Bobby's big mad! He has just found out. (NYC)

[WorldWatcher]

Investments use after Tax dollars. Already taxed once. You need to add that up also don't you?

Not really.

There are two components to "investments": Principal and Interest/Dividents/Profits.

Once Federal Income Taxes are made on the principal, that portion is not taxed.

Interest/Dividents/Profits remain tax free until such time as they are taken out of the investment and received by the individual, at which point they become income. If the asset is sold in under 1 year that is a short term capital gain and the profit is taxed as regular income. If the investment is held for a year or longer the capital gains tax is 0%, 15%, 20% (depending on other income), even if the individuals wage income bracket is higher.

This excluded tax deferred retirement savings accounts like 401Ks, 403Bs, 457s, TSPs, and most IRAs because those investments are made with pre-tax dollars.

WW

 

[22lcidw]

Which backs up Buffet's claim even more!

It's funny how you tools never mention payroll taxes when claiming the upper such-and-such percent pay 47 percent (or whatever) of all income taxes.

Neither do you. Cut all of the other federal taxes that we pay for and do not see that is hidden.

 

[BothWings]

So predictable and pathetic.

These Lefty ASSHOLES love communism….UNTIL IT IS TIME TO PAY.

Do not forget, when John Lennon RELEASED the communist song “IMAGINE”, he was worth over $1 billion in 2025 dollars…singing about NO POSSESSIONS…he did not give all his money away.

My least favorite Beatle!

 

[BothWings]

I'm pretty sure both David gilmour and Rodger Waters have claimed in the past to be socialists. Looking at the little empires that they've built over their lifetimes that is "nearly a laugh but really a cry".

 

[ThisIsMe]

Hypotheitically, I'd be fine with that.

Combien all Federal, State, Local taxes into a single tax and pay a flat rate.

But that's not what you are asking is it, you really asking why not a flat tax for just the Federal Income Tax?

Which as other have pointed out are considered regressive because of the impact on low income persons and the requirement to spend more money on essentials while the wealthy retain disposable income for luxuries.

Take for example a flat tax of 10%.

Someone making $25,000 pays a tax of $2,500. That leaves $22,500 per year for food, clothing, housing, medical care.

Compared to someone making $250,000 a year. That individual pays pays $25,000 in tax with $225,000 left over to cover essentials.

Flat taxes become even more regressive when examined in terms of total tax burden as a function of socioeconomic status with lower income individuals having an Effective Tax Rate as a percentage of income well above the "Flat Tax" rate. Such taxes include:

• Federal Income Tax
• State Income Tax
• State Sales Tax
• Real Property Taxes (Real Estate)
• Personal Property Taxes
• FICA Taxes
• Embedded Taxes (as an example the state/federal tax embedