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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: Elroy who wrote (467251)	1/25/2012 12:05:42 AM
From: Elroy	Read Replies (1) \| Respond to of 793552

Obama: High-Earners Should Pay 30% of Income as Tax bloomberg.com President Barack Obama called on Congress to require the highest U.S. earners to pay at least 30 percent of their income in taxes, building on his election-year push for what he terms economic fairness. The president’s proposal in his State of the Union address tonight would create a minimum tax on income exceeding $1 million. That floor would be established in part by eliminating high earners’ deductions for mortgage interest, health care, retirement and child care. Given congressional gridlock, there is little chance of its enactment this year. Interesting. My understanding is that the current AMT doesn't apply at all to income that is derived exclusively from long term capital gains... Instead of raising taxes on investment income, the Obama proposal would create a new 30 percent alternative minimum tax for high earners, said an administration official at a White House briefing prior to the speech. The official wasn’t authorized to speak publicly.

To: Elroy who wrote (467251)	1/25/2012 12:06:51 AM
From: Stan	Respond to of 793552

Deducted from income.

To: Elroy who wrote (467251)	1/25/2012 1:25:09 AM
From: Jorj X Mckie	6 Recommendations Read Replies (2) \| Respond to of 793552

Many churches run schools and hospitals and special care institutions. Truly charitable activities. And if the church is paying for them, then the government is not. Why shouldn't they be deductible?