NYTimes article on new millionaire tax benefits

[Guest EXPAT]

This is a good analysis on why the new small business tax breaks as it is currently written by the Republicans won't work yet again.

http://www.nytimes.com/2012/04/15/opinion/sunday/more-help-for-the-wealthy.html?_r=2

[JKane]

The thing that kills me is the average Fox "News" viewer fully in support of cuts that will directly affect them negatively, because they've been sold a bill of goods about how "one day" it could affect them too!

Meanwhile middle class and lower benefits are routinely slashed. Because THE DEFICIT, BOOGA BOOGA! But tax cuts for the "job creators" will pay for themselves--even though they never have before!

[RA1]

Some years back business had a tax incentive based entirely upon new hires. I don't know how well it worked in the grand scheme of things but surely there are statistics available regarding it. I see Reid has proposed something similar and even though I have not read the details, the idea seems right.

The billions that the Times article says would be collected by a "new tax" on those earning over 1 million a year would not support the current federal budget for even 1/2 day, so, while it is "something" it isn't very much. Symbolic or political is about the most I could say for it. ( I am not one earning over 1 million a year so I don't have a dog in that particular fight.)

The "throw away" line in the article that has my unabashed approval is the one about our tax code being in dire need of overhaul. This is something that has been tried many times before, all with very limited success. As soon as any new legislation is passed, various MOC start chipping away based upon their special interest groups. Too bad we don't have any pols with the guts to stand up for what is right.

Best regards,

RA1