Quote:
Originally Posted by mlmpetert
You are absolutely right. It has been a fraud since the beginning, and both sides knew it the entire time. The republicans set this whole debt reduction thing up with the intent on not making any real concessions and then reversing any military cuts after they win the white house in 2012. Its ridiculous.
You know what would have worked. You make check points so each month they have to cut a tangible (not including interest) 75 billion or a tangible 100 billion in automatic cuts will happen, with the bulk of the cuts to come at the very end. Lets say at the very end there is still 500 billion to cut, well you make it so that if both sides cant come up with the 500 billion the automatic cuts are still the same as they currently are, the 984 billion. So at the very least they have to cut 984 billion, but if they dont work together they will be forced to cut a lot more. Theyre acting like kids so they should be treated as such.
And seriously do you really care about this carried interest “loophole”, I mean its maybe 2 billion per year in additional revenue. That’s 0.2% of the 984 billion they need to cut. Plus it actually sounds pretty fair when you look into it. It’s just a capital gains tax when selling the ownership of an asset someone received when they met certain performance measurements. Based on how the current capital gain system is set up that sounds pretty fair to me. The thing i would be for it that they dont get automatic vested 1 year long term treatment. So they acutally have to hold it for a year after they earn it or else its taxed at the short-term cap gains rate (income).
After getting our economy on track and balancing our budget (via cuts or new revenues) the most important thing to me is scraping our entire tax code and coming up with something that’s fair, transparent/simple and loophole free. Until that happens individuals can not be treated fairly.
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1. You want them to start pinching pennies from everywhere possible yet you don't think 2 billion is worth going after? This is the sort of mentality that got us to spend 2 billion here, 3 billion there and now we sit on 15 trillion debt. Make up your mind!
2. Did you fail to comprehend how the carried interest scheme works? When you and I take our money, invest, and hold assets for a year we get taxed 15% capital gains taxes for OUR gains. These fund managers getting paid 20% of the profits in their client's portfolio is fair. Paying themselves 20% of the profits and having to pay 15% capital gains tax rate on money they didn't invest themselves is complete and utter horse shit. With the way the game is currently rigged they can pay themsleves $1 and pay a flat 15% on a 4 billion yearly payday.