Is This Tax Reform Worth Consideration?

Discussion in 'Economy' started by Annie, Apr 30, 2011.

  1. Annie
    Offline

    Annie Diamond Member

    Joined:
    Nov 22, 2003
    Messages:
    50,847
    Thanks Received:
    4,644
    Trophy Points:
    1,790
    Ratings:
    +4,770
    Left, Right Can Love Tax Plan: Laurence Kotlikoff, Andrew Weiss - Bloomberg

     
  2. Mad Scientist
    Offline

    Mad Scientist Deplorable Gold Supporting Member Supporting Member

    Joined:
    Sep 15, 2008
    Messages:
    23,938
    Thanks Received:
    5,211
    Trophy Points:
    270
    Ratings:
    +7,678
    Flat tax is fine with me. If you buy something, you pay the tax. If you buy nothing, you pay no tax. Unlike the current system where you pay tax up front and keep what's left only to pay more tax when you buy something. Flat taxes encourage saving as there is no taxes on what you put away. I don't profess to be a Flat Tax expert but it seems better than what we have now. Plus the Tax Code is greatly simplified: No tax breaks or loopholes only taxes paid on economic activity.

    The problem I have with that would be is if it is included ON TOP of whatever tax rate we pay now. Which I'm sure is what the Bankers and Politicians want.
     
  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
    I don't think it is.

    I do think it is a great idea if you're planning to become a black marketeer, though.
     
  4. Annie
    Offline

    Annie Diamond Member

    Joined:
    Nov 22, 2003
    Messages:
    50,847
    Thanks Received:
    4,644
    Trophy Points:
    1,790
    Ratings:
    +4,770
    Just a VAT tax? Too regressive. The poor, especially the working poor need to spend about every cent of income-all would be taxed. The rich always have left over and that would be not be taxed.
     
  5. Mad Scientist
    Offline

    Mad Scientist Deplorable Gold Supporting Member Supporting Member

    Joined:
    Sep 15, 2008
    Messages:
    23,938
    Thanks Received:
    5,211
    Trophy Points:
    270
    Ratings:
    +7,678
    But the poor wouldn't have an income tax so they could keep what they earn and have more to spend or save.
     
  6. JBeukema
    Offline

    JBeukema BANNED

    Joined:
    Apr 23, 2009
    Messages:
    25,613
    Thanks Received:
    1,703
    Trophy Points:
    0
    Location:
    everywhere and nowhere
    Ratings:
    +1,705
    Taxing it on the front end and taxing it on the back end have the same effect

    All you would accomplish would be inflating their 'take-home-pay' so you could brag about it, while their purchasing power would remain the same at best.
     
  7. Foxfyre
    Offline

    Foxfyre Eternal optimist Gold Supporting Member Supporting Member

    Joined:
    Oct 11, 2007
    Messages:
    47,657
    Thanks Received:
    10,774
    Trophy Points:
    2,070
    Location:
    Desert Southwest USA
    Ratings:
    +14,351
    Looks like a prescription for a more nightmarish tax code than what we already have with way too many ways to manipulate the system both by tax payers and by our fearless leaders.

    I'm still pulling for an ultra simple across the board flat income tax on ALL income applicable to everybody, rich and poor, alike. The gazillionaire will pay millions in taxes on such a plan and the truly poor probably still pay nothing as they won't earni above a basic exemption everybody would get. And we can all file our tax return on a postcard.
     
  8. Trajan
    Offline

    Trajan conscientia mille testes

    Joined:
    Jun 17, 2010
    Messages:
    29,048
    Thanks Received:
    4,751
    Trophy Points:
    48
    Location:
    The Bay Area Soviet
    Ratings:
    +4,756
    yes FF...I agree with that.
    Hit me at a fat 23%, I'll live with that.
     

Share This Page