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Flat tax for all

By ProtiusX ·
Here's the thing that I don't understand - Why should we punish an individual for having more of something than we do? If someone could provide a cogent answer to that I will eat my hat.

We have always exsisted under a capatilist economic system that essentially meant that if you built a better mouse trap you could get rich. What is wrong with wealthy people? I am not wealthy. I do not earn over $100K a year but I don't condemn those that do.

I agree with the fact that our national tax system should be replaced but it should be replaced with a national flat tax. Everyone pays x%. Everyone. No exceptions, no deductions, no refunds period. Simple and fair. "Well the rich make more than I do!" you say. Well your right. They do. So what. If the national flat tax was 5% and you made $25,000 a year you would pay $1,250.00 in taxes that year. The rich guy who made 2.5 million would pay $125,000. Sounds fair to me.

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The best system - Flat Tax -

by JimHM In reply to Flat tax for all

The best system - would be a flat tax - research has shown that if a Flat tax was enacted - with the first $25,000 tax free. A Flat tax of 13% would be needed to meet the current ALL TAXes dollars received by the feds... I mean all Taxes - no just income - but all taxes! :) -

The question comes into play of the "Paying a Tax on a Tax" - they would have to say that first the fed's gets thiers - then the State - County - Local - otherwise your paying a tax on a tax ... or would that be Local, County, State, fed -

But the Democrates would never do it - because they can't tax the rich more than the poor - they can't keep you from passing your wealth onto your children - they wouldn't be able to control the have nots vote for them ... even tho they are some of the biggest haves in america... Heniz-Kerry over 1/2 a billion - Kennedy - Rockafella - the list goes on ...

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Some resources

by TheChas In reply to The best system - Flat Ta ...

Where did you come up with the 13% figure.

The lowest rate I have ever seen proposed for just the federal tax rate is 17%

**** Armey's proposal was for a 20% rate.

Check out the links on this page:

http://www.ncpa.org/pi/taxes/tax71.html#1

Or, just google flat tax or Value added tax.

And then, take a close look at your last federal tax return to see how much more you would have to pay.

The issue that many proposals that claim a rate lower than 17% fail to take into account is the size of the underground economy.
Which would GROW under a flat tax.
Why? small business would no longer be able to deduct many of the costs that they now can.

Even with a VAT, you will never capture a major portion of the illicit economy.
(Drugs, prostitution, and other criminal activities.)

Chas

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Totally agree Protius

by Garion11 In reply to Flat tax for all

All these people complaining that ANY tax cut goes to the wealthy, should embrace the Flat Tax. Although I am against income taxes on any level, at this point, the best we can do is to change the current and confusing tax system in the US to a Flat tax system.

Simple and fair.

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I agree, but wait, there's more...

by Boyd In reply to Totally agree Protius

Flat tax is a good, no great idea. But not as an income tax, as a national sales tax!

Think about it for amoment, no tax accounting, no tax returns and if you don't buy much, you don't pay much. Under a certain income could apply for a tax credit. The entire underground economy would immediately start paying a considerable amount of tax. Corporations would be like everyone else, if you have money to spend, you pay taxes on it.

I can't see anything wrong with this, can anyone else ?

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An Excellent idea

by Garion11 In reply to I agree, but wait, there' ...

but Flat tax is like the first step towards an eventual National Sales tax/Consumption tax.

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Amen - write your congressperson

by wordworker In reply to Flat tax for all

I completely agree. But if they go to flat tax, what will happen to all those law firms and accounting firms that are making a big fat living off interpreting all those exceptions, deductions, and loopholes? That's probably the biggest reason we won't see a pure flat tax - too many fat cats depend on the convoluted system we have now for their livings...

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Nailed it right on the head

by Garion11 In reply to Amen - write your congres ...

Thats why we still have this stupid, crazy income tax. These damn lawyers special interests and accounting groups that pay money to keep this system in place.

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Heavens above !

by jardinier In reply to Nailed it right on the he ...

Brace yourself for this Garion: you and I actually agree on something.

Of course it is the vested interests of lawyers, accountants, politicians, and wealthy people who minimise tax, that ensure that a simple, fair system is never likely to be introduced.

It would be SO EASY to introduce a flat tax (of say 20 per cent) without altering anyone's net income.

At the lower end of the wage scale, workers could be paid a higher gross wage. At the higher end, gross salaries could be reduced. Everyone could still earn the same net income as they do now, and the government could collect the same amount of tax.

The current graded tax system encourages dishonesty and discourages effort. Who will be motivated to work harder, if they are penalised by entering a higher tax bracket?

And because of this, workers at any level will try to conceal extra income by accepting cash-in-hand payments, for example.

Although there no doubt exist "flat tax" organisations, I personally consider it to be such an important issue as to be worth starting a new political party with flat tax as its foundation policy.

It would be one policy that the majority of citizens would be happy to embrace. Republican or Democrat, it doesn't matter, because it is only a relatively small proportion of the population who continue to benefit from this complex, unfair, irrational system.

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LOL

by Garion11 In reply to Heavens above !

Yeah I know its amazing, I agreed with OZ (in a previous post) and now you. Sadly in the US, both parties do it. Democrats take away 30% of my money, while Republicans take away 28%. Sigh!

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I concur.

by admin In reply to Flat tax for all

a modest flat tax for essentials would be in our interest and greatly assist both our economic situation and GNP.

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