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Old 02-07-2009, 09:59 PM
 
3,852 posts, read 12,470,825 times
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figure out how much taxes are collected from the 0-50k income bracket. Cut government spending by that amount and make the 0-50k of income tax free.

Most of the money that isn't paid to taxes will just go straight to the economy.
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Old 02-07-2009, 10:37 PM
 
Location: Marietta, GA
7,887 posts, read 16,449,140 times
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Quote:
Originally Posted by killer2021 View Post
figure out how much taxes are collected from the 0-50k income bracket. Cut government spending by that amount and make the 0-50k of income tax free.

Most of the money that isn't paid to taxes will just go straight to the economy.
I like your idea, and I would combine your idea with a flat or fair tax and revamp the entire income tax system, permanently. Much better idea than giving "refunds" to people who pay no federal income tax, and nothing to people who pay most of the federal tax.

With AMT, earned income credit, and a host of other ridiculous and complex provisions, we need to scrap our system and start over, from scratch. This is as good a time as any.
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Old 02-07-2009, 10:41 PM
 
20,185 posts, read 22,879,131 times
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Quote:
Originally Posted by killer2021 View Post
figure out how much taxes are collected from the 0-50k income bracket. Cut government spending by that amount and make the 0-50k of income tax free.

Most of the money that isn't paid to taxes will just go straight to the economy.
You do realize that there is something called inflation... whatever the government is paying now, they will pay MORE for the SAME thing next year... eliminating the 0-50k taxes basically is transferring the tax burden to those who make 50k or more... how very nice of you...
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Old 02-07-2009, 10:44 PM
 
Location: Western Hoosierland
18,264 posts, read 8,529,817 times
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Quote:
Originally Posted by neil0311 View Post
I like your idea, and I would combine your idea with a flat or fair tax and revamp the entire income tax system, permanently. Much better idea than giving "refunds" to people who pay no federal income tax, and nothing to people who pay most of the federal tax.

With AMT, earned income credit, and a host of other ridiculous and complex provisions, we need to scrap our system and start over, from scratch. This is as good a time as any.

I like both of your guy's suggestions. I would lean more towards having a flat tax for now maybe as the economy picks up then we can raise it accordingly.

Not that I am wanting to start a fight or highjack this thread but I think we need to scrap our everything. Government,Economy,Judicial System everything and start all over. I will leave it at that
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Old 02-07-2009, 10:50 PM
 
Location: Loving life in Gaylord!
4,120 posts, read 8,551,662 times
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Not enough pork in your idea.
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Old 02-08-2009, 09:54 AM
 
Location: Mississippi
114 posts, read 406,807 times
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I like the gift card idea. Everyone would receive a gift card that could be spent for goods. There would be an expiration date of 90 days. A $1000 gift card for 300 million people would cost $300 billion. The lady with 14 children would get a $15,000 gift card.
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Old 02-08-2009, 11:37 AM
 
20,376 posts, read 18,411,830 times
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Originally Posted by pont neuf View Post
I like the gift card idea. Everyone would receive a gift card that could be spent for goods. There would be an expiration date of 90 days. A $1000 gift card for 300 million people would cost $300 billion. The lady with 14 children would get a $15,000 gift card.
Hi pont neuf,

That idea is perfect as a start. Besides reforming the banking system that is.
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Old 02-08-2009, 11:39 AM
 
20,376 posts, read 18,411,830 times
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Quote:
Originally Posted by pont neuf View Post
I like the gift card idea. Everyone would receive a gift card that could be spent for goods. There would be an expiration date of 90 days. A $1000 gift card for 300 million people would cost $300 billion. The lady with 14 children would get a $15,000 gift card.
Hi pont neuf,

That idea is perfect as a start right before reforming the banking system.
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Old 02-08-2009, 11:56 AM
 
Location: NC
1,672 posts, read 1,702,851 times
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Quote:
Originally Posted by killer2021 View Post
figure out how much taxes are collected from the 0-50k income bracket. Cut government spending by that amount and make the 0-50k of income tax free.

Most of the money that isn't paid to taxes will just go straight to the economy.
50K is close to the 50% point of incomes. A few years ago, the bottom 50% of the population only paid about $29 Billion dollars in taxes. So your idea would be unbelievably cheap; however, it wouldn't do anything to change what is going on (too small).

As a comparison point, the top 50% paid $900 billion that year.
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Old 02-08-2009, 12:05 PM
 
Location: WA
5,606 posts, read 23,951,664 times
Reputation: 6463
Since the top 25% of the earners (~$65,000 and up) pay 86% of the taxes it looks like your proposal will not come close to paying for the current stimulous package. And since Congress wants huge spending to their favorites (and irresponsible state governments) there is no chance it would be considered.
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