January 2, 2012
Common ground is hard to come by in Washington these days, but everyone, it seems, hates tax “loopholes.” Democrats claim they rob the government of revenue and benefit the rich. Republicans say tax loopholes distort free markets by letting the government pick winners and losers, thereby potentially introducing artificial and undesirable incentives.
Indeed, during the 2012 presidential race, Republican vice presidential nominee Paul Ryan attacked tax loopholes for [...]
President Obama released his FY 2013 budget [Monday] morning. By his own numbers, his budget raises net taxes over the next decade by $1.56 trillion (Table S-9, page 225). As a percentage of the economy, tax revenues would rise all the way to 20.1% of GDP in 2022, far higher than the historical tax revenue average of 18.3% of GDP (Table S-1, page 205).
Here are some of the tax lowlights:
From The Reformed Broker:
Regular readers know I’m post-political, I find both parties to be equally useless and distasteful and Obama in particular to be well-meaning but misguided.
So don’t take this as a partisan shot, just take it as frustration with something that I think could be a mess for the equity markets.
The President released his fiscal year 2013 budget this morning, he’s looking to raise tax revenue as a percentage [...]
Romney’s 15-Percent Problem
Alec MacGillisJanuary 17, 2012 | 3:09 pm
Would it be possible for Mitt Romney to handle the problem of his tax returns any worse than he has? By withholding them as he has, he has built up anticipation among political reporters who could generally care less about such matters. Romney’s equivocating answer in the debate last night about whether he would release the returns sent Fox News’ audience-response “hedge-ometer” [...]
Q: How much longer will the 0% capital gains tax rate exist for lower-income investors?
A: The idea of paying no taxes on your capital gains is an appealing one for most investors.
And based on current tax law, it’s very possible for many. For taxpayers who are in the 10% or 15% tax brackets for ordinary income, the maximum tax they’d owe on stocks and mutual funds sold for a gain [...]
The economic malaise is the result of the fact that people who have [resources to invest] are unwilling to take the risks, because there is no certainty, there is no conviction, on the part of the government, to leave us alone.” It’s not as crazy as it sounds, Jonathan Berr writes.
That is against President Obama, who wants to restore the capital-gains rate to 20 percent – [...]