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I'm thinking Consumption tax + Luxury tax. If you feel the need to buy a 32" or larger TV or drink Crystal, you can pay luxury tax. No tax on capital gains.
They tried a luxury tax several years ago. It didn't work. The boating industry and private airplane industries almost completely folded.
Tens of thousands of jobs were lost.
The people who could afford the "luxury" boat are not stupid. the bought their boats from "overseas". Then the theft whine when jobs go overseas.
Lets just have no more tax breaks or corporate tax loopholes for anyone anymore. Every tax payer and business/corporation just pay a flat tax regardless of what we make, with no write-offs. Yes no write offs, we can't write off interest on homes, charitable contributions, write off kids, pets, and or relatives who are not even US citizens lol. Americans give more than they can write off in charitable contributions anyway. So how about 10% flat tax on all wage earners? Lets just make the tax code simple. We all give the feds 10% of our earnings and each state about 5%. Take away social security and make every wage earner save 10% of his income in a safe IRA/Private retirement investment account. Herman Cain was making a little sense to me about flat taxes on everyone. But again, maybe he didn't understand how the tax code works. But does anyone these days?
A flat tax is a great idea, however there should be deductions for items which would be double taxed, such as interest on loans. Let's not do the right thing wrong. The only ones who push against a flat tax are those who either don't ubnderstand how it works, or politicians (on both sides) who prefer the status quo and intend to keep spending out of control.
A flat tax is a great idea, however there should be deductions for items which would be double taxed, such as interest on loans. Let's not do the right thing wrong. The only ones who push against a flat tax are those who either don't ubnderstand how it works, or politicians (on both sides) who prefer the status quo and intend to keep spending out of control.
Perhaps you missed Mircea's analysis of a flat tax. Or, perhaps, you don't care that a flat tax would be regressive. Perhaps, the difficulties of the poor matter little to you, and so a progressive tax structure isn't your preference.
Now, craft your argument beyond an assertion that a "flat tax is a great idea." How is it a great idea? Do you have data which supports your claim?
A flat tax is a great idea, however there should be deductions for items which would be double taxed, such as interest on loans. Let's not do the right thing wrong. The only ones who push against a flat tax are those who either don't ubnderstand how it works, or politicians (on both sides) who prefer the status quo and intend to keep spending out of control.
Perhaps you missed Mircea's analysis of a flat tax. Or, perhaps, you don't care that a flat tax would be regressive. Perhaps, the difficulties of the poor matter little to you, and so a progressive tax structure isn't your preference.
Now, craft your argument beyond an assertion that a "flat tax is a great idea." How is it a great idea? Do you have data which supports your claim?
I did read miceas analysis. I agree with small snippets. Spending must be halted, and government devolved. However, it is flawed and I'm not about to match the 2 page preconceived assumptions that allowed those nuimbers to fit in that cute little box.
A flat tax will work in conjunction with a vat, and fair state sales tax. Drop corporate deductions, which are tat amount to tax evasion. The current tax system has all kinds of unintended consequences. As an example of intended consequences; If a person can afford to buy a Porsche, they can afford to pay more in vat/sales tax as a percentage. This may drive down sales of luxury vehicles, but it will also drive up sales for domestic manufacturers (Ford, GM, Dodge, Honda USA...etc.). GE and the "friends of the administration" should be paying their share, instead of skimming the cream.
Every tax payer and business/corporation just pay a flat tax regardless of what we make, with no write-offs.
Why do you folks insist on taxing the fruits of one's labor. Get rid of the IRS all together.
Repeal the 16th amendment. Have a national tax if you will, but scrap everything else.
It is the only equitable thing to do in the "land of the free"....
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