Wednesday, March 25, 2009

Redistribution of Wealth: Obama Asks Volcker to Lead Panel on Tax-Code Overhaul

Here comes the redistribution of wealth.

I'm all for fixing the tax code -- how about simplifying the code and letting Americans keep more of their money instead of sucking us dry of every last penny?

Oh right, I forgot, that would make it hard to fund your radical socialist agenda.

Team "O" also wants to destroy free market capitalism?

More proof of Obama's war on investors. Welcome to The United Socialist States of America (USSA).

My bad.

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.

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1 comment:

  1. I think you are reading way way too much in this panel. I think everyone knows the end game is a simplified code (I think even Republicans favor the flat tax). Mind you the level of progressivity is another issue but flattening and simplifying I think is something that could be done in a bipartisan matter. We'll see.

    Frankly I think Volcker is being underutilized here - he actually was my 1st pick for Treasury Secretary (I'm not going to pass judgment on Hermey the Elf after only 60 days - still early days)