I would gladly tell you about it, but we have to evacuate right now. We are in do you mind area which has received the most of the warnings from the is where you decide we have to go to a much safer place. And after that, we can talk about the updates or i think he will leave you that will make sure that you get to safety. I just want to give a quick recap to our audience as where watching we know at this stage that at least 700 is rileys, have been injured and the death toll in guys that has been continuing to rise. We believe its now more than 500. 00. I do want to warn out audience that phase some harrowing pictures, were seeing children being taken out of the rubble. Its. Its very difficult to watch. We always knew that this was going to be a rule. I mean, it was declared officially last night by the is riley cabinet in many ways. Sorry, i, i want to ask you this. This is seemingly united israel and its Political Parties. You know, in the mail. We say it whenever there is a theory
Cost of tax reductions. The alternative minimum tax is 28 . If your tax rate was lowered to 25 . You still have to pay 28 . That is correct. For incomes between to london thousand dollars and 500,000, the effective tax rate is 35 . You hit the 35 rate and incomes fire lower than the income levels at which you would hit the 35 rate and regular tax. Why do they call it a patch . It is a one time year by year patch to stop the broad expansion. You could ask why they call it a cliff. They have discussed this in terms of the patch. It is a year by year increase in the exemptions. The patches nothing but the increase in the a in the exemption to prevent tens of millions of people from being forced to fill up the return you have. The only thing i would add is the package, what makes this so critical in the fiscal cliff discussion, is we are talking about the past for the 2012 taxable year. Unlike the rest of the fiscal cliff which effects rates that will apply next year. The patch applies for
Lets change our International Tax system to move to a modified territorial system which is what most of the world does which means pay tax locally on your earnings and if you want to bring it back to your home country bring it back taxfree unless where you pay tax as a particularly low tax rate have to grow set up to a minimum so if someone sets up a zero tax payment you still have to pay taxes to bring the money back but the place the charges 25 tax like our competitors you bring it back taxfree so that is our framing. Lets lift up, take this bipartisan support around a party should to build america act and potentially do something bigger like take the insolvency of the table for six years and give us time to fix it, take some of the money and create the american infrastructure fund. This way we will walk away with the clear net increase in the money in this country to create the jobs and make ourselves more competitive and at the same time fix this International Tax system so money c
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