Flat taxes for everyone ???

[Anachronism]

In other words, the richest Americans should be tax exempt and the poor should pay for everything...

Those individuals who have already been taxed on their holdings should not be taxed on them again. We have a legal concept in this country called "Double Jeopardy". It means that you cannot be tried more than once for the same crime. I would like to see that same concept applied to our Tax System. ONE bite at the apple. Period. If that bite is 12%, so be it, but ONE BITE ONLY.

He was just stating the way it is now where you do not pay income tax on money you have in the bank just on the interest from that money type of thing.

NO. That interest would not be taxable, so long as the funds it was earned on had been taxed once already.

I can sort of agree on gifts to immediate family members only if you already paid tax on it. But an exemption for gifts to anyone else could easially be misused and people could get gifts instead of bonuses for example.

If the gifter paid taxes on it, I think you mean. Yes, it's a slippery slope and here would need to be some restrictions, but it is the right thing to do so far as I'm concerned.

Not what he said. What he said would mean that those who play the stock market or whose income comes from re-investing money they already have would not pay income tax. He would tax only those who work and not wealthiest

What is it that makes you think the wealthiest would not be taxed? Are you telling me that Bill Gates does not draw an income from his companies? That income (whether in options, stocks, money, etc....) is all taxable under my plan. In fact they would pay more because their options, etc... WOULD be taxed where they aren't now.

No, everyone pays the same.

Everyone pays the same percentage. Now 10% of $1,000,000 is a lot more than 10% of $10,000 but that's the way things work.

That's not what he said.

He said the richest Americans would pay nothing- because 'capital gains, investments, sale of property' would not be taxed. Only those who still work for a living would be taxed to pay for the military to protect the interests of the wealthy.

Again, are you trying to tell me that Bill Gates and Company draw NO NEW INCOME from any of their companies? I find that very hard to believe.

 

[Cuyo]

The first 25K of anyone's income should be tax free. After that a flat 10-15% no deductions no exemptions.

That 10-15% won't pay for the commons. But you're on the right track.

 

[Anachronism]

So you'd demand the working poor pay the same portion of their wages as the billionaires when they can barely pay their bills?

Most of those poor people are poor because of bad decisions they made themselves.... dropping out of school, getting pregnant before being in a stable relationship, being a convicted criminal, etc... It's just the lifestyle they have chosen. They made their bed, now they get to lay in it.

 

[Skull Pilot]

The first 25K of anyone's income should be tax free. After that a flat 10-15% no deductions no exemptions.

That 10-15% won't pay for the commons. But you're on the right track.

You do realize that after exemptions, deductions and credits most people pay less than 15% of their total gross income in taxes don't you?

Factor in the billions saved in collection costs and 10-15% should be more than adequate.

 

[Ringel05]

YES, but only on what I term NEW INCOME, and no deductions. What I mean by "NEW INCOME" is monies that are not a return on investments you have made...

In other words, the richest Americans should be tax exempt and the poor should pay for everything...

Return on investments are new money because they are income earned during a specific taxable year. What fries my bacon is the taxing of income tax refunds or certain investments as earned income even though that money WAS taxed the previous year, that's double dipping. Not to mention the fact the government earned interest on that money before returning it to the tax payer.

 

[Skull Pilot]

YES, but only on what I term NEW INCOME, and no deductions. What I mean by "NEW INCOME" is monies that are not a return on investments you have made...

In other words, the richest Americans should be tax exempt and the poor should pay for everything...

Return on investments are new money because they are income earned during a specific taxable year. What fries my bacon is the taxing of income tax refunds or certain investments as earned income even though that money WAS taxed the previous year, that's double dipping. Not to mention the fact the government earned interest on that money before returning it to the tax payer.

No one would balk at a capital gains rate of 10-15%.

 

[Ringel05]

in other words, the richest americans should be tax exempt and the poor should pay for everything...

return on investments are new money because they are income earned during a specific taxable year. What fries my bacon is the taxing of income tax refunds or certain investments as earned income even though that money was taxed the previous year, that's double dipping. Not to mention the fact the government earned interest on that money before returning it to the tax payer.

no one would balk at a capital gains rate of 10-15%.

True.

 

[Dont Taz Me Bro]

My exact thinking also, hmmm wonder why our Gov't won't pass law to make it that way.

Anyone?

Politicians derive too much power from the tax code. That's why you won't see it happen. The closest we came to a flat tax was in the 1980s and it was still two tiers.

 

[Anachronism]

No one would balk at a capital gains rate of 10-15%.

Those of us who believe it should be 0% definitely would.

 

[Ringel05]

No one would balk at a capital gains rate of 10-15%.

Those of us who believe it should be 0% definitely would.

