Why is It So Quiet?
- Thread starter Yagents
- Start date
- 15,319
If you have nothing good to say, it's better to say nothing.
Rick
Rick
Look Hollywood, we discussed this on the phone, I told you why
what number is about 100?... can I pay a 2600 house payment at walmart like my clients pay their 6 cent health insurance premium?
- 1,304
All of the above.
Its SUMMER. I got 1 email today. And 1 call (but it was a repeat of the email). Everyone is on vacation, our clients are on vacation.
Plus, we jump all over the new people so bad, we are probably scaring any new blood off.
There really isn't much to talk about, how many times can the same threads essentially be repeated?
I know that starting October 15th I will be slammed for 4 months, this is a good time to relax a little although I've written a couple of QLE's this week and a life case (all from my client base)-if that happened every week throughout the year I'd be very pleased.
And, I'm also spending lots of time pondering how to spend the enormous commission I received today from Aetna for my first subsidy-based application with them. It isn't easy figuring out how to divide up that $3.75 but I think if I give it enough thought the best choice will eventually pop to the surface...
I know that starting October 15th I will be slammed for 4 months, this is a good time to relax a little although I've written a couple of QLE's this week and a life case (all from my client base)-if that happened every week throughout the year I'd be very pleased.
And, I'm also spending lots of time pondering how to spend the enormous commission I received today from Aetna for my first subsidy-based application with them. It isn't easy figuring out how to divide up that $3.75 but I think if I give it enough thought the best choice will eventually pop to the surface...
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CBO report I read today. I think sums up why the government is killing employer sponsored health insurance. They just can’t come out and say they will be 250 Billion a year ahead in tax revenue if they kill it.
Copy of the full report is here.
http://www.cbo.gov/sites/default/files/cbofiles/attachments/45010-breakout-Chapter4.pdf
Economic and Distributional Effects of Tax Expenditures
Tax expenditures are generally designed to further societal goals. For example, the tax expenditures for health insurance costs, pension contributions, and mortgage interest payments may help to promote a healthier population, adequate financial resources for retirement and greater national saving, and stable communities of homeowners. However, tax expenditures have a broad range of effects that may not always further societal goals. They may lead to an inefficient allocation of economic resources by encouraging more consumption of goods and services receiving preferential treatment; they may also subsidize activity that would have taken place without the tax incentives. Moreover, by providing benefits to particular activities, entities, or groups of people, tax expenditures increase the size and scope of federal involvement in the economy. Tax expenditures also reduce the amount of revenue that is collected for any given set of statutory tax rates—and therefore require higher rates to collect any chosen amount of revenue. All else being equal, those higher tax rates lessen people’s incentives to work and save, decreasing output and income. Tax expenditures are distributed unevenly across the income scale. When measured in dollars, tax expenditures benefit higher-income households much more than lower-income households. As a percentage of people’s income, tax expenditures benefit the highest-income and lowest-income households to a greater extent than they benefit households in the middle of the income distribution.
The Largest Tax Expenditures
CBO estimates that the 12 largest tax expenditures will account for almost three-quarters of the total budgetary effects of all tax expenditures in fiscal year 2014 and will total about 6.5 percent of GDP over the period from 2015 to 2024. Those 12 tax expenditures fall into four categories: exclusions from taxable income, itemized deductions, preferential tax rates, and tax credits.
Exclusions From Taxable Income.
Exclusions from taxable income account for the greatest share of total tax expenditures. The largest items in that category are employers’ contributions for their employees’ health care, health insurance premiums, and long-term-care insurance premiums; contributions to and earnings of pension funds (minus pension benefits that are included in taxable income); Medicare benefits (net of premiums paid); profits earned abroad, which certain corporations may exclude from their taxable income until those profits are returned to the United States; and capital gains from assets that are transferred at the owner’s death. The exclusion of employers’ health insurance contributions is the single largest tax expenditure in the individual income tax code; including effects on payroll taxes, it is projected to equal 1.6 percent of GDP over the 2015–2024 period. The exclusion of pension contributions and earnings has the next-largest impact, generating net tax expenditures, including effects on payroll taxes, estimated to total 0.9 percent of GDP over the same period. The tax expenditures for the exclusion of Medicare benefits, for the deferral of corporate profits earned abroad, and for unrealized capital gains at death are projected to equal about 0.5 percent, 0.3 percent, and 0.3 percent of GDP over the coming decade, respectively.
Copy of the full report is here.
http://www.cbo.gov/sites/default/files/cbofiles/attachments/45010-breakout-Chapter4.pdf
Economic and Distributional Effects of Tax Expenditures
Tax expenditures are generally designed to further societal goals. For example, the tax expenditures for health insurance costs, pension contributions, and mortgage interest payments may help to promote a healthier population, adequate financial resources for retirement and greater national saving, and stable communities of homeowners. However, tax expenditures have a broad range of effects that may not always further societal goals. They may lead to an inefficient allocation of economic resources by encouraging more consumption of goods and services receiving preferential treatment; they may also subsidize activity that would have taken place without the tax incentives. Moreover, by providing benefits to particular activities, entities, or groups of people, tax expenditures increase the size and scope of federal involvement in the economy. Tax expenditures also reduce the amount of revenue that is collected for any given set of statutory tax rates—and therefore require higher rates to collect any chosen amount of revenue. All else being equal, those higher tax rates lessen people’s incentives to work and save, decreasing output and income. Tax expenditures are distributed unevenly across the income scale. When measured in dollars, tax expenditures benefit higher-income households much more than lower-income households. As a percentage of people’s income, tax expenditures benefit the highest-income and lowest-income households to a greater extent than they benefit households in the middle of the income distribution.
The Largest Tax Expenditures
CBO estimates that the 12 largest tax expenditures will account for almost three-quarters of the total budgetary effects of all tax expenditures in fiscal year 2014 and will total about 6.5 percent of GDP over the period from 2015 to 2024. Those 12 tax expenditures fall into four categories: exclusions from taxable income, itemized deductions, preferential tax rates, and tax credits.
Exclusions From Taxable Income.
Exclusions from taxable income account for the greatest share of total tax expenditures. The largest items in that category are employers’ contributions for their employees’ health care, health insurance premiums, and long-term-care insurance premiums; contributions to and earnings of pension funds (minus pension benefits that are included in taxable income); Medicare benefits (net of premiums paid); profits earned abroad, which certain corporations may exclude from their taxable income until those profits are returned to the United States; and capital gains from assets that are transferred at the owner’s death. The exclusion of employers’ health insurance contributions is the single largest tax expenditure in the individual income tax code; including effects on payroll taxes, it is projected to equal 1.6 percent of GDP over the 2015–2024 period. The exclusion of pension contributions and earnings has the next-largest impact, generating net tax expenditures, including effects on payroll taxes, estimated to total 0.9 percent of GDP over the same period. The tax expenditures for the exclusion of Medicare benefits, for the deferral of corporate profits earned abroad, and for unrealized capital gains at death are projected to equal about 0.5 percent, 0.3 percent, and 0.3 percent of GDP over the coming decade, respectively.
