tag:blogger.com,1999:blog-8512200.post1135112889687366687..comments2024-02-05T07:49:38.601-08:00Comments on <big><big>The Gyromantic Informicon</big></big>: Cut the debt? Some ways to raise revenue short of straight tax increases, to be followed by increased taxes on the richest AmericansDavid the Gyromancerhttp://www.blogger.com/profile/05251493765196671229noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-8512200.post-51196242523221244222011-03-14T03:33:31.720-07:002011-03-14T03:33:31.720-07:00In response, obviously these are just ideas, not v...In response, obviously these are just ideas, not vetted proposals. But to say that they are DOA because they fly in the face of special interests, I can only reply: well, of course, but you have to say what you think we should do; politics is the art of gaining enough political momentum in the form of demands for change from the people for special interests to be overwhelmed. Lately it hasn't been working so well. <br /><br />Scholars who've talked about what power actually is have reduced it to 3 things: the power of force; which comes down to military power; the power of wealth, which means buying what you want; and the power of mass opinion. The last is the only one available to popular movements. It's the whole basis of the theory of nonviolent struggle. If we, as the manipulated, hoodwinked, dumbed down, marginalized, and ripped off populace of America, are to start changing policies, we need a popular movement, a People's Party, that has some broad consensus going as to what it is we want. This hasn't happened yet, but I a hopeful that in the recent events in Wisconsin we may be seeing the beginnings. <br /><br />david studhalter, your auteur de web.David the Gyromancerhttps://www.blogger.com/profile/05251493765196671229noreply@blogger.comtag:blogger.com,1999:blog-8512200.post-87336767901266706262011-03-14T03:25:28.601-07:002011-03-14T03:25:28.601-07:00Interlineated comment received via e-mail from my ...Interlineated comment received via e-mail from my Prague correspondent, Barbara: <br />David,<br /> <br />You are probably right about all of these, but you have ignored all the lobbyists, so there will be modifications.<br /> <br /><br /> * Eliminate mortgage deductions except for one home, lived in by the taxpayer, and maximize the amount of the deduction itself at $3,000 for individual; $5,000 per couple; with no deductions for anyone with incomes over $200,000/400,000.<br /><br />This one is particularly prone to adjustments. The real estate lobby is extremely strong. Rather than a set dollar amount for the deduction, make the deduction a percentage of the assessed value of the property. Because $3000 and $5000 will rapidly become valueless with roughly 17 percent increases in the money supply each year. The 200,000/400,000 will also start to look puny at the rate we are going down the tubes. Again, I think a percentage is needed here. Perhaps a percentage above the mean income level, or something like that.<br /> <br /><br /> * Eliminate oil and gas tax breaks<br /><br /> <br />Best of luck.<br /> <br /><br /> * Eliminate corporate tax "loopholes," so that corporations actually pay taxes on incomes and profits <br /><br /> <br />Corporations run the world. This ain't gonna happen.<br /><br /> * Tax excessive oil and gas profits (Windfall Profits Tax)<br /><br /> <br />With a different Congress, this could fly.<br /> <br /><br /> * Eliminate most agricultural subsidies<br /><br /> <br />You need something more sophisticated here. Your target is agribusiness, not a small farm. Local growers need to be encouraged.<br /> <br /><br /> * Increase capital gains tax to 20%; and only up to portions of incomes up to $100,000 individual; $200,000 couple; above that level all income taxed at marginal rate. <br /><br /> <br />This pretty much screws people who are making a good income, but choose not to be aware of how comfortable they are. In fact, they consider themselves middle class. So this looks like Congress, especially Republicans, is screwing the middle class. It could fly. But beware the financial markets. They won't like this.<br /><br /> * Impose FICA taxes on all income, regardless of source; with no cap<br /><br /> <br />YES YES YES YES YES YES YES...I could go on and on. But what are the odds?<br /> <br /><br /> * Eliminate deductions for local taxes over a certain threshold<br /><br /> <br />Why? How many times do we have to be taxed?<br /> <br /><br /> * Tighten up on corporate taxes to eliminate tax havens overseas for corporations doing business here<br /><br /> <br />Again, you need a different Congress for this one.<br /> <br /><br /> * Impose modest transaction tax on securities trades (also discourages extremely short term trading, which makes markets more volatile)<br /><br /> <br />Who is your "which" here? Short-term trading? Financial markets not likely to buy this.<br /> <br />Them's my two cents for the day.David the Gyromancerhttps://www.blogger.com/profile/05251493765196671229noreply@blogger.com