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Old Yesterday, 07:22 AM
 
8,886 posts, read 4,775,273 times
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Would you be in favor

If there was a flat tax of 20%???

Now $20,000 of income made in a year be tax exempt.

Then anyone making $0-$150,000 would be taxed an additional 10% for social security if not collecting retirement funds from social security account.

Yes or no???
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Old Yesterday, 07:47 AM
 
39,636 posts, read 40,994,326 times
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If you are going to eliminate the income tax,sure. The tax should be clearly itemized on all invoices. Business's would not be taxed.


Quote:
Now $20,000 of income made in a year be tax exempt.
This would be impossible to manage however I would suggest rebates for essential items like food, clothing and energy. Everyone is eligible for rebate however the rebate would be based on minimal needs. e.g if the average household of 4 is spending $6K on food anything over that would not be rebated.
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Old Yesterday, 08:06 AM
 
8,886 posts, read 4,775,273 times
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I am not how it would be a challenge

Few State's don't tax income until it reaches X amount

Just do the same. I mean it could be more of a challenge on a larger scale.
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Old Yesterday, 08:49 AM
 
Location: Chicago
928 posts, read 738,419 times
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Quote:
Originally Posted by RunD1987 View Post
Would you be in favor

If there was a flat tax of 20%???

Now $20,000 of income made in a year be tax exempt.

Then anyone making $0-$150,000 would be taxed an additional 10% for social security if not collecting retirement funds from social security account.

Yes or no???
I'm in favor of a more complicated tax design but...
American education only teaches so much math...
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Old Yesterday, 09:18 AM
 
2,190 posts, read 850,795 times
Reputation: 3069
Quote:
Originally Posted by RunD1987 View Post
Would you be in favor

If there was a flat tax of 20%???

Now $20,000 of income made in a year be tax exempt.

Then anyone making $0-$150,000 would be taxed an additional 10% for social security if not collecting retirement funds from social security account.

Yes or no???

I'm in favor of real flat tax, as in a flat dollar amount. Anything else unfairly penalizes people who earn more.



Divide the required tax revenue by the entire population of the United States. Parents must pay their children's share until the child turns 18. No tax breaks for being married, having children, mortgage interest, etc., etc.



To go along with this, federal funding of any program must make every effort ensure that the benefits are distributed evenly among all citizens.
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Old Yesterday, 10:06 AM
 
37,380 posts, read 16,249,238 times
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Quote:
Originally Posted by RunD1987 View Post
Would you be in favor

If there was a flat tax of 20%???

Now $20,000 of income made in a year be tax exempt.

Then anyone making $0-$150,000 would be taxed an additional 10% for social security if not collecting retirement funds from social security account.

Yes or no???
"Would you be in favor" NO! A federal NATIONAL SALES TAX only. That way even crooks pay taxed when they their cars, houses, gold jewelry etc. The more you buy, the MORE you pay in taxes.


A much SMALLER IRS would be needed.
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Old Yesterday, 01:34 PM
 
6,595 posts, read 9,109,488 times
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Here's some info on Estonia's experience with the flat tax.

Quote:
While the flat-rate tax has paid off to quite an extent in developing the Estonian economy since the early 1990s, it hasn’t had a positive impact on redistribution strategies and the closing of income gaps between the wealthiest and the poorest strata of the population. It’s time for this country to come up with a progressive system of taxation of its own, one that is proportional to everyone’s material possibilities.

https://news.err.ee/684114/feature-t...tax-in-estonia
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Old Yesterday, 01:41 PM
 
Location: Denver CO
837 posts, read 267,081 times
Reputation: 1941
Quote:
Originally Posted by YourWakeUpCall View Post
I'm in favor of real flat tax, as in a flat dollar amount. Anything else unfairly penalizes people who earn more.



Divide the required tax revenue by the entire population of the United States. Parents must pay their children's share until the child turns 18. No tax breaks for being married, having children, mortgage interest, etc., etc.



To go along with this, federal funding of any program must make every effort ensure that the benefits are distributed evenly among all citizens.
I like the cut of your jib, sir (or ma'am)
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Old Yesterday, 01:59 PM
 
1,523 posts, read 619,624 times
Reputation: 1345
Get rid of federal income tax. Let the states collect flat income tax.

Each state then contributes a flat dollar amount to the federal government for things like the military, etc.

At the current budget of $3.8 Trillion, each state could contribute $78 billion. The goal would be to bring the federal spending down as much as possible.
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Old Yesterday, 02:05 PM
 
11,628 posts, read 8,513,038 times
Reputation: 7181
IMO, we should all pay a specific percentage of our income on federal income tax. No deductions for anything. And that goes for business, too.

It is not the business of the government to reward some and not others or to pick winners or losers.

We all make lifestyle choices. All business owners decide what is necessary for their business to succeed. It is not the business of government to get involved through tax policy.

I'd stop FEMA today if I were queen of the USA. Subsidizing vacation houses built on a beach, or rescuing local government's building policy is not a wise use of taxpayer dollars. Anywhere one lives is subject to some kind of natural disaster.
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