Business forum: A broken tax code and how to fix it

  • Article by: JIM GRAVES
  • Updated: March 24, 2013 - 1:41 PM

In a recent interview, J.W. “Bill” Marriott told the Wall Street Journal that corporate taxes should be lowered “because you want companies to reinvest in innovation, in growth, in technologies.”

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floridascottMar. 24, 1310:59 PM

That's all well and good, but do you know how many people the federal government needs to employ to keep our current tax codes in place? That's why nothing will ever really change.

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mikesavickMar. 25, 1310:58 AM

I mostly agree with these positions with one change. Remove the yearly cap on Social Security payments and establish a life time cap. Some individuals make large sums of taxable money in a short time frame and little over the rest of their life time. Athletes are one example. Some authors, actors or inventors might make large sums at the end of their careers and not much early in their work lives.

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mikesavickMar. 25, 13 3:10 PM

I mostly agree with these positions with one change. Remove the yearly cap on Social Security payments and establish a life time cap. Some individuals make large sums of taxable money in a short time frame and little over the rest of their life time. Athletes are one example. Some authors, actors or inventors might make large sums at the end of their careers and not much early in their work lives.

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mikesavickMar. 25, 13 3:12 PM

Corperate and public accountants would also lose employment if the tax code were simplified.

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Steve SteveMar. 26, 13 5:23 AM

I was agreeing with everything until he got to Chained CPI. The elderly and disabled will not be able to live on this. They paid for their benefits during all the years they were working. Their contributions were not chained to the CPI,so their benefits shouldn't be either. Instead, the benefit increases should reflect the real cost of living (food, clothing, gasoline, utilities).

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hjlazniMar. 27, 1312:02 PM

Mr. Graves, there is only so much Monopoly money in the system at any one time and the issue is; who is holding how much of the money. The more money is held by fewer people the less chance the system works unless assets like money and other holdings, are taxed instead of income. A person with holdings of millions, who rent 9 homes around the world with no income, living on their bank account money pay no tax. A common Joe, owning a home in a low paying job still pays real estate taxes on his home. If someone has lots of assests and is not investing the assets into economic growth activities then they need to be taxed on their assets. The focus should be on growing the economy, not punishing people for making income. If someone earns $400,000 and uses the money to pay for his kids surgery he has not increased his assets. If another person earns $400,000 and uses it to buy stock from someone else he should be taxed on such assets. We need to spread the money around so people will have money to buy stuff and grow the economy.

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buttlesMar. 29, 13 9:18 PM

I suppose the support Chained CPI is a result of the DCCC deciding to get involved in his next campaign. Mr. Graves needs to consider that, no matter how awful Bachmann is, there are a lot of us who would have a hard time supporting any candidate who advocates cuts to Social Security and chained CPI is a cut to benefits. If they want to change the way COLAs are calculated then start including items that seniors spend their money on - prescription drugs would be a good place to start.

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jzwiebelApr. 11, 13 1:05 PM

I hope that Graves will change his mind on chained-CPI. I also think "means testing" for Medicare is a mistake in that it transforms the program into a quasi-welfare program rather than an earned benefit. I would like to hear more about the disincentives of double-taxation on corporate dividends. I do not see this as a problem and I don't see how it would encourage corporations to declare more dividends. The elimination of certain tax credits would mean no credits for solar installation, so I disagree there, but perhaps it would be a wash since oil and gas depletion would also be eliminated. I don't think so. I'm not a balance budget freak. Sometimes it needs to be in deficit, but the Republicans have abused that need plunging our country into debt, so if a balanced budget is the only way to control the Republican waste, then I'd support it. I'm glad to see someone promulgating rules that might fix our deficit problem. I've contributed to Graves 2014 campaign.

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