Quote:
Originally Posted by Jamo
Actually, let's wrap this up.
PMs, Facebook, emails...all available for further discussion. thanks.
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Sorry Jamo, I was late to the discussion.
David, thanks for taking the time to represent the little guy on the hill. I have a small business (revenue under 5 mil.), and have a couple of suggestions. First, it was great seeing you and the guys while picking up the flip-top.
Simplify the taxation of capital gains: The income tax currently imposes at least eight different effective tax rates on capital gains, depending on the taxpayer’s regular tax rate, how long an asset was owned, the type of asset, and whether the taxpayer owes AMT. The IRS provides three different worksheets, one with 37 lines, to help taxpayers calculate their tax on capital gains. Allowing a percentage exclusion for long-term gains (and perhaps other kinds of gain) and applying regular tax rates to the rest would sharply reduce the complexity of returns while maintaining different treatment for different kinds of gain.
Combine tax incentives to save for retirement: Workers can currently save for retirement in various ways that receive different tax treatment; these include deductible, nondeductible, and Roth Individual Retirement Accounts, regular and Roth 401(k)s and similar plans, and traditional employment-based pension plans. Each type of saving has its own eligibility requirements, income limits, and tax benefits, which complicates the task of choosing among them. Combining existing options into fewer alternatives and setting the same income limits for all would simplify workers’ choices and reduce the cost of administering so many programs.
Good luck, say hello to Obama for me. Peace, Darren
PS. Thanks for allowing me to take the billet car for a spin. Very cool.