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Ummm... NO. Earn more; pay more. Earn less; pay less. Everyone contributes. No one is screwed.
The poor is BADLY BADLY screwed, you would be increasing the taxes on the poor as well as the taxes on the middle class (especially those with kids) in order to decrease the taxes on the wealthy. This would be a MAJOR screw job to everyone except for the rich.
Don't have the time to fiddle with the #'s now. However, it doesn't seem that far off. If you had more kids, or had a higher mortgage your refund would have been quite a bit higher. Also as far as Mortgages go you tend to pay the bulk of interest up front, so for example on the $200,000 loan if you got that loan two or three years ago you would be paying more in interest than if you have had the loan for 12 years (in which you would be paying down more principal)
Then you want a nation of people not trying to get ahead?? Not trying to be more in life??
My comments were related to my belief in the flat tax. What causes people to not want to get ahead is when anything they earn above a certain amount has a draconian tax rate applied to it. Then people start saying 'screw it' and scale back to fall just under the draconian tax level and/or go Galt. ‘Going Galt’: Everyone’s Doing It! - Opinionator Blog - NYTimes.com
you would be increasing the taxes on the poor as well as the taxes on the middle class (especially those with kids) in order to decrease the taxes on the wealthy. This would be a MAJOR screw job to everyone except for the rich.
Wait... I thought the rich didn't pay taxes. Isn't that what liberals complain about so frequently? Well... if the rich pays a flat tax like everyone else, then they finally will pay taxes. That should make liberals happy.
At 20X the median household income I think it qualifies for that classification.
Although indexing as the numbers go up seems like a fair course of action.
Their taxes would greatly increase from what it is now
Quote:
Originally Posted by InformedConsent
Wait... I thought the rich didn't pay taxes. Isn't that what liberals complain about so frequently? Well... if the rich pays a flat tax like everyone else, then they finally will pay taxes. That should make liberals happy.
This rich are able to get around the taxes they owe, but this would reduce the tax burden on the wealthy even more at the expense of increasing the tax burden on the poor as well as the middle class (especially those with families)
Maybe I should get new tax man then. We file married joint and my income is about 92k my daughter is still at home so I claim her and the interest on 200k mortgage. Last year I got @1500 back from the @7k I paid in
Had a little more time to play with the numbers and it does seem pretty much accurate. The more kids you have and the higher your mortgage interest the more you are able to deduct. For example if you had one more kid it would reduce your total taxable income by $3,650, on top of that you would have an extra $1,000 tax credit. All in all that would have probably increased your tax refund by $1,500 or so (assuming you paid in that $7,000 to begin with). Also the mortgage deduction. If you had lets say a $300,000 loan instead of $200,000 you may have paid an extra $6,000-$7,000 in mortgage interest. That extra $6,000-$7,000 would then be deduced from your taxable income, probably taken off somewhere around $900-$1,050 from your taxes.
So based off what you said with one kid and a $200,000 mortgage with a $92,000 income you paid $5,500 in taxes (which is pretty decent actually). If you had one more kid and a $300,00 loan you probably would have been more in the $3,000- $3,100 range in taxes.
but this would reduce the tax burden on the wealthy even more at the expense of increasing the tax burden on the poor as well as the middle class (especially those with families)
Wait... didn't you just claim that the rich are able to get around the taxes they owe? How would their tax burden be reduced if they already 'got around' the taxes they owe?
Those who have little to no income would pay little to no tax. Those who earn A LOT of income would pay A LOT of tax. Where's the problem?
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. We file married joint and my income is about 92k my daughter is still at home so I claim her and the interest on 200k mortgage. Last year I got @1500 back from the @7k I paid in
