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Something guaranteed to scare the hell out of you…
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WoodlandsOwl Offline
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Something guaranteed to scare the hell out of you…
04-jawdrop Want to stop a Stock Market Rally? This will do it. Obama's idea of "tax simpiflication"---"give me all your money."

Obama Asks Volcker to Lead Panel on Tax-Code Overhaul

March 25 (Bloomberg) -- President Barack Obama is putting former Federal Reserve Chairman Paul Volcker in charge of a tax- code review aimed at closing loopholes, streamlining the law and generating revenue, budget Director Peter Orszag said.

Volcker, 81, who heads the president’s Economic Recovery Advisory Board, is being asked to take a look at the laws in an effort to rebalance the tax system.

Orszag said the review, given a deadline of Dec. 4, is being ordered to make recommendations on steps to simplify the code, built over the last 96 years, in ways that would reduce tax evasion and what he called “corporate welfare.”

“There are hundreds of billions of dollars in uncollected taxes each year,” Orszag said in a conference call. The Volcker board “will be examining ways of being even more aggressive on reducing the tax gap.”

The tax gap is the difference between the amount of taxes owed by taxpayers and companies and the amount collected. Orszag cited academic studies suggesting that the difference is $300 billion or more. That is “ a lot of money,” he said, adding that the administration is going to be “as aggressive as possible” in reducing it.

Obama made a tax overhaul part of his platform during the presidential campaign. One goal is to close loopholes that he said reward companies that move jobs overseas.

Task Force

Austan Goolsbee, a senior economic adviser to the president, will be named staff director of the task force, which will report back to Volcker, Orszag said. Members of the panel will include Harvard University’s Martin Feldstein, former chief economic adviser to President Ronald Reagan; Laura D’Andrea Tyson, a professor of economics at the University of California at Berkeley and former economic adviser to President Bill Clinton; Roger Ferguson, chief executive officer of Teachers Insurance & Annuity Association and a former vice chairman of the Federal Reserve; and William Donaldson, a former chairman of the Securities and Exchange Commission.

The task force is “open to consider any options of any sort that it sees fit,” Orszag said in the conference call. He said there was no revenue “target.” One of the goals is to do “a better job of collecting taxes that are owed.”

http://www.bloomberg.com/apps/news?pid=2...refer=home
03-25-2009 01:03 PM
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GGniner Offline
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RE: Something guaranteed to scare the hell out of you…
Quote:Roger Ferguson, chief executive officer of Teachers Insurance & Annuity Association and a former vice chairman of the Federal Reserve;

heard this guy speak last month, has a good sense of humor.

He is on Obama's Economic Recovery task force crap, said it was advisory. Good news: if it fails, he doesn't get blamed, bad news: if it fails he doesn't get credit was his take.

he mentioned then he'd later be working on Tax Policy

He could be nominated to replace Bernanke down the road, was the last Dem appointed Fed Governor I think.
03-25-2009 01:07 PM
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BlazerFan11 Offline
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RE: Something guaranteed to scare the hell out of you…
Quote:Obama made a tax overhaul part of his platform during the presidential campaign. One goal is to close loopholes that he said reward companies that move jobs overseas.

Yeah, close the "loopholes" so that they move even more jobs overseas to avoid paying more in taxes or raise their prices, and we lose even more tax revenue and consumers lose purchasing power. Brilliant!
03-25-2009 01:39 PM
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Owl 69/70/75 Online
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RE: Something guaranteed to scare the hell out of you…
(03-25-2009 01:39 PM)BlazerFan11 Wrote:  
Quote:Obama made a tax overhaul part of his platform during the presidential campaign. One goal is to close loopholes that he said reward companies that move jobs overseas.

Yeah, close the "loopholes" so that they move even more jobs overseas to avoid paying more in taxes or raise their prices, and we lose even more tax revenue and consumers lose purchasing power. Brilliant!

The one thing this will assure--and the only thing--is that when they do move their jobs overseas, nobody else is going to be willing to replace them.
03-25-2009 01:51 PM
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I45owl Offline
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RE: Something guaranteed to scare the hell out of you…
(03-25-2009 01:07 PM)GGniner Wrote:  He is on Obama's Economic Recovery task force crap, said it was advisory. Good news: if it fails, he doesn't get blamed, bad news: if it fails he doesn't get credit was his take.


He didn't allow for the possibility that it would work?















03-lmfao
03-25-2009 11:03 PM
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WoodlandsOwl Offline
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RE: Something guaranteed to scare the hell out of you…
What scares me the most about this is that by proposing a "tax overhaul" Obama is just giving Charlie Rangel an excuse to go crazy with the Tax Code.

And of course there is nothing in the House to stop the passage of some insane Bill.
03-27-2009 11:57 AM
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GGniner Offline
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RE: Something guaranteed to scare the hell out of you…
alot of the Stimulus money going to states, once its gone, will create programs than then the State's will have to find their own funding for. i.e. higher state taxes. which is what Palin, Sanford, Jindal...are rejecting stimulus money to for most part.
03-27-2009 11:59 AM
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