So you don't think I should be able to sell my house or other collectible possessions at a profit?

 

[Skull Pilot]

No one would balk at a capital gains rate of 10-15%.

Those of us who believe it should be 0% definitely would.

So you don't think I should be able to sell my house or other collectible possessions at a profit?

Capital gains is the same as a retail mark up.

If I buy X for Y dollars, then sell it to you for greater than Y dollars it is no different from my business buying a product at wholesale and marking it up.

So if a business has to pay taxes on the profit made from a mark up, why shouldn't you?

If you want 0 capital gains tax then you also have to realize you won't be able to write off a loss.

 

[Ringel05]

Those of us who believe it should be 0% definitely would.

So you don't think I should be able to sell my house or other collectible possessions at a profit?

Capital gains is the same as a retail mark up.

If I buy X for Y dollars, then sell it to you for greater than Y dollars it is no different from my business buying a product at wholesale and marking it up.

So if a business has to pay taxes on the profit made from a mark up, why shouldn't you?

If you want 0 capital gains tax then you also have to realize you won't be able to write off a loss.

Were you addressing me or the other guy?

 

[Anachronism]

If you want 0 capital gains tax then you also have to realize you won't be able to write off a loss.

Which I totally agree with. I am against the government being involved at both ends of that spectrum....

If I buy a piece of property for $100K, and then sell it for $150K that $50K should go directly into MY POCKET. The government should not be allowed to touch a single penny of it.

If I buy that piece of property for $100K and end up having to see it for $65K, I should not get to write that $35K off on my taxes. I took a risk and I lost. Maybe I'll do a little more research and pay a little more attention when I consider making my next purchase.

CAVEAT EMPTOR.

 

[GHook93]

YES OR NO, and Why?

The flat tax doesn't work! Its sounds good, simple and fair in theory, but when it comes down to it, it just doesn't work!

 

[Skull Pilot]

If you want 0 capital gains tax then you also have to realize you won't be able to write off a loss.

Which I totally agree with. I am against the government being involved at both ends of that spectrum....

If I buy a piece of property for $100K, and then sell it for $150K that $50K should go directly into MY POCKET. The government should not be allowed to touch a single penny of it.

If I buy that piece of property for $100K and end up having to see it for $65K, I should not get to write that $35K off on my taxes. I took a risk and I lost. Maybe I'll do a little more research and pay a little more attention when I consider making my next purchase.

CAVEAT EMPTOR.

OK so if Walmart buys a stereo for 5 dollars and sells it for $500 should that $450 not be taxed?

 

[Anachronism]

OK so if Walmart buys a stereo for 5 dollars and sells it for $500 should that $450 not be taxed?

I look at business' as different than individuals. That's not a capital gains issue in my mind. That's regular business profit and the main income of the business. It's a totally Apples v. Oranges concept in my mind.

Besides, it wouldn't be possible for them to do that if I got my way and they weren't able to purchase products made outside the USA for sale here in the USA.

 

[syrenn]

Yes as long as it's a flat amount, not a flat percentage.

I disagree. That would truly punish the poor. If you take a dollar away from someone with 10 dollars as opposed to taking a dollar from someone with 1000. That dollar hurts more.


The same percentage from everyone is the fair way to go.

So you'd demand the working poor pay the same portion of their wages as the billionaires when they can barely pay their bills? All to fund military that's used to protect the interests of BP and The United Fruit Company?

Thats right. Everyone bleeds the same. Everyone gets the same thing from the government. Everyone pays for what the government is doing.

 

[Anachronism]

Thats right. Everyone bleeds the same. Everyone gets the same thing from the government. Everyone pays for what the government is doing.

Sounds good to me.

 

[uscitizen]

I disagree. That would truly punish the poor. If you take a dollar away from someone with 10 dollars as opposed to taking a dollar from someone with 1000. That dollar hurts more.


The same percentage from everyone is the fair way to go.

So you'd demand the working poor pay the same portion of their wages as the billionaires when they can barely pay their bills? All to fund military that's used to protect the interests of BP and The United Fruit Company?

Thats right. Everyone bleeds the same. Everyone gets the same thing from the government. Everyone pays for what the government is doing.

Yep the same percentaxe tax on ALL personal income no deductions.
Same as a sales tax.

 

[uscitizen]

OK so if Walmart buys a stereo for 5 dollars and sells it for $500 should that $450 not be taxed?

I look at business' as different than individuals. That's not a capital gains issue in my mind. That's regular business profit and the main income of the business. It's a totally Apples v. Oranges concept in my mind.

Besides, it wouldn't be possible for them to do that if I got my way and they weren't able to purchase products made outside the USA for sale here in the USA.

Yep corporate taxing is different. But should be consistent.

This is abour personal income taxes.