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Old 07-09-2011, 08:51 AM
 
Location: 15 months till retirement and I can leave the hell hole of New Yakistan
25,207 posts, read 13,969,115 times
Reputation: 6462

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Quote:
Originally Posted by HurricaneDC View Post
I've read a lot of statistics that say about 50% of Americans end up paying no federal income tax when all is said and done. 50%. Half the country (that works, at least). And yet it's often this 50% that says "higher taxes! kill the rich!"

That isn't the solution. The solution is to fix the tax code. Right now it's far too simple for both people and corporations to hire the best accountants who can get them all the credits and deductions they possible can. Removing a lot of those credits and deductions would increase tax receipts and the tax base without actually increasing rates.

If you can spread the burden over a larger population it will lower the average tax rate while still increasing receipts.

If you want some proof about the tax burden then here it is. Heritage Foundation is a bit of a biased source but in this case it isn't, the data comes from the IRS:
The Top 10 Percent of Income Earners Paid 71 Percent of Federal Income Tax

the fact is the tax base is very small

this is why a consumption tax ( Americans For Fair Taxation: Americans For Fair Taxation) would be best

we all hear about how the 'illegals ' dont pay taxes...well that's not the whole story...its ANYONE (legal or illegal) that is WORKING OFF THE BOOKS)...they are paying NOTHING in federal payroll(ss/medi), federal income, state income, and they/their employeer contributes NOTHING to UE

by all rights the money you give your babysitter is income to her....that is why we need to stop taxing income and tax the spending...like the babysitter example..the money she recieves should be taxed...since it is off the books, we are not getting a thing as an income tax...but when she goes to spend it, we can have a percentage

currently less than 1/3 of the country files (and many get back most if not all, and some get back more) taxes...with a consumption tax..there is no filing...everyone (all 320 million) CONTRIBUTE their fair share
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Old 07-09-2011, 08:56 AM
 
13,180 posts, read 13,047,376 times
Reputation: 4532
Quote:
Originally Posted by evilnewbie View Post
I think it should be phased out... current and some future retirees continue to collect... other future retirees will have the option of staying in a SS with FUTURE CUTS being phased into SS to push them over the private plans...eventually it will be 100% private plans and the government will get rid of the SS tax and be less liable to future debts and at the same time, protecting taxpayers retirement...
To what ever extent you phase it out..without paying additional tax for your phase out program...you are going to borrow the money at interest ....so you are going to pile on more debt.

Bush proposed this same lame program...and your benefits were calculated to be 20% less with your awesome stock market investments.
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Old 07-09-2011, 10:13 AM
 
Location: Fort Worth, TX
9,397 posts, read 13,646,370 times
Reputation: 6233
Well your little pyramid scheme starts to fail when the government uses the money from its trust fund and the number of recipients greatly outnumbers the number of 'donors.'
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Old 07-09-2011, 10:24 AM
 
12,439 posts, read 10,279,742 times
Reputation: 3137
Quote:
Originally Posted by HurricaneDC View Post
I've read a lot of statistics that say about 50% of Americans end up paying no federal income tax when all is said and done. 50%. Half the country (that works, at least). And yet it's often this 50% that says "higher taxes! kill the rich!"

That isn't the solution. The solution is to fix the tax code. Right now it's far too simple for both people and corporations to hire the best accountants who can get them all the credits and deductions they possible can. Removing a lot of those credits and deductions would increase tax receipts and the tax base without actually increasing rates.

If you can spread the burden over a larger population it will lower the average tax rate while still increasing receipts.

If you want some proof about the tax burden then here it is. Heritage Foundation is a bit of a biased source but in this case it isn't, the data comes from the IRS:
The Top 10 Percent of Income Earners Paid 71 Percent of Federal Income Tax

I would not be opposed to a 5% across the board consumption tax as long as food is exempted. That is as long as that is in addition to keeping the current tax rates the same with the exception of changing the capital gains tax to be equal to the highest income bracket with the exemption of the selling of a home. That is similar to what Canada has.
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Old 07-09-2011, 10:39 AM
 
Location: Great State of Texas
86,093 posts, read 72,290,637 times
Reputation: 27564
Quote:
Originally Posted by hotair2 View Post
I would not be opposed to a 5% across the board consumption tax as long as food is exempted. That is as long as that is in addition to keeping the current tax rates the same with the exception of changing the capital gains tax to be equal to the highest income bracket with the exemption of the selling of a home. That is similar to what Canada has.
I agree but I would go further. Go ahead and tax the pre-processed food.
You want quick and ready or fast food then pay extra for it.

Get a leg up on the obesity problem and kill 2 birds with one stone.
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