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So here's my solution for the biggest political controversy facing our country - Taxes.
We all pay a flat tax rate of 25%. No exemptions, no deductions (house, marriage, kid) NOTHING on ALL income. No form of income will be exempt or taxed at a reduced rate. Rate applies to ALL individuals and corporations. Income will be taxed whether earned in US or overseas as long as you live and do business in the country.
No subsidies for ANY industry.
Only possible exemption for people making wages below poverty line who could be taxed at a nominal rate of 10%.
We get rid of all the complexity of the tax code. We can get rid of the armies of tax accountants and lawyers. No need for spending money on IRS. Lots of unnecessary overhead costs saved. No need for H&R block etc and other worthless industries.
This 25% rate can be reduced by 1% every two years till we reach 20% and balance the budget. Of course we will make some spending cuts as well. At that point EVRYONE pays 20%, no more, no less. The government learns to live within this 20% income budget.
Sound like a good compromise for liberals and conservatives?
No. Tax rates are progressive for a reason. The first $20k (or what-have-you) is essential to your survival, so we tax it at a low rate. The next $20k is important, but less so, so we tax it more. And so on. Flat taxes only benefit the rich.
No. Tax rates are progressive for a reason. The first $20k (or what-have-you) is essential to your survival, so we tax it at a low rate. The next $20k is important, but less so, so we tax it more. And so on. Flat taxes only benefit the rich.
I said we can make one exemption for people making less than poverty line. In any case, they will be able to recieve food stamps, welfare etc.
So here's my solution for the biggest political controversy facing our country - Taxes.
We all pay a flat tax rate of 25%. No exemptions, no deductions (house, marriage, kid) NOTHING on ALL income. No form of income will be exempt or taxed at a reduced rate. Rate applies to ALL individuals and corporations. Income will be taxed whether earned in US or overseas as long as you live and do business in the country.
No subsidies for ANY industry.
Only possible exemption for people making wages below poverty line who could be taxed at a nominal rate of 10%.
We get rid of all the complexity of the tax code. We can get rid of the armies of tax accountants and lawyers. No need for spending money on IRS. Lots of unnecessary overhead costs saved. No need for H&R block etc and other worthless industries.
This 25% rate can be reduced by 1% every two years till we reach 20% and balance the budget. Of course we will make some spending cuts as well. At that point EVRYONE pays 20%, no more, no less. The government learns to live within this 20% income budget.
Sound like a good compromise for liberals and conservatives?
Where did you come up with that number? Coming up with a fictional number just to appease certain parties isn't going to solve our budget issues.
We are going to have to tax citizens at a rate that will balance the budget. The only way to currently lower the tax rates on everybody is by drastic spending cuts.
So here's my solution for the biggest political controversy facing our country - Taxes.
We all pay a flat tax rate of 25%. No exemptions, no deductions (house, marriage, kid) NOTHING on ALL income. No form of income will be exempt or taxed at a reduced rate. Rate applies to ALL individuals and corporations. Income will be taxed whether earned in US or overseas as long as you live and do business in the country.
No subsidies for ANY industry.
Only possible exemption for people making wages below poverty line who could be taxed at a nominal rate of 10%.
We get rid of all the complexity of the tax code. We can get rid of the armies of tax accountants and lawyers. No need for spending money on IRS. Lots of unnecessary overhead costs saved. No need for H&R block etc and other worthless industries.
This 25% rate can be reduced by 1% every two years till we reach 20% and balance the budget. Of course we will make some spending cuts as well. At that point EVRYONE pays 20%, no more, no less. The government learns to live within this 20% income budget.
Sound like a good compromise for liberals and conservatives?
There's a problem with your post. A flat tax is a tax of one percentage, for EVERYONE regardless of income. Having a different tax rate for one group of people doesn't make it a flat tax
...A flat tax of 25% would be a tax increase on all income levels. The average effective tax rate of all levels is below 25%.
The 25% figure would be required till we get red of the deficit without making drastic spending cuts. We gently ease this rate down till the deficit is erased.
This way everyone sacrifices in these times. No more likes of GE or Buffet getting away by paying a 12% or 0% effective tax rate.
So here's my solution for the biggest political controversy facing our country - Taxes.
We all pay a flat tax rate of 25%. No exemptions, no deductions (house, marriage, kid) NOTHING on ALL income. No form of income will be exempt or taxed at a reduced rate. Rate applies to ALL individuals and corporations. Income will be taxed whether earned in US or overseas as long as you live and do business in the country.
No subsidies for ANY industry.
Only possible exemption for people making wages below poverty line who could be taxed at a nominal rate of 10%.
We get rid of all the complexity of the tax code. We can get rid of the armies of tax accountants and lawyers. No need for spending money on IRS. Lots of unnecessary overhead costs saved. No need for H&R block etc and other worthless industries.
This 25% rate can be reduced by 1% every two years till we reach 20% and balance the budget. Of course we will make some spending cuts as well. At that point EVRYONE pays 20%, no more, no less. The government learns to live within this 20% income budget.
Sound like a good compromise for liberals and conservatives?
no no way in hell.
having an income tax is just being in the past.
how about a sales tax of 22% and get rid of the income system. after all the income tax system of the USA is 100 years old and needs to be totally revamped and gotten rid of.
any democrat that claims to be a progressive and does not agree, is not a progressive, but a conservative instead as they would rather remain in the past and keep it as it is now.
a sales tax of 22% hits everyone and does not include people being taxed on items such as foods made from scratch or basic clothing.
everything else is taxed, and it hits everyone, including tourists, criminals, politicians and even illegal immigrants.
Location: In a Galaxy far, far away called Germany
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Not enough choices to poll. 25% federal flat tax would screw us all because we would still have to pay our states taxes which would still put us as an over-taxed middle class. Fed tax rate should be 10-15 % flat WITH government spending cuts ACROSS THE BOARD thru scaling back of our Empire (bring home troops and close bases in Europe) and reformation of entitlements. Our government should be promoting the art of fishing rather than just giving fish away (with the exception of special needs & truly disabled portion of our population).
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I said we can make one exemption for people making less than poverty line. In any case, they will be able to recieve food stamps, welfare etc.
It's more nuanced than that. To use an extreme example, why is it fair that the income a poor or middle class person needs to pay rent is taxed at the same rate as money that will be hidden away in the Caymans before being passed down to some wealthy person's kid? I suggest you research the concept of the marginal utility of money.
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