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Adi Venkata
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When i read the report, that's exactly what i was thinking. Why did Pexton not share his wisdom with the management and the readers when he was the ombudsman. Today is a bit too late ...
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Great article Professor & Judge. I think this is one of the most pragmatic analysis devoid of political shouting that i have seen in a long time. My point is that tax reforms has to start with the basic question. What is income? With the lower capital gains tax and dividend tax, government has created a class system in income and thus we are seeing a proliferation of loopholes and flight of income to capital gains (thru ESOPs). Instead of different rates, why not adopt the same rate and once the tax revenue hits a particular % of GDP (let's say 20%), the overall tax rate for all reduces. Between income classes & tax loopholes, they create the complexity of the American tax laws. Simplify it and most of the country will benefit from it
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The issue is not the marginal tax rate. The issue is tax loopholes and the number of exemptions. Unless government reforms exemptions & loopholes, they can go to 90% or even 99% tax rate without making much difference. I would suggest that govt limit exemption claims to $40,000 or 10% of gross income. What this does is to reduce avenues of exemption claims at the high income range. This along with 2 other factors - return to clinton era tax rates and reduction in govt spending as put forth by Pres. Obama or even the Simpson Bowles commission will create a better fiscal situation. Once public debt dips below 40% of GDP, please reduce top tier tax rates ...
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This is the question i want Obama to ask Romney in the debates: Gov Romney. You come from a family of prestige and private & public service. Your dad was a successful private sector executive, was Gov of a state, a cabinet secretary and ran for presidential candidate himself. You studied in the best of institutes. We both went to Harvard. You worked for prestigious firms like BCG and Bain. You started a very successful company for your investors. You oversaw Olympics and were a 1-term Gov. For a man of your stature, WHY DO YOU LIE? Isn't that supposed to be beneath your dignity? Why do your lie in such brazen and continous fashion? You wrote a book called "No Apologies" based on a lie? For someone who wants to get to the best job in the world - President of the United States, dont you think that they should hold themselves to a very high personal standards & integrity? Why, Governor, Why?
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Jun 28, 2012