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View Diary: Steven Rattner offers ideas on raising tax revenue and I respond (72 comments)

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  •  Rattner, revenue, etc. (2+ / 0-)
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    marleycat, RUNDOWN

    Nothing in his or your comments is especially disagreeable, but I think there are additional points to consider at leisure, that is, the “cliff/curb” response should be only a stopgap measure.  The tax code in its entirety needs to be reworked.  For now though since there may be some will to attack capital gains and dividends, they should be taxed as ordinary income (gasp!).  Let the Gaults go and the others weep and gnash.  There simply is no reason as Mr. Rattner seems implicitly to appreciate for treating income differently due to source.  It’s like the oil depletion allowance (which I think goes by a different name these days).  Because oil is a wasting asset, we must by policy encourage its exploitation thereby…doodah, doodah…Income is income and its differentiation upon some mythical basis/-es is welfare for those least in need.  

    I leave to wiser heads the selection of secretaries but enjoy the fantasy of Professor Krugman in some capacity for systemic effect.

    Below are thoughts from an earlier diary of my own which was unread, so I thought to share on the pretense of some slight relevance.

    As a trial lawyer (and later judge) I learned that when someone said "to be honest," "to tell the truth," "frankly," ad naus., I was about to be lied to. As a political science student later involved (slightly) in politics, I realized that when someone spoke of taxes or economics (of which I have only the crudest comprehension), I was about to be lied to. When our top income tax rate was 90%, I naively wondered how large an income would be required for comfortable existence on a mere 10% thereof. The reality is that the middle two thirds of us must support the government/society simply because the top won't and the bottom can't. There may be various means of affecting this reality to some small degree, but the fact is that the will does not exist to effect such change.

    PS While in law school campaigning for (in essence only) the governor of my state of residence, in a men's room I was introduced to the great man who was then standing at a urinal. He altered his positioning to offer me his dominant hand for shaking as I considered how appropriate that I shake that hand at that moment...

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