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Since you said no crazy deductions, I won't go into those, but will ask about some of the most common deductions taxpayers take.
Would you allow the personal exemptions and exemptions per dependent? If so the same amount as now or a different amount? Would you allow a standard deduction? Again if so, would you allow the same amount as now, or would it be a different amount? As far as those who choose to itemize deductions, would you allow deductions for property taxes and/or mortgage interest? If so would it have any limitations?? Would you allow a child tax credit? If so a similar amount as of now or different, and would it come with any limitations. Lastly, what would the flat tax % be?
Maybe I should make myself clearer: No deductions. The flat tax turns out to be 26% including medicare/medicaid or 13% on its own, using 2007 numbers at the time. Thats budget neutral, so no 8% deficit spending.
About the only deduction I would possibly throw in would be a dependant, and that would be only towards a stable population number. Lets say it was 2.3 kids to keep a population level in the US. Then you would get 100% of X amount for kid 1 and kid 2, and only 30% for kid 3, 0% for all kids after that.
Maybe I should make myself clearer: No deductions. The flat tax turns out to be 26% including medicare/medicaid or 13% on its own, using 2007 numbers at the time. Thats budget neutral, so no 8% deficit spending.
About the only deduction I would possibly throw in would be a dependant, and that would be only towards a stable population number. Lets say it was 2.3 kids to keep a population level in the US. Then you would get 100% of X amount for kid 1 and kid 2, and only 30% for kid 3, 0% for all kids after that.
Wow, MASSIVE tax increases on the middle class in order to give MASSIVE tax cuts to the rich.....
I am in favor of eliminating the child deduction. If you chose to have kids it is your resonsibility, not mine.
Did you only have them to get a deduction?
No, I have no kids. I'm just looking to figure out how much you want to increase taxes on the middle class families in order to further help the rich, and its a ton.
Wow, MASSIVE tax increases on the middle class in order to give MASSIVE tax cuts to the rich.....
Only to the uninitiated.
As a whole percentage it would be a decrease in the middle class who pay enough but have relatively low deductions. (I make middle class salary and my percentage is quite a bit higher)
It would raise it on the 47% of the US who pay nothing.
It would raise or hold the same for rich who may make a lot, but have lots of padding to decrease the taxes paid.
As a whole percentage it would be a decrease in the middle class who pay enough but have relatively low deductions. (I make middle class salary and my percentage is quite a bit higher)
It would raise it on the 47% of the US who pay nothing.
It would raise or hold the same for rich who may make a lot, but have lots of padding to decrease the taxes paid.
It would raise it on the middle class as well, especially middle class with families.
I would like to run the math and figures to show this ( about to head out for the day, but will do this later).
What is the deduction amount for dependents you would allow? Currently its $3,650 scheduled to go up to $3,700. Would that deduction for dependent also be for a married couple.
For example married couple with two kids gets a $14,600 deduction. Personal exemption for each member of the married couple of $3,650 plus $3,650 for each kid.
I know you said you would allow the full 100% for the first two kids, 30% for the third kid and none after that. Just want to know if this extends to the married couple as well, and what if so what would the deduction be for the married couple (or just one if single) and what would the deduction about be fore the two kids.
I will then run the math under various income scenarios and various deduction to show how it works out
It would raise it on the middle class as well, especially middle class with families.
I would like to run the math and figures to show this ( about to head out for the day, but will do this later).
What is the deduction amount for dependents you would allow? Currently its $3,650 scheduled to go up to $3,700. Would that deduction for dependent also be for a married couple.
For example married couple with two kids gets a $14,600 deduction. Personal exemption for each member of the married couple of $3,650 plus $3,650 for each kid.
I know you said you would allow the full 100% for the first two kids, 30% for the third kid and none after that. Just want to know if this extends to the married couple as well, and what if so what would the deduction be for the married couple (or just one if single) and what would the deduction about be fore the two kids.
I will then run the math under various income scenarios and various deduction to show how it works out
Which math and figures would you like me to show. I have the numbers run which I can post when I get to my brothers house this evening.
As far as deductions and costs my wife and I already have a tax rate in the 30's (I think it was about 33.5% in pay paycheck, after returns it comes to 31-32ish) and we are as middle class as it gets. So right there we see an 5% savings on our stuff. Thats about the biggest tax decrease for the middle class as it gets.
Since I need to get on the road I'll get back hopefully tonight when I arrive at my brothers (vacation visiting) to discuss further. In total though your looking at a significantly decreased total lifetime tax on middle class.
Which math and figures would you like me to show. I have the numbers run which I can post when I get to my brothers house this evening.
As far as deductions and costs my wife and I already have a tax rate in the 30's (I think it was about 33.5% in pay paycheck, after returns it comes to 31-32ish) and we are as middle class as it gets. So right there we see an 5% savings on our stuff. Thats about the biggest tax decrease for the middle class as it gets.
Since I need to get on the road I'll get back hopefully tonight when I arrive at my brothers (vacation visiting) to discuss further. In total though your looking at a significantly decreased total lifetime tax on middle class.
Well as far as off your paycheck also keep in mind you have state income tax (depending on your state)
Anyway as far as what figures to run.
First would like to know what your exemption amount for the first two kids are, and if that exemption would also go towards a single person or married couple or just for the kids.
Now from your previous comments, you would not allow itemized deductions such as mortgage interest or property taxes to be deducted. Would you also not allow the standard deduction? Or would you allow a standard deduction and if so how much?
Anyway
Single person making $35,000
Married couple making $50,000
Married Couple making $60,000
Married couple with two kids making $60,000
Married couple making $75,000, paying $1,100 a month in mortgage interest and $5,000 in property taxes
Married couple two kids making $75,000, $1,100 a month in mortgage interest, $5,000 in property taxes
Married couple $105,000, $1,500 a month in mortgage interest and $8,000 in property taxes
Married couple $105,000 three kids $1,500 a month in mortgage interest $8,000 in property taxes
I know running the numbers can be time consuming. So if you want just say the deductions you would allow and the amount Such as personal exemption for you and spouse? yes or no? if yes what is the amount? What is the exemption amount for a child? Standard deduction allowed? yes or no? If yes, what is the amount if single? what is the amount if married?
No, I have no kids. I'm just looking to figure out how much you want to increase taxes on the middle class families in order to further help the rich, and its a ton.
Why should the middle class, in your opinion, be any different than any other income group?
It's not my fault you have a problem with those that make more than you.
I believe in a flat tax for everybody. No deductions, no exceptions
If we increase taxes, then EVERYBODY'S taxes go... if we cut taxes, then EVERYBODY'S taxes go down... why cause we are all AMERICANS... there isn't a middle class American or a wealthy American... there is ONLY one American.. as much as liberals hate it, the liberals love to separate people cause they are an intolerant hateful group, they can live with the idea that Americans are simply Americans... they are the party of hate...
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