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I've been giving this some serious thought. Seems to me that all income above, say, $5M should be tax exempt. Seems to me, that the taxes they paid on income up to that point is far more than their fair share.
Yes, that would be a great spur for people to earn and contribute to get to the magical $5M point and then keep going for the stars. It would be a great boon for America, instead of the current, deterrent of a tax system that gets progressively more-punitive.
In which economic system is everyone capable of earning $5 million a year income?
Do you really want the republican party to be known for telling someones grandma (in a walker) to either eat cat food, or get a job at Micky D's to pay her tax burden? Seriously?
A good chunk of that 47% is on social security. You have to think before you post this stuff. It drives me nuts, it's devoid of common sense, and it makes republicans look worse than they already do. Conservative does NOT equal being a heartless nut with no common sense.
So your position is that statutory payments such as taxes don't impact the normal supply and demand curve?
In which economic system is everyone capable of earning $5 million a year income?
Completely irrelevant. The thing is that people will strive to reach and exceed that point. Some will, many will, and more and more will if you have a carrot to strive for.
In which economic system is everyone capable of earning $5 million a year income?
Lol, nowhere, if everyone was capable of earning at the top levels who would they have to exploit? Any one person earning in the top 1% or even the top 0.1% needs hundreds of people pushing a share of what they make up the pyramid toward the top.
If everyone was at the top that system would not work
Lol, yep, that doesn't sound complicated at all. Prebates??? Where does that money come from and when does a PREbate become a REbate and final just BAIT????
What is wrong with a consumption tax? It is a tax on the poor. It also taxes BORROWED money, the currency of the poor by necessity. FACT, the poor live with debt, the poor live off debt, now you loonies what to tax the money they borrow to survive.
The wealthy, on the other hand, don't spend much of their income on "needs", most of their money moves around in accounts beyond taxation as it is, why would this tax capture ANY of the money? They can find ways to evade a consumption tax, easy pezy, just move off shore, buy off shore, bypass the tax thru exempt means or buy thru a grey market. You know the wealthy, "only the little people pay taxes".
I have posted links to how the probate works. Since the poor need all of their income why not eliminate federal taxes and let them have all of their income
Completely irrelevant. The thing is that people will strive to reach and exceed that point. Some will, many will, and more and more will if you have a carrot to strive for.
Completely irrelevant? Than why even bring it up? Why say that taxing incomes of less than five million spur people to 'reach for the stars.'
This is balls-out "protecting the rich." In no reasonable system is it possible for everyone to become rich.
And that's fine. Not everyone wants to live in million dollar homes with wait-staff.
But it's abso-****ing-lutely asinine to sit here and say otherwise, and then say it's irrelevant that not everyone can make that money.
If the American Dream is upward social mobility through hard work--shouldn't we be advocating that with our laws?
Please tell me why it's fair that people here illegally can use the ITIN and claim multiple children for the tax credit, costing this country $4.2 BILLION in 2010? WHy does the IRS ignore this?
They constitute part of that 47% which is receiving large refunds!
Lol, yep, that doesn't sound complicated at all. Prebates??? Where does that money come from and when does a PREbate become a REbate and final just BAIT????
What is wrong with a consumption tax? It is a tax on the poor. It also taxes BORROWED money, the currency of the poor by necessity. FACT, the poor live with debt, the poor live off debt, now you loonies what to tax the money they borrow to survive.
The wealthy, on the other hand, don't spend much of their income on "needs", most of their money moves around in accounts beyond taxation as it is, why would this tax capture ANY of the money? They can find ways to evade a consumption tax, easy pezy, just move off shore, buy off shore, bypass the tax thru exempt means or buy thru a grey market. You know the wealthy, "only the little people pay taxes".
Completely irrelevant. The thing is that people will strive to reach and exceed that point. Some will, many will, and more and more will if you have a carrot to strive for.
I have posted links to how the probate works. Since the poor need all of their income why not eliminate federal taxes and let them have all of their income
because the POOR do keep most of their income, with regards to FEDERAL INCOME TAXES, now. The system in place allows those making very little to avoid federal income taxes, without your prebate nonsense.
Taxing consumption is anything but fair, that is exactly why its creators gave it its Orwellian double speak name, "Fair Tax".
Stop taxing income, the wealthy will explode their income gap even further, while the poor and working poor will continue to be exploited and see their income shrink.
Start taxing consumption, the wealthy elite will simple earn their money here, tax free, and spend it elsewhere, tax free. The poor and the working poor, they will continue to use their payday loans, home equity loans, student loans, credit card debt to pay for their basic needs. Instead of only being subject to a federal tax on their income they would be subject to a tax on any income they spend AND the borrowed money the use to survive.
Borrowed money is the tool the wealthy use to exploit the poor. Now they want to add the burden of taxation to that borrowed money while removing the burden of taxation from the profits they reap from the usury of their loan sharking operations.
You gotta laugh at how the wingnuts can salivate about this idiotic "PREBATE" idea while ridiculing every aspect of the Earn Income Tax Credit. How long before they turned on those prebates as a vast left wing communist plot???
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