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Politics : Mainstream Politics and Economics -- Ignore unavailable to you. Want to Upgrade?

To: research1234 who wrote (38416)	2/4/2013 11:27:48 AM
From: i-node	2 Recommendations Respond to of 85487

I can guarantee you that if the Reps had control of the House, Senate and Pres, any tax overhaul would be filled with give aways to Republican friends, with just enough Dem give aways to make it look bipartisan. Pretty much what happened when the last overhaul was done in the 1980's under Reagan. You mean when Section 469 was enacted to prevent offsetting real estate rental losses against ordinary income? Or when the favorable treatment for long term capital gains was eliminated? Or when rate schedules were flattened in exchange for eliminating deductions -- the so called "loophole"? Or with the elimination of various investment tax credits -- more so-called "loopholes"? Or the installation of insane, ridiculous recordkeeping requirements in an effort to control auto expense deductions for business? Or the elimination of the "three martini lunch"? Which of these provisions exactly are you referring to? TRA86 was totally a compromise between Reagan and Tip O'Neill. Revenue neutral. And eliminated TONS of special favor loopholes that had been installed by Congress -- Left and Right -- over a period of 25 years or longer.