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Lower than they are now. Across the board on everything, State and Federal.If you answered "I do!" to the question in the title, I have a follow-up question:Lower than what? Please elaborate.
I don't necessarily or inherently call for 'lower' taxes... just that every citizen pay the same rate on every dollar earned... and lower governmental spending... if 25% is called for, then 25% it is... if 17% is called for, then 17% it is
If you answered "I do!" to the question in the title, I have a follow-up question:
Lower than what? Please elaborate.
So life before income tax for a perfect world?In an ideal world, income taxes would not exist as they did not prior to 1913. However, realizing that we do not live in an ideal world, it is my opinion, that taxes should not be progressive. I'm not sure what the rate number should be. I seem to recall a study by Steve Forbes some years ago which stated something to effect of needed around a 15% tax on all Americans to replace our current progressive tax system with a flat tax. I believe that if people paid their taxes in a 'lump sum' instead of having a little taken out of their paycheck each week, sales tax, etc, they would take more of an interest in public policy and want to know what they are getting for their money. Our current system is very clever in the sense that very few people can tell you exactly how much they pay in taxes each year.
I think we would be foolish to cut taxes lower than they are now since it would just drive the deficit higher. I think Congress should approve the roll back of the Bush tax cuts with one exception. I think Congress should leave Capital Gains tax at the current low level. It is the one part of the personal income tax that directly encourages investment and expansion of business.
I don't necessarily or inherently call for 'lower' taxes... just that every citizen pay the same rate on every dollar earned... and lower governmental spending... if 25% is called for, then 25% it is... if 17% is called for, then 17% it is
How do you determine whether a particular dollar is "earned?"
Lower than they are now. Across the board on everything, State and Federal.If you answered "I do!" to the question in the title, I have a follow-up question:Lower than what? Please elaborate.
I don't necessarily or inherently call for 'lower' taxes... just that every citizen pay the same rate on every dollar earned... and lower governmental spending... if 25% is called for, then 25% it is... if 17% is called for, then 17% it is
How do you determine whether a particular dollar is "earned?"
Same way we do now.. employers report wages.. banks report interest.. etc
How do you determine whether a particular dollar is "earned?"
Same way we do now.. employers report wages.. banks report interest.. etc
What about capital gains?
What about inheritance?
What about self-employment?
In self employment, you are indeed your own employer.. you are required to report your earnings
I am personally on the fence about capital gains... but if push came to shove, I would not be against them in the lump earnings taxation
I do not believe in inheritance taxation or the 'death tax'... as what was earned by the person dying was already taxed and it is being left to their survivors.. I do not like the government trying to get its greedy hands in the pot twice
I do not believe in inheritance taxation or the 'death tax'... as what was earned by the person dying was already taxed and it is being left to their survivors.. I do not like the government trying to get its greedy hands in the pot twice
In self employment, you are indeed your own employer.. you are required to report your earnings
I am personally on the fence about capital gains... but if push came to shove, I would not be against them in the lump earnings taxation
I do not believe in inheritance taxation or the 'death tax'... as what was earned by the person dying was already taxed and it is being left to their survivors.. I do not like the government trying to get its greedy hands in the pot twice
I'd reconsider the stance on Capital Gains, if I were you. Invested capital is necessary for a vibrant economy which creates productive, well-paying jobs. The higher the cap gains rate, the lower the tolerance for risk - and the less innovation.
If we are going to treat cap gains as income, then we should go all the way to a single rate low flat tax for everyone.