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BillRaabeTax

  1. Corporate income #tax #reform. Prospectively drop the top rate to 25% effective during 2012. Growth, jobs, investment. youtu.be/ES1SVR6bxF8
  2. #Tax fairness: Good point, Zuckerberg could pay no tax, receive refundable credits if he lived off portfolio borrowings, no current tax inc.
  3. #Buffet #rule: Doesn't bring in enough revenue to replace existing #alternative minimum #tax. Works only if it is a super AMT bracket.
  4. #Buffet #rule: Every adult, no matter age and income level, must pay some federal inc #tax. Too many pay $0, avg $77. youtu.be/Nl9ZdFO-qYE
  5. #Buffet #rule: OK if the top rate on $1M taxable inc replaces the current #AMT. If it is another rate on the existing AMT, not good enough.
  6. Corporate #tax rate cut should not be a revenue raiser. Cut total tax collections to attract overseas investors and create/keep #jobs in US.
  7. Don't add #extenders and #AMT patches to list of #tax provisions considered during lame duck session at the end of the year. Do them now.
  8. We don't want to be Number One in highest federal #corporate income #tax rates! But US becomes that on April 1. Bad news for US economy.
  9. Free #tax preparation, e-filing and direct deposit, at #VITA sites. Trained volunteers do your state and federal tax. youtu.be/FsQcdUgWbVI
  10. #Estate #tax after 2011: Keep current exemption and portability. Add higher bracket for super-rich estates. Then don't change for 25 years.
  11. Obama budget bill: Still no cuts for the corporate income #tax rates. Give up manufacturing deduction and some narrow credits to get cuts.
  12. Rationale for low #tax on cap gains: offset income bunching, inflation relief, contra inflexible asset lock-in. NOT reward for invest risk.
  13. #Tax results of stock #options: Facebook Corp may never have to pay any fed corp income tax, because its deduction for his options is huge.
  14. Before adopting #Buffett rule: Let's see her tax return. Disclose her income and tax computation. That way we can compare apples and apples.
  15. #Romney's #tax returns: Congress now must convert carried interest to ordinary income rates. He would have paid lower rate without the #AMT.
  16. Romney pays 15% #tax rate. Yours? Not marginal rate, your "tax bracket," say 25%, but your average rate, say 8%: fed+state inc tax / income
  17. Tough question: When must prez candidate release #tax returns? Hilary, Kerry delayed. Gingrich is releasing now, mainly to force Romney to.
  18. How to close the #tax gap: increase size of #IRS, could return $200 for every $1 spent, if used on technology, working smarter, more 1099s.
  19. WSJ bad headline 1/10: #Passthrough entities are not "tax free," they shift #tax to owners. The income is taxed, just not to the business.
  20. Congrats Canada, did not reneg on its 5-year corp income #tax rate cut. Now the lowest in G7 at 15%, little revenue loss. More cuts next: UK