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The deduction does encourage home ownership! And home ownership results in equity. It also results in keeping property values higher, as opposed to rental properties.We have to build a robust Middle Class to get the economy up to steam. Removing current exemptions, like the mortgage deduction (designed to stimulate home ownership) strips the middle class of disposable income which moves through the economy creating jobs.
The home mortgage interest tax deduction doesn't encourage ownership, it encourages debt. There IS a difference. Ask the banks.
The deduction does encourage home ownership! And home ownership results in equity. It also results in keeping property values higher, as opposed to rental properties.We have to build a robust Middle Class to get the economy up to steam. Removing current exemptions, like the mortgage deduction (designed to stimulate home ownership) strips the middle class of disposable income which moves through the economy creating jobs.
The home mortgage interest tax deduction doesn't encourage ownership, it encourages debt. There IS a difference. Ask the banks.
And why ask banks for advice? Who ya gonna call? J.P. Morgan Trust? They sure know how to handle money.
Yep. we need one, bad. 13 is a lousy number though. I prefer 10.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
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?
I truly pity those who were punished for paying cash for a house. I suppose that's a lot of people too, huh? I suppose that MOST people simply save up and plop down cash on the barrel head when buying a home. And I have been sleeping...here in Real World.The deduction does encourage home ownership! And home ownership results in equity. It also results in keeping property values higher, as opposed to rental properties.The home mortgage interest tax deduction doesn't encourage ownership, it encourages debt. There IS a difference. Ask the banks.
And why ask banks for advice? Who ya gonna call? J.P. Morgan Trust? They sure know how to handle money.
Uh... have you been sleeping for the last four years?
The home interest mortgage deduction mostly benefits banks by encouraging mortgage debt. Furthermore, it punishes people who save (or borrow from family) to buy homes with cash, as well as people who rent. The government has no business pushing us into debt.
Yep. we need one, bad. 13 is a lousy number though. I prefer 10.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
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?
I will say this though, it will devastate the tax filing, accounting and tax law services sector. Kinda like being sad you don't have to make children's crutches because polio has been cured I guess.
yeahhhhhhh... about that.... Its the problem.A flat tax would be OK if the Congress could still make loopholes for their contributors.
yeahhhhhhh... about that.... Its the problem.A flat tax would be OK if the Congress could still make loopholes for their contributors.
Flat tax = no loopholes.
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
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?
Come on Moonbats, there have to some of you out there who will try to tell us that a flat tax will ruin the country.
Where are you?
Shows that the increase in funds continued despite the rate being lowered. There is also a faint increase in revenue collection 1 year into the change over to a flat tax.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
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?
Your chart seems to indicate that something besides the flat tax was responsible for the rise in revenue. It started up when taxes were increasing from 35% to 45%. The 13% at least didn't mess it up so maybe the set the rate appropriately for their system.
I think a flat tax with no bogus deductions would be an improvement from what we have now. But IMO, the ideal would be to eliminate the deductions and have at least a modestly progressive system.
Laffer curve - Wikipedia, the free encyclopediaLOWER TAXES INCREASE REVENUE
WAR IS PEACE
FREEDOM IS SLAVERY
IGNORANCE IS STRENGTH
I get it. All of us should cut our income so we can enjoy greater wealth.
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
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?
LOWER TAXES INCREASE REVENUE
WAR IS PEACE
FREEDOM IS SLAVERY
IGNORANCE IS STRENGTH
I get it. All of us should cut our income so we can enjoy greater wealth.
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
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?
You could not be more correct. The problem is, the liberals will never allow it because it prevents them from doing their two favorite things: hiding their money and hiding additional taxes on others.
The more complex the system is, the more it requires tax deductions. The more tax deductions there are, the more liberal billionaires like John Kerry, Al Gore, and Barack Obama can hide their wealth and hoard it for themselves.
In addition, the more complex the system is, the more they can keep adding hidden taxes into the system and take others wealth without causing too much political backlash for themselves. Obama has managed to sneak in over 22 hidden taxes since he's taken office.
If you simplify it, everything is in the open and you can't work the system. 10% flat tax across the board - for EVERYONE and no deductions. Don't care about your costs for this or that, don't care about your choices - 10% is much lower than today, so you don't need any deductions. Think about how much money the US government could save on IRS agents alone. Audits would be so fast and simple ,you could run on 1/10th of the agents they currently have. Plus, they would make up hundreds of billions on the fraud and evasion alone that currently exists.
Come on Moonbats, there have to some of you out there who will try to tell us that a flat tax will ruin the country.
Where are you?
This "Moonbat" is concerned with the long term effect of a flat tax. Our nation has always returned to the center, when our elected officials overreach to the left or to the right the American voter produces a correction. We have seen this time and again in national as well as state and local elections.
In less than a generation of a flat tax, the very wealthy + the Citizens United decision will have the ability to transform us from a democratic republic into a pure plutocracy, where the party of the wealthy will make the laws and, by controlling a majority on the Supreme Court modify even our Constitution to suit their needs, at the expense of the hoi polloi.
History suggests such a transformation can have only one consequence, one most feared by the rich and powerful. See 1789, 1848, 1917 and the Spring of 2011 for a few notable examples.
Of course a flat tax is not a sufficient and necessary cause of civil unrest; examples of civil unrest are well known in our country during the lifetime of most baby boomers. Efforts to suppress voting rights, to undermine public education and to cut the salary and benefits of working men and women while defending millionaires and billionaires is another cause leading us eventually to a plutocratic America.
Or to our own "Arab Spring". Think about it (those of you who can).
Yes yes, we know... the bottom 45% pay nothing or make money from income tax and that's fair. The top 10% pay 75% of all taxes and that's not enough.
Let's encourage more poverty while driving success, wealth and achievement out of this nation. I just don't get why you leftie loonies can't see that you tax items you want to reduce, and subsidize what you want more of, but fail to apply that to people.
