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Old 07-09-2011, 07:02 AM
 
Location: Fort Worth, TX
9,397 posts, read 13,682,595 times
Reputation: 6233

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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:
http://www.heritage.org/budgetchartb...income-earners
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Old 07-09-2011, 07:07 AM
 
2,173 posts, read 2,525,258 times
Reputation: 880
Flat tax of 12%. No deductions. Remove all cap gains taxes. The economy will take off. But it will never happen because then politicians won't be able to trade tax breaks / transfer payments for votes.

The short of it? We're screwed long term.

Obama will be America's Nero.
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Old 07-09-2011, 07:08 AM
 
17,737 posts, read 19,785,288 times
Reputation: 7412
It is true that about 50% of Americans pay 97%+ of the taxes but keep in mind that around 50% of Americans make less than 33k a year... broadening the tax base won't really help anything... of course those making less than 33k a year also includes unemployed, teens, and retired people... broadening the tax base won't do much if you want to include them.... The government doesn't really have a cash problem, they have a SPENDING problem... why? Because even if you raise taxes on everyone, the government WILL spend more and be back to the same problem.... I do think they need to fix the loopholes and go after ALL the celebrities, CEOs, athletes, etc for their tax dodging because pretty much all of them are doing it through "business expenses deductions", offshore accounts, non-profit centers, etc... I have yet to see the government even talking about those things...
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Old 07-09-2011, 07:13 AM
 
Location: Land of debt and Corruption
7,526 posts, read 7,211,529 times
Reputation: 2845
Very enlightened post. I agree, we need a simplified tax code for individuals AND corporations. We could lower the corporate tax rates and close all loopholes that allow corps to pay $0 in taxes and still come out ahead. This is why it's imperative that this administration start focusing on JOBS. Lower the UE rate by creating a business friendly atmosphere here in the US. Two keys to accomplishing this are tax reform and regulation reform. Reform the individual tax codes so that more people have some skin in the game. When you have a recipient class outvoting the donor class, crisis and poverty will ensue.
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Old 07-09-2011, 07:13 AM
 
Location: Fort Worth, TX
9,397 posts, read 13,682,595 times
Reputation: 6233
Oh trust me they need to reel in spending. That's the only way we'll ever fix the budget and the deficit.
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Old 07-09-2011, 07:15 AM
 
Location: Land of debt and Corruption
7,526 posts, read 7,211,529 times
Reputation: 2845
Quote:
Originally Posted by HurricaneDC View Post
Oh trust me they need to reel in spending. That's the only way we'll ever fix the budget and the deficit.
If they would scale back spending to 2007 levels adjusted for inflation, that would go a long way to closing the budget deficit. Too bad Obama doesn't want to tick off his special interest buddies and risk losing their support though. He's taking the entire country down with him.
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Old 07-09-2011, 07:21 AM
 
13,180 posts, read 13,077,568 times
Reputation: 4532
Modest increases in the wealthy's tax rates and modest cuts to defense will almost balance the budget entirely.

No need to cut SS or Medicare.

Anybody can do this for themselves here...Budget Puzzle: You Fix the Budget - Interactive Feature - NYTimes.com
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Old 07-09-2011, 07:23 AM
 
13,180 posts, read 13,077,568 times
Reputation: 4532
Right wingers love to spread around half truths about how much tax the poor and middle class pay.

The always bring up the income tax statistic and ignore payroll tax which brings in as much money as income tax and the poor/middle class pay more of their share in payroll tax than the rich do.

I'd say 50% of right wingers are too stupid to know this and other 50% know it but are attempting to deceive.

http://www.taxpolicycenter.org/taxto...rentlaw1_7.gif

Last edited by padcrasher; 07-09-2011 at 07:32 AM..
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Old 07-09-2011, 07:25 AM
 
Location: Great State of Texas
86,093 posts, read 72,469,891 times
Reputation: 27565
The entitled will NEVER give up what they have today.
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Old 07-09-2011, 07:25 AM
 
Location: Austin
29,546 posts, read 16,475,253 times
Reputation: 8087
Thomas Jefferson: "To take from one because it is thought that his own industry and that of his father’s has acquired too much, in order to spare to others, who, or whose fathers, have not exercised equal industry and skill, is to violate arbitrarily the first principle of association—the guarantee to every one of a free exercise of his industry and the fruits acquired by it."


We don't need any more tax revenue. We need to slash government spending.
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