lost in DC

"YOU may only spend $100k of the $3MM, but I think in that regard you would be in the minority."

I disagree. My most wealthy client, a multi-billionaire, spends a small fraction of his annual income. Why (using my example) should my effective tax rate be one-thirtieth of the middle-class taxpayer?

"And do you not think there would be an overall economic benefit to the other $2,900,000 that you reinvested?"

No because I invest in (non-initial offering) equities. My investing activity does not create jobs. Further, I don't believe minor "trickle-down" economic benefit justifies poor tax policy.

"I frequently see tax returns in my job - I get nauseated seeing people living in $3MM homes with $200k cars claiming net losses of $800k on their 1040s. I'm sure doing tax planning for wealthy individuals, you see the same thing as well."

Yes, but your (non sequitur) observation has nothing to do with the Fair Tax. We need tax reform, but the Fair Tax is not it.

Sandy, UT

@mike richards. Are you saying republicans do not send out pleas for contributions from corporations? Who is your lobbyist for all your causes and wants in Washington? It certainly is not the republicans because they just are giving you lip service,

Phoenix, AZ

The problem with a federal sales tax is... the government would not give up the income tax, so we'd end up with both. Not a good idea.


Wouldn't the Fair Tax rate have to be somewhere between 28-35%?

Does anyone think the deduction for charitable contributions and mortgage interest deduction is going to go away without a fight?

Phoenix, AZ

@Ultra Bob:
"If a flat tax rate were applied to the business out flow of money the tax could be collected easily and be easy to audit."

So, who'd pay the tax, the business or the out-flow recipient? If the business pays, it would soon go out of business from foreign competition, etc., due to the added tax burden.

If the recipient pays, that's what we have now, mostly... where the business collects the (income) tax and remits to the IRS... for wages, anyway. And wages (labor) is the lion's share of the cost of goods and services produced in the US.

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