It's Time For A Flat Tax.

Discussion in 'Economy' started by Skull Pilot, Jul 11, 2012.

  1. Skull Pilot
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    Skull Pilot Platinum Member

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    All the supporters for so called progressive punitive taxes have some bitter pills to swallow with the undeniable success of the flat tax in other countries.

    The Rise Of The Flat Tax Gives Us Morning In Albania - Forbes

    [​IMG]

    Here's a simple example

    Summary of Latest Federal Individual Income Tax Data | Tax Foundation

    In 2009 the total income tax revenue was 865.8 Billion

    In 2009 the total of all personal income was about 12 Trillion dollars.

    Total Personal Income U.S. and All States

    That works out to an effective tax rate of about 7% on all personal income.

    This is not AGI mind you but gross personal income.

    If we instituted a flat tax of of 10% on all personal income our tax revenue in 2009 would have been 1.2 Trillion dollars.

    If we lower the corporate income tax to the same flat rate we'll see even more revenue as businesses will no longer have incentive to keep money off shore.

    Our taxes would be simple to file and there is absolutely no room to cheat or evade taxes.

    We would be able to gut the IRS and save billions of dollars.

    We wouldn't have to hire accountants and tax attorneys anymore.

    And we get to keep 90% of what we earn every year.

    How can anyone oppose this simple yet elegant plan?
     
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  2. TheGreatGatsby
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    TheGreatGatsby Gold Member

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    I'm for the flat tax, but I don't have a problem with those below the poverty line not paying taxes.
     
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  3. Skull Pilot
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    Skull Pilot Platinum Member

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    I don't think anyone should be exempt from income taxes.

    And 10% is not much to ask of anyone.
     
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  4. TheGreatGatsby
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    TheGreatGatsby Gold Member

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    What's the point of forcing someone who is facing hardship to pay their pittance? The economy isn't built on the back of making poor people pay pennies. I'm fine with the flat tax once a person hits a certain mark. Also, all the other consumption taxes and social security already hit the poor the hardest.
     
  5. Skull Pilot
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    Skull Pilot Platinum Member

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    We'll have to disagree.

    I don't believe there should be any deductions at all for anyone.

    Unequal treatment of some is what got us our abomination of a tax code that we are burdened with currently.
     
  6. Norman
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    Norman Gold Member

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    I am not for flat tax with UE benefits. It could work with basic wage.


    The reason is that it would really make being unemployed a good option. No one is going to take that first job if it hardly pays as much as the UE benefits due to the tax burden. In fact no one should pay any taxes on an income equal to UE benefits.

    This is also one reason why the minimum wage is useless. UE benefits already take care of it.
     
  7. TheGreatGatsby
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    TheGreatGatsby Gold Member

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    There's a difference between being fair and sympathetic and exploiting other people's success.
     
  8. Big Black Dog
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    Big Black Dog Gold Member Supporting Member

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    I believe everybody in America should be taxed at the same rate. There's almost 51% of the population that pay no federal income tax at all. Freedom isn't free. It should cost everybody the same thing to call themselves an American.
     
  9. uscitizen
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    uscitizen Senior Member

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    Many will fight it.
    HR Block and such companies will spend their last dime fighting it. As trhey are a parasitic industry living off of our complicated tax system.

    the poor who get more money back than they paid in will fight it.

    Congress will fight it since it does not allow them to repay lobbyists favors with favorable tax rates for a specific industry, etc.

    And of course it would increase the number of unemployed in the IRS and tax prep industries.
     
  10. Skull Pilot
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    Skull Pilot Platinum Member

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    Unemployment benefits are based on your past and / or current wages and are different for everyone so if you have not worked you cannot collect unemployment.
     

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