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You do not have a good understanding of the AMT. You need to research and learn. And you are underestimating the opportunities the working and middle classes have to accumulate wealth. Read The Millionaire Next Door.
The same tax rate for everyone (with the exception of Congress and the Executive Branch when they run a deficit - then tax them at a rate of 99% ), with the same limit on personal exemptions for everyone.
You keep saying the same tax rate for everyone, and the same limit on personal exemptions for everyone.
I am asking you specifically what the tax rate would be? What would the person exemption limits be? Under current law someone can write off all their mortgage interest as well as property taxes. That goes for someone living in a $150,000 home paying $750 a month in mortgage interest and $2,000 in yearly property taxes, and someone in a $4.5 million home paying $7,500 a month in mortgage interest with $75,000 in property taxes. They are both able to write off the full amount. Would that continue? Or would limits exist on the $$ amount someone could write off for each.
Now for a more specific example. Family with two kids under 17 making $75,000, pay $5,000 a year in property taxes, $1,000 a month in mortgage interest.
Would they be eligible for a personal exemption per each dependent? If so, what would the $$ of that exemption? Is it the same as it is now, or something different, if different what is that amount?? Would they be able to itemize the deductions for property taxes and mortgage interest? If so would they be able to itemize the whole amount or a partial amount? If you would not allow itemizing of property taxes and mortgage interest (or if this family rented instead) would you allow a standard deduction? If so would the standard deduction be the same as it is now? If now what would it be?
Now as far as the portion of the income that is taxable? What is the flat tax rate? 8%, 12%, 16%? something else? What would it be? Would they be able to get a child tax credit? If so, the same amount it is now? Or something else?
You keep saying the same tax rate for everyone, and the same limit on personal exemptions for everyone.
I am asking you specifically what the tax rate would be? What would the person exemption limits be?
That would have to be studied more carefully. My answer remains the same - everyone pays the same tax rate and has the same limits on personal exemptions. That way, everyone has a stake in the federal government's fiscal responsibility. Currently, there are too many people that want to keep adding more and more spending programs because they or their pet programs benefit while they don't have to share in paying the expense.
That would have to be studied more carefully. My answer remains the same - everyone pays the same tax rate and has the same limits on personal exemptions. That way, everyone has a stake in the federal government's fiscal responsibility. Currently, there are too many people that want to keep adding more and more spending programs because they or their pet programs benefit while they don't have to share in paying the expense.
In other words greatly increase the taxes on the working class and middle class in order to give the wealthy more tax breaks.
In other words greatly increase the taxes on the working class and middle class in order to give the wealthy more tax breaks.
What are you talking about? Libs claim the rich don't pay taxes now. The flat tax requires the rich to pay taxes. It's not a tax break, it's requiring them to pay taxes.
What are you talking about? Libs claim the rich don't pay taxes now. The flat tax requires the rich to pay taxes. It's not a tax break, it's requiring them to pay taxes.
What about that do you not get?
The flat tax would cause the wealthy to pay less taxes than they currently pay. It would also cause the middle and working class to pay higher taxes. Its plain and simple math. That is why I was asking for the specifics, of what flat tax %, the exemptions, credits and what not that you would allow in order to show it,
Not possible. Libs claim the rich don't pay taxes. A flat tax would require the rich to pay. Libs should be happy about that.
Liberals claim that the rich are able to take advantage of many more loopholes than the middle class and poor are able to take advantage of and are able to write off much more of their income than the middle and working class,
However, a flat tax would still result in the rich paying a smaller portion of their income than they currently pay. It would also result in the working class and middle class paying a higher % of their income than they do now.
The reason I am asking you for specifics is to be able to spell it out for you and do the math.
Would your flat tax include income from capital gains, interest, value of stocks given as compensation, and dividends?
Stocks given as compensation? Yes, though that would require that every form of compensation be taxable, for example, employer-paid health insurance benefits would be taxed as compensation. Moving on... any realized gain, yes, the flat tax would apply.
Liberals claim that the rich are able to take advantage of many more loopholes than the middle class and poor are able to take advantage of and are able to write off much more of their income than the middle and working class
So, the claim is that the rich pay less tax than the middle class. The flat tax would change that. With a flat tax, the rich would pay the same rate as the middle class.
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), with the same limit on personal exemptions for everyone.
