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Much of what you think about the economy and how to fix it is probably wrong.

Posted by Curt Anderson 
Much of what you think about the economy and how to fix it is probably wrong.
October 05, 2017 07:36AM
One of my favorite shows is "Adam Ruins Everything". Host Adam Conover debunks conventional wisdom on various topics. His most recent episode is "Adam Ruins The Economy" which I believe you can see here: [www.youtube.com] and read his sources here: [www.trutv.com] The show airs on TruTV. Check local listings.

Adam explains why we Americans should not have to file tax returns---the government could do it for us. They already have our information. Tax preparation and software programs companies like H&R Block, etc. have successfully lobbied, paid and cajoled Congress into keeping income tax returns intentionally complicated. He also debunks misconceptions about the stock market, employment and explains why manufacturing jobs are gone and more.

He also skewers Jim Cramer's Mad Money.



Which car or truck should I buy?
Re: Much of what you think about the economy and how to fix it is probably wrong.
October 05, 2017 02:59PM
So, the government knows how many business miles Mirabeau drives, how much he pays for business insurance, health insurance and all other deductible expenses?

It is quite obvious the host of that program has never been self-employed.
Re: Much of what you think about the economy and how to fix it is probably wrong.
October 05, 2017 06:02PM
Of course it knows, tessy. It knows the distance from your shed door to the chicken coop. It knows that your business insurance is an old donkey to keep the Coyotes away. Not a difficult calculation.
Re: Much of what you think about the economy and how to fix it is probably wrong.
October 05, 2017 07:06PM
Quote
Mirabeau
So, the government knows how many business miles Mirabeau drives, how much he pays for business insurance, health insurance and all other deductible expenses?

It is quite obvious the host of that program has never been self-employed.

They gave that sort of example in the show. The government generally knows all that a person earns. The way it works now everybody submits their taxes and hopes the government agrees we did it right. The host is suggesting that instead the government should submit their figures to us. You then might write back and tell them, "I have a legitimate deduction you didn't know about...here's my gas receipts" and correct THEIR error. That's how it's done in some countries Most people don't have deductions of if they do they don't affect their tax payment. As the show noted some countries already have file-free tax systems [assets.documentcloud.org] where the burden is on the government not the individual.



Which car or truck should I buy?
Re: Much of what you think about the economy and how to fix it is probably wrong.
October 06, 2017 01:36AM
Mirabeau is in favor of doing away with ALL deductions, and having a commensurate reduction of tax rates for all. The problem is that now fully 50% of the people pay no income tax at all - up from the 47% Romney mentioned several years ago.

EVERYONE who has income - even welfare recipients - should pay income taxes. Each and every time the rate is raised for one bracket, it should be raised for ALL brackets.

Mirabeau is tired of the freeloaders getting to vote for higher taxes on everyone else when it does not affect them!
Re: Much of what you think about the economy and how to fix it is probably wrong.
October 06, 2017 01:43AM
Quote
Curt Anderson
One of my favorite shows is "Adam Ruins Everything".

I watch it too. (I'm not only about TWD.)


Quote

Adam explains why we Americans should not have to file tax returns---the government could do it for us. They already have our information.

You're missing the point that such would not be in our benefit.
Would you trust some else, who you have no authority over,
to handle you money for you? I would not.

Taxes are simple to do for the average person. It's simple math.
Perhaps not so much if you're involved in business & have to (want to) have certain deductions.[/quote]
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