If you care about the direction this country is heading, and really care about truth, then read this article.Â It exposes a lot of the lies that many people in Congress and beyond tell about our economic situation and taxes in America.Â Doesn't matter which side of the aisle you're on, they are both guilty of lying and pandering when it comes to these issues.Â Â This piece is not partisan, relies on actual data and is written by a gentlemen, David Cay Johnston, also known as the 'de facto chief tax enforcement officer of the United States".Â He's also won a Pulitzer Prize for his exposing of tax loopholes and inequities.Â They don't give those away for lying.Â
Two simple solutions that could be accomplished quickly andÂ are extremely fair to everyone:
Change the way hedge fund managers' income is taxed.Â It's been tried before, and both Dems and Repubs have shut the attempts down, crying out for the poor, persecuted hedge fund managers like they were children dying of starvation and disease on one of those Sally Struthers commercials-thons.Â There is no reason for these people to pay a starting tax rate of 15% on income before tax deductions.Â NO REASON IN THE WORLD.Â The top twenty-five hedge fund managers brought home a combined $22.07 billion in 2010.Â That's just the top 25.Â And I say they should pay the same rate as other people in their income brackets.
Change the way professional real-estate investorsÂ are taxed.Â I work in the investment business and none of my clients can use their losses on investments like depreciation against their cash income that brings their taxes to zero.Â Donald Trump, possibly the next GOP candidate for President, did not pay any taxes for two years because of this loophole.Â Zip, nada, nothin'.Â
Forget about raising the highest income earners tax rate.Â Just make some of the richest people in the US pay it.Â I have heard that if just these two things were fixed, they would more than take care of our national deficit.Â Then, maybe we can start tackling corporate welfare.Â