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Old 04-19-2011, 09:21 AM
 
Location: Dallas, TX
31,767 posts, read 28,714,136 times
Reputation: 12341

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Quote:
Originally Posted by buzzards27 View Post
if you coupled this flat tax with a flat tax on FICA taxes you would balance the overall tax situation. Taxing ALL income would capture some income that isn't even counted in you AGI numbers. So the wealthy would more toward taxes.
Not necessarily. Even if they don't manage to hide their incomes, the data I presented is actual income taxes those groups paid in 2008. Perhaps I'm missing something, so why do you think the top 1% would still pay 23% (that they did in 2008) if the flat tax is 15%?
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Old 04-19-2011, 09:25 AM
 
Location: In a Galaxy far, far away called Germany
4,298 posts, read 4,389,395 times
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If people haven't been paying taxes, then - yes - they will have an increase. THAT is their fair share. We need to eliminate class warfare and those who don't pay their taxes (no matter if rich, middle-class, or poor). We keep hearing how the top 1% of the population blah blah blah - but (between individuals and corporations) over 40% don't pay taxes at all - and that can't all be rich people (this also tells me that the middle-class pay more no matter if the Dem or Rep plans). Simple is better - either a form of the Fair Tax or a form of the Flat tax with no exemptions.
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Old 04-19-2011, 09:33 AM
 
Location: Hinckley Ohio
6,721 posts, read 5,181,615 times
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because you would TAX ALL INCOME at the same rate. Take John Paulson for example, he made $15 billion 2008-2010 and DID NOT pay any income taxes. the gaming of the system would end.
Quote:
Originally Posted by EinsteinsGhost View Post
Not necessarily. Even if they don't manage to hide their incomes, the data I presented is actual income taxes those groups paid in 2008. Perhaps I'm missing something, so why do you think the top 1% would still pay 23% (that they did in 2008) if the flat tax is 15%?
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Old 04-19-2011, 09:37 AM
 
Location: Dallas, TX
31,767 posts, read 28,714,136 times
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Quote:
Originally Posted by buzzards27 View Post
because you would TAX ALL INCOME at the same rate. Take John Paulson for example, he made $15 billion 2008-2010 and DID NOT pay any income taxes. the gaming of the system would end.
Theoretically, it does make sense (although, I can see people barely getting by in bigger trouble). But it is also virtually impossible to shut down loopholes that (especially) the rich have an easier access to.

Having said that, I'm curious about how flat tax will work in Russia, in the longer term. Is it making for a better society? Only time can tell.
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Old 04-19-2011, 09:58 AM
 
Location: Hinckley Ohio
6,721 posts, read 5,181,615 times
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by ALL income, I do mean corporate income, too. With GE, Exxon and the like paying nothing, we'd see a huge tax windfall. by taxing ALL income no matter what name you apply to it, you shut down the gaming the system, there is no motivation to invent new ways around income taxes, because it wouldn't matter how income was made.

I'd exempt income below 3x the poverty level from taxation for everyone. that way nobody would have to worry about a tax on the money they'd need for food, clothing or shelter. the working poor might not pay taxes, but they wouldn't get the credits and free money they get now either.

Quote:
Originally Posted by EinsteinsGhost View Post
Theoretically, it does make sense (although, I can see people barely getting by in bigger trouble). But it is also virtually impossible to shut down loopholes that (especially) the rich have an easier access to.

Having said that, I'm curious about how flat tax will work in Russia, in the longer term. Is it making for a better society? Only time can tell.
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Old 04-19-2011, 10:01 AM
 
Location: Dallas, TX
31,767 posts, read 28,714,136 times
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Quote:
Originally Posted by buzzards27 View Post
by ALL income, I do mean corporate income, too. With GE, Exxon and the like paying nothing, we'd see a huge tax windfall.

I'd exempt income below 3x the poverty level from taxation for everyone. that way nobody would have to worry about a tax on the money they'd need for food, clothing or shelter. the working poor would pay taxes, but they wouldn't get the credits and free money they get now either.
That would make sense, now for implementation... not happening.
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Old 04-19-2011, 10:05 AM
 
Location: Long Island
32,816 posts, read 19,363,612 times
Reputation: 9616
taxing 'income' is stupid

tax consumption..tax SPENDING
a) you less likely to be able to cheat it
b) less likely to be 'oh that is not income'


look at the facts.... people like the hiltons or the buffets spend WAY MORE than what they 'report' as being income

warren buffets income 100k...his spending in the millions

nuff said
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Old 04-19-2011, 10:07 AM
 
Location: Hinckley Ohio
6,721 posts, read 5,181,615 times
Reputation: 1378
LOL, you would even be able to get a majority to agree on what the rate would be, 10%, 12%, 15% or 20%.... that fight would doom the whole process.
Quote:
Originally Posted by EinsteinsGhost View Post
That would make sense, now for implementation... not happening.
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Old 04-19-2011, 10:13 AM
 
17,384 posts, read 11,894,793 times
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Quote:
Originally Posted by freemkt View Post
The fair tax has a huge loophole, it's called buying a home.

The catch is that you need a lot of money or income to begin with to pull it off.
What a crock of bull. Anyone can buy a home. It might take sacrifice, but it's not impossible. But when you've been indoctrinated with the idea that a home should be handed to you, just because it's fair, of course you think you can't pull it off.
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Old 04-19-2011, 10:15 AM
 
Location: Long Island
32,816 posts, read 19,363,612 times
Reputation: 9616
Quote:
Originally Posted by freemkt View Post
The fair tax has a huge loophole, it's called buying a home.

The catch is that you need a lot of money or income to begin with to pull it off.
FALSE....

please EDUCATE yourself

Americans For Fair Taxation: Americans For Fair Taxation
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