Income tax's dedutions per taxpayers and dependents

Discussion in 'Economy' started by Supposn, Jan 21, 2011.

  1. Supposn
    Offline

    Supposn Senior Member

    Joined:
    Jul 26, 2009
    Messages:
    863
    Thanks Received:
    27
    Trophy Points:
    51
    Ratings:
    +31
    The income tax considerations per person were originally enacted to provide some tax relief for lower income earners; we can’t get blood from stones.

    Unfortunately the consideration is a per capita amount of deduction from taxable income rather than a credit applied to the income tax itself.

    Due to income tax’s progressive rates, the current per capita considerations grant exceedingly greater the amounts of benefits to wealthier taxpayers. Middle income earners derive much lesser benefits and the lowest income taxpayers derive little or no benefits from the per-capita tax consideration.

    I’m a populist that advocates the deduction should be a tax credit rather than a deduction from taxable income. The amount of per-capita tax credit should be revenue neutral to our current regulations and that amount should be annually cost of living adjusted.

    This revenue neutral tax modification grants greater tax relief to lower income tax payers without increasing our tax rates.

    Respectfully, Supposn
     
  2. The Rabbi
    Offline

    The Rabbi Diamond Member

    Joined:
    Sep 16, 2009
    Messages:
    67,619
    Thanks Received:
    7,821
    Trophy Points:
    1,840
    Location:
    Nashville
    Ratings:
    +18,214
    Well, most lower income tax payers get more in refunds than they paid in taxes. So that would seem to blow your argument to hell.
     
  3. editec
    Offline

    editec Mr. Forgot-it-All

    Joined:
    Jun 5, 2008
    Messages:
    41,427
    Thanks Received:
    5,598
    Trophy Points:
    48
    Location:
    Maine
    Ratings:
    +5,617

    Do they?

    That's news to most of them, I expect.
     
  4. code1211
    Offline

    code1211 Senior Member

    Joined:
    Apr 8, 2009
    Messages:
    5,999
    Thanks Received:
    845
    Trophy Points:
    48
    Ratings:
    +845

    I guess I'm not following your train of thought. Are you recomending that the poorer get money while richer pay money?

    I'm of the mind that everyone should pay something even if that something is only a dollar.

    I do agree with you and bank robbers that if you're looking to get money, you need to go to those places where the money is kept to get it. That said, though, everyone needs to pay something.
     
  5. The Rabbi
    Offline

    The Rabbi Diamond Member

    Joined:
    Sep 16, 2009
    Messages:
    67,619
    Thanks Received:
    7,821
    Trophy Points:
    1,840
    Location:
    Nashville
    Ratings:
    +18,214
    Don't pay income taxes, I see.
    No, most working people get more back in tax refund than they paid. Fact.
     
  6. 30x90
    Offline

    30x90 Member

    Joined:
    Jan 13, 2011
    Messages:
    271
    Thanks Received:
    30
    Trophy Points:
    16
    Ratings:
    +30
    The U.S. tax code is ridiculous. 16,000 PAGES!
    The politicians think the main purpose of a legislator is to extract more "revenue" from citizens.

    If you go to the US Government Printing Office ( w ww.gpo.gov ), you can order a complete set of Title 26 of the US Code of Federal Regulations (that's the part written by the IRS), all twenty volumes of it, at the bargain price of $974, shipping included.

    According to the US Government Printing Office, it's 13,458 pages in total. The full text of Title 26 of the United States Code (the part written by Congress--available for an additional $179) is a mere 3,387 printed pages, bringing the adjusted gross page count to 16,845.

    Insanity.
     
  7. Neubarth
    Offline

    Neubarth At the Ballpark July 30th

    Joined:
    Nov 8, 2008
    Messages:
    3,751
    Thanks Received:
    199
    Trophy Points:
    48
    Location:
    South Pacific
    Ratings:
    +199
    We need to urgently go to a Flat Tax on the citizens. The first Thirty Thousand dollars that an individual makes will be Tax Free. Everything after that needs to be taxed at fifty percent Federal. States may take the remainder but I strongly recommend that they only take seven or eight percent.
     
  8. editec
    Offline

    editec Mr. Forgot-it-All

    Joined:
    Jun 5, 2008
    Messages:
    41,427
    Thanks Received:
    5,598
    Trophy Points:
    48
    Location:
    Maine
    Ratings:
    +5,617
    I don't think that's what our GOP libertarian Randian chums had in mind, Neu.

    They were sort of hoping for a REDUCTION in the amount they pay.

    Using your system we'd be oaying staggeringly larger sums as taxes.

    And just curious...where'd you come up with the $37 K cut off?
     
  9. editec
    Offline

    editec Mr. Forgot-it-All

    Joined:
    Jun 5, 2008
    Messages:
    41,427
    Thanks Received:
    5,598
    Trophy Points:
    48
    Location:
    Maine
    Ratings:
    +5,617

    Would you be kind enough to document that amazing claim for us, Rabbid?

    I think you've been misinformed.
     
  10. The Rabbi
    Offline

    The Rabbi Diamond Member

    Joined:
    Sep 16, 2009
    Messages:
    67,619
    Thanks Received:
    7,821
    Trophy Points:
    1,840
    Location:
    Nashville
    Ratings:
    +18,214
    Sure
    Earned income tax credit could pay off
     

Share This Page