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So here's my solution for the biggest political controversy facing our country - Taxes.
We all pay a flat tax rate of 25%. No exemptions, no deductions (house, marriage, kid) NOTHING on ALL income. No form of income will be exempt or taxed at a reduced rate. Rate applies to ALL individuals and corporations. Income will be taxed whether earned in US or overseas as long as you live and do business in the country.
No subsidies for ANY industry.
Only possible exemption for people making wages below poverty line who could be taxed at a nominal rate of 10%.
We get rid of all the complexity of the tax code. We can get rid of the armies of tax accountants and lawyers. No need for spending money on IRS. Lots of unnecessary overhead costs saved. No need for H&R block etc and other worthless industries.
This 25% rate can be reduced by 1% every two years till we reach 20% and balance the budget. Of course we will make some spending cuts as well. At that point EVRYONE pays 20%, no more, no less. The government learns to live within this 20% income budget.
Sound like a good compromise for liberals and conservatives?
I did not vote intitially but once I saw you said it would be reduced to 20% I could go for it. I think 15% would be a better number but would have to see the revenue figures first.
There's a problem with your post. A flat tax is a tax of one percentage, for EVERYONE regardless of income. Having a different tax rate for one group of people doesn't make it a flat tax
I support a flat tax of 0%. That's much easier.
That is crazy, I would recommend living in Somalia or in a cave if you do not want to pay taxes.
That is crazy, I would recommend living in Somalia or in a cave if you do not want to pay taxes.
Since you don't know American history, how is it we survived without an income tax before 1913? Also, why was the income tax created the same year the Federal Reserve was created?
It's more nuanced than that. To use an extreme example, why is it fair that the income a poor or middle class person needs to pay rent is taxed at the same rate as money that will be hidden away in the Caymans before being passed down to some wealthy person's kid? I suggest you research the concept of the marginal utility of money.
Like I said, all income will be taxed, including any hidden overseas. That would be considered tax evasion.
Interlude, you are exactly right. It's not a bug, it's a feature
I don't see any reason to make this giveaway to the rich.
There is also no justification in making any proposed plan revenue -neutral or even revenue-negative. No objective observer would deny that in these times we actually need increased government revenues.revenues
The 25% figure would be required till we get red of the deficit without making drastic spending cuts. We gently ease this rate down till the deficit is erased.
This way everyone sacrifices in these times. No more likes of GE or Buffet getting away by paying a 12% or 0% effective tax rate.
The middle class's average effective tax rate is less than 10%. Hell, I am firmly middle class and paid under 8% on my 2011 tax bill. The wealthy pay dramatically more than the middle class in terms of effective rates.
That being said, we DO need a flat tax. We need a flat 10% tax, and we need to cut 75% of the budget from all military and social welfare spending at the federal level.
The middle class's average effective tax rate is less than 10%. Hell, I am firmly middle class and paid under 8% on my 2011 tax bill. The wealthy pay dramatically more than the middle class in terms of effective rates.
That being said, we DO need a flat tax. We need a flat 10% tax, and we need to cut 75% of the budget from all military and social welfare spending at the federal level.
Thats crazy talk...making such drastic cuts will put millions out of work and onto the streets. Do you want a replay of the French revolution? I guarantee you this...no matter how much money or arms you may have, or how safe you feel in your gated villa, you will not be able to save yourself from a mob of poor, desperate indviduals on the streets with nothing to lose. Whether justified or not, they will resort to extreme violence, making the country resemble Bosnia or Sudan.
Cuts need to be made, but in a slow gradual process so the pain is spread across multiple years, so people can adapt to doing with less.
Location: In a Galaxy far, far away called Germany
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Quote:
Originally Posted by analyze_this
Thats crazy talk...making such drastic cuts will put millions out of work and onto the streets. Do you want a replay of the French revolution? I guarantee you this...no matter how much money or arms you may have, or how safe you feel in your gated villa, you will not be able to save yourself from a mob of poor, desperate indviduals on the streets with nothing to lose. Whether justified or not, they will resort to extreme violence, making the country resemble Bosnia or Sudan.
Cuts need to be made, but in a slow gradual process so the pain is spread across multiple years, so people can adapt to doing with less.
I can't speak for everyone who believes the military needs to be cut (and entitlements reformed), but I do believe most acknowledge that these cuts (if ever made, and THAT is doubtful) would best be done incrementally and over time.
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