Our financial system is crumbling this week.

[Leroy]

I finally watched 'Too Big To Fail'. While I thought it was ok, I was prepared before hand to be totally disgusted. I really wasn't. When I watch MSNBC's 'House of Cards' I still get incensed. I think Cards did a better job of explaining what was going on with normal people and not the highest reaches of government and Wall Street.

[Hungary Jack]

For those of you worried about fiscal austerity, note that federal spening in 2011 will set a record, eclipsing 2010's record spending, which eclipsed 2009's record spending.

[Joe Shlabotnik]

For those of you worried about fiscal austerity, note that federal spening in 2011 will set a record, eclipsing 2010's record spending, which eclipsed 2009's record spending.

And where is it going? Wars and bankers. A lot of return on those investments.

[Leroy]

Does anybody really think that Warren doesn't have a team of lawyers and accountants to help minimize his taxes? And if he wants to pay more, I bet the IRS would take it.

[maddash]

Does anybody really think that Warren doesn't have a team of lawyers and accountants to help minimize his taxes? And if he wants to pay more, I bet the IRS would take it.

That's kind of a big part of his point though, isn't it? The tax code is inherently regressive because it rewards those who have a team of lawyers and accountants to help minimize their taxes. Does his secretary have access to those same resources? I would guess no.

[Leroy]

Does anybody really think that Warren doesn't have a team of lawyers and accountants to help minimize his taxes? And if he wants to pay more, I bet the IRS would take it.

That's kind of a big part of his point though, isn't it? The tax code is inherently regressive because it rewards those who have a team of lawyers and accountants to help minimize their taxes. Does his secretary have access to those same resources? I would guess no.

But on the other hand, does she need those resources to fill out a W-2 tax return (assuming that is the case)? I know of three free places on the web to fill out a 1040 and have used each at one time or another. And as much as I hate H&R Block, you should be able to get a return done for $150.

[heyzeus]

Does anybody really think that Warren doesn't have a team of lawyers and accountants to help minimize his taxes? And if he wants to pay more, I bet the IRS would take it.

His point though is that one wealthy person paying more taxes voluntarily would net the government a few million; All of the thousands of people earning over a million a year paying a higher rate (in line with even, say, the 90s) would net tens of billions.

[maddash]

Does anybody really think that Warren doesn't have a team of lawyers and accountants to help minimize his taxes? And if he wants to pay more, I bet the IRS would take it.

That's kind of a big part of his point though, isn't it? The tax code is inherently regressive because it rewards those who have a team of lawyers and accountants to help minimize their taxes. Does his secretary have access to those same resources? I would guess no.

But on the other hand, does she need those resources to fill out a W-2 tax return (assuming that is the case)? I know of three free places on the web to fill out a 1040 and have used each at one time or another. And as much as I hate H&R Block, you should be able to get a return done for $150.

I'm not sure what you're arguing here. If all she does is fill out a W-2, then she's not really minimizing her taxes, is she? Again, doesn't that make the tax code regressive?

[Leroy]

Yep, I get that. And to be honest, I don't have a problem with a tax increase.

But here is what I would like to see...set a tax rate maybe a tad below what it is, remove the complexity in the code, and make companies and people pay whatever their rate is. That would, if done right (which seems to never happen), would be a net tax increase.

And I don't want to get into a technical tax discussion, but there are a lot of breaks available to lower income taxpayers that are phased out for the higher income people. So neither Democrats or Republicans would let my idea fly for their own different reasons.

[longhornbaseball]

These are the actual marginal federal tax rates for single filers in the US. They include FICA taxes with regular income taxes, because they are effectively the same. The government would still be able to make SS and health payments with or without FICA taxes. Given our current economic situation, we are overtaxing the middle class.

[SHOW]