The Fiscal Cliff

[frank ryan]

Any of various plump, chickenlike game birds of the family Tetraonidae...or to complain.

You live in the intermountain west and you don't know grouse? You are an Irish commie! Ask a question like that in any other Utah County than Utah, Salt Lake, Davis or Weber and you are likely to get your buns taped together.

Lol lol! Those other counties are scary, some of them don't contain any people.

[Goatnapper'96]

I have a question about entitlements.

There is a lot of talk about "cutting entitlements". I don't know that I've heard any specifics on what "entitlements" deserve to be cut, and how much it would save us. I have done some investigation and come up with some ideas, but I'm not sure I'm looking at the right data.

Can anyone enlighten me?

Social Security and Medicare are the likely two by making the qualification (i.e. retirement age) higher and means testing it so that rich folk like '71 don't get more than their fair share.

[byu71]

I'll bet there are a lot of valedictorians of Harvard Law that you would think are dumbasses. The two are not likely to be mutually exclusive.

Dang, this is getting fun. Client just walked in though so I will have to depart and get taken apart without being able to respond.

[U-Ute]

Social Security and Medicare are the likely two by making the qualification (i.e. retirement age) higher and means testing it so that rich folk like '71 don't get more than their fair share.

Hey. Its not our fault. The baby boomers should've had more kids!

[Goatnapper'96]

Lol lol! Those other counties are scary, some of them don't contain any people.

Wayne County sent one hell of a hottie to play hoops for the BYU women's team in the middle of the past decade.

I might be in the minority but I prefer counties where the bovine outnumber the humans by at least 10-1. Cranky, whiny old farts like '71 screw up my karma.

[old_gregg]

Good point. Same would be true if instead of the valedictorian you were just a plain ole dumbass.

I personally am betting on dumbass.

bet either way, it has no bearing on whether or not it is a worthwhile debate to have (it's not). i'll look forward to the bubble that's coming! when can i expect to see you on one of those doomsday preppers shows?

[Goatnapper'96]

Hey. Its not our fault. The baby boomers should've had more kids!

Their destruction to the US Republic does not end there but they vote and vote very high on the "empathy" factor.

They should have voted less and humped more without any of that expensive birth control shit that is now free.

[Bo Diddley]

Probably a little more cranky than normal today. I can't find anyone who can give me "numbers" when it comes to the itemized deduction "cap".

My best source for this stuff is on vacation. Don't blame her. She probably got a ton of calls today.

If you read the text only from HR 8, you're led to believe that they're capping itemized deductions at a certain dollar amount. What you really need to do is go to the US Code and see how the numbers are plugged in, and what they mean.

26 USC § 68 - Overall limitation on itemized deductions

(a) General rule

In the case of an individual whose adjusted gross income exceeds the applicable amount, the amount of the itemized deductions otherwise allowable for the taxable year shall be reduced by the lesser of—

(1) 3 percent of the excess of adjusted gross income over the applicable amount, or

(2) 80 percent of the amount of the itemized deductions otherwise allowable for such taxable year.

(b) Applicable amount

(1) In general
For purposes of this section, the term “applicable amount” means $100,000 ($50,000 in the case of a separate return by a married individual within the meaning of section 7703).

(A) $300,000 in the case of a joint return or a surviving spouse (as defined in section 2(a))

(B) $275,000 in the case of a head of household (as defined in section 2(b))

(C) $250,000 in the case of an individual who is not married and who is not a surviving spouse or head of household, and

(D) 1/2 the amount applicable under sub-paragraph (A) (after adjustment, if any, under paragraph (2)) in the case of a married individual filing a separate return.

So when you put it all together, they haven't significantly changed the cap on itemized deductions. In part what they've done is to update the dollar amounts due to inflation.

[byu71]

If you read the text only from HR 8, you're led to believe that they're capping itemized deductions at a certain dollar amount. What you really need to do is go to the US Code and see how the numbers are plugged in, and what they mean.



So when you put it all together, they haven't significantly changed the cap on itemized deductions. In part what they've done is to update the dollar amounts due to inflation.

That would be great. I just have a brain fart reading through that stuff. I sure as heck don't have my skills from 40 years ago when I was a CPA. Thanks for the help.

[byu71]

bet either way, it has no bearing on whether or not it is a worthwhile debate to have (it's not). i'll look forward to the bubble that's coming! when can i expect to see you on one of those doomsday preppers shows?

I asked a simple question, I didn't say, hey let's debate this. As a matter of fact, in the future you don't need to reply to any of my questions. I don't think you add much value .

[old_gregg]

I don't think you add much value .

and i think your political philosophy is myopic and silly.

[LA Ute]

that's because it's a stupid question

You're smarter than that.

[LeedsCougar]

And this is why I think we should get back to the days of property rights and votes. If you don't pay federal income tax, you don't get a vote. They have no financial skin in the game, other than the taxpayers skin.

via a galaxy s3 far far away

Hey mate, you'd be a damn good old country brit i'd say. back to the ole aristocracy, eh? you shan't pay a quid in taxes yourself yet you whinge on about voting rights. hate yourself much?

[happyone]

Yea, pretty dumb idea to vote based on wealth. Kind of the reverse of letting those who don't pay taxes decide whether those who do should pay more.

I would be willing to give those who serve in the military two votes.

My extra one wouldn't change any elections I'm likely to be a part of (Davis County)

[NorthShoreCoug]

I've heard a bit of grousing about Mike Lee on CUF. He isn't my senator, so I don't pay that much attention to him, so I've not had a strong opinion on him. But I just listened to comments he made about why he was one of only 8 senators who voted against the fiscal cliff bill, and his response made me a bit of a fan of his.

http://youtu.be/0yE-07Sx2Ug