Replies to post #13352 on The Rising Influence of Rising Affluence

[10nisman]

OT

That's why some of us would be happy with a flat tax and everybody paying income taxes.

You do realize the inequality of a flat tax right? A flat tax would lead to even greater wealth inequality and more government subsidies for businesses. Two things we don't need. The percentage of Americans paying income tax today is roughly the same as it has been for the last 30 years. This is nothing new and there is no reason we should be hitting up retired Americans living off of social security with an income tax, etc.

If Buffett wants to pay more, he can send a fat check to the IRS anytime he wants. He hasn't so he should stop suggesting that others pay more. Same for Hillary.

Buffett has only suggested getting rid of the carried interest tax benefit that hedge funds, private equity, etc. receive. I don't see how anyone can honestly defend not removing the carried interest benefit --- Trump also agrees with removing it.

BTW my family has utilized rather expensive tax lawyers and it was indeed worthwhile, however, tax laws have NOT always been this complicated nor onerous. Tax law that allows Bill Clinton to deduct $5 a pop for his used undies is a stupid tax code.

Tax laws have gotten increasingly more complex since the 1986 reform act. I don't follow your used undies deduction however this isn't the result of one political party. I've spent considerable time playing with the IRC and Regulations as a Partner of a Big 4 firm and there's too many forces driving the complexity of the IRC. The reason why major tax reform tax years and years to get drafted, debated and finally passed into law.

10nis

[haysaw]

BTW my family has utilized rather expensive tax lawyers and it was indeed worthwhile, however, tax laws have NOT always been this complicated nor onerous. Tax law that allows Bill Clinton to deduct $5 a pop for his used undies is a stupid tax code

While it is common sense that tax laws and preparations were more straightforward than they are now, you are citing stories from 22 and 23 years ago re Bill's briefs. Or were they boxers ??

I'll classify that as a funny anecdote, but on a serious note, one has to wonder what is going on with Trump's taxes. I'm sure there are more stains in one tax year than there are in all Bill's undies combined. Nobody is more full of crap than Trump. Sorry to get carried away with the metaphors...