The Conservative Cave
Current Events => Economics => Topic started by: Chris_ on March 25, 2009, 11:11:45 AM
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Obama Asks Volcker to Lead Panel on Tax-Code Overhaul (Update2)
March 25 (Bloomberg) -- President Barack Obama is putting former Federal Reserve Chairman Paul Volcker in charge of a tax-code review aimed at closing loopholes, streamlining the law and generating revenue, budget Director Peter Orszag said.
Volcker, 81, who heads the president’s Economic Recovery Advisory Board, is being asked to take a top-to-bottom look at the laws in an effort to rebalance the tax system.
Orszag said the review, given a deadline of Dec. 4, is being ordered to make recommendations on steps to simplify the code, built over the last 96 years, in ways that would reduce tax evasion and what he called “corporate welfare.â€
“There are hundreds of billions of dollars in uncollected taxes each year,†Orszag said in a conference call. The Volcker board “will be examining ways of being even more aggressive on reducing the tax gap.â€
The tax gap is the difference between the amount of taxes owed by taxpayers and companies and the amount collected. Orszag cited academic studies suggesting that the difference is $300 billion or more. That is “ a lot of money,†he said, adding that the administration is going to be “as aggressive as possible†in reducing it.
"closing loopholes" = eliminating deductions
"streamlining the law" = tightening our grip
"generating revenue" = tax increase
"rebalance the tax system" = The "rich" will pay even higher rates, while those who pay no taxes will get "refunds". Socialism, plain & simple.
Remember folks, "dirty" Harry Reid says paying taxes is voluntary. :whatever: :mental:
MORE (http://www.bloomberg.com/apps/news?pid=20601087&sid=a8yCQsJfpb24&refer=home)
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WTF is an 81-year old man doing screwing around with reviewing tax law?
Shouldn't that guy be drooling into his blankie about now? Having somebody change out his Depends twice a day? Taking a nap in the afternoon?
How many millions of dollars is The Exalted One gonna pay for this exercise in futility?
Don't get me wrong - I think the tax code is understandable only by those who write it - and our congress critters don't write those things. Therefore, shitcanning the whole damned thing and starting all over starts looking pretty attractive.
But to have the process of having a review done by a guy who's just a couple heartbeats away from checkin' out doesn't look promising....
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Maybe 0 needs to work on getting the DemonRatics in congress and in his administration to actually pay the taxes that they owe. That should help some with "generating revenue".
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WTF is an 81-year old man doing screwing around with reviewing tax law?
Shouldn't that guy be drooling into his blankie about now? Having somebody change out his Depends twice a day? Taking a nap in the afternoon?
Volker is all paid up on his taxes.
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Volker is all paid up on his taxes.
That does make him stand out in a crowd of dims, don't it?
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I guess this just leaves us still hoping for change as 0Bama brings in another Washington retread. :evillaugh:
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oN HIS BEST DAY, i HAD NO USE FOR volker. Volker helped run up interest to 18-20 % on home mortgagesc as a was to CURB INFLATION!!! Failing to see that Carter was going to do NOTHING and that high interest had become THE driving force behind inflation.
Unlike fine wine, 20+ years aging has not improved him.