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Are inequality & tax loopholes a big problem America?

inequality is destroying America.

Bernanke can talk about the growing inequality but there is little he can do about, says Mark Dow of hedge fund, Pharo Management, in this accompanying clip. Inequality is the result of an economy that favors the financially savvy and the globalization trend that has decimated our manufacturing sector.

Dow agrees with Bernanke that education is the key to closing the gap. Unfortunately, retraining and re-educating an aging workforce is a long and painful process. Plus, America is not attracting educated foreigners the way it used to. Globalization has tampered with that long-held tradition as well.

Third, Bernanke said we need to simplify the tax code, cutting rates and eliminating "loopholes."

This, he says, will incent people to make more investments

Answer Question
 
sweet-a-kins

Asked by sweet-a-kins at 2:55 PM on Dec. 6, 2010 in Politics & Current Events

Level 34 (67,502 Credits)
Answers (17)
  • “The tax code is very inefficient — both the personal tax code and the corporate tax code,” Mr. Bernanke said. “By closing loopholes and lowering rates, you could increase the efficiency of the tax code and create more incentives for people to invest.”


    Bernanke didn't specify whether eliminating "loopholes" includes eliminating the mortgage-interest tax deduction that everyone loves. Unless he's looking to get sacked, we assume he doesn't mean that. (But of course it should be eliminated, because it's just another housing-market subsidy, one that punishes people who choose to rent instead of buy...)

    sweet-a-kins

    Comment by sweet-a-kins (original poster) at 2:55 PM on Dec. 6, 2010

  • sweet-a-kins

    Comment by sweet-a-kins (original poster) at 2:56 PM on Dec. 6, 2010

  • going crazythrowing upbanging head into wall

    Anonymous

    Answer by Anonymous at 2:59 PM on Dec. 6, 2010

  • I agree with that actually. I'm for a flat tax with no deductions or loopholes. Unfortunately, it would be hard to stop loopholes. That's what CPAs are for LOL
    itsmesteph11

    Answer by itsmesteph11 at 2:59 PM on Dec. 6, 2010

  • I don't think we need to close loopholes...we need to overhaul the entire thing.

    And...even if we did have a fair tax structure...we'd still be stuck with the idiots who are wasting our hard earned money. Seems like we've got a long road ahead of us.
    UpSheRises

    Answer by UpSheRises at 3:04 PM on Dec. 6, 2010

  • Inequality? No. Not everyone is going to be good at everything. Does the fact that someone is not good at investing mean they are unequal to someone that is? No. There are other ways to make money.

    Tax Loopholes-yes absolutely.
    lovinangels

    Answer by lovinangels at 3:08 PM on Dec. 6, 2010

  • You know what's destroying this country? It's not the "evil rich"......it's Class Envy.

    SavageGrl

    Answer by SavageGrl at 3:13 PM on Dec. 6, 2010

  • I don't think it is fair that the rich have so called tax loopholes that people like to say any more than the lower income never having to pay a dime towards taxes. Everyone should pay, the lower income included. We have a lot of gov't programs that spend money on the lower income, shouldn't they help pay for some of it? Just saying.
    tony1638

    Answer by tony1638 at 3:18 PM on Dec. 6, 2010

  • I agree with a lot of that. Complicated tax regulations do create inequalities by providing loopholes and hidyholes for those with good accountants. Also, those in specific jobs like sales can pay less taxes than someone who is salaried but making the same wage because of write-offs and so on.
    SuperChicken

    Answer by SuperChicken at 3:30 PM on Dec. 6, 2010

  • Inequality? No. Not everyone is going to be good at everything. Does the fact that someone is not good at investing mean they are unequal to someone that is? No. There are other ways to make money.

    Tax Loopholes-yes absolutely


    Inequality in that people that are just as capable and educated are being paid less and hired less...not unqualified people given jobs they can't succeed in

    sweet-a-kins

    Comment by sweet-a-kins (original poster) at 3:36 PM on Dec. 6, 2010

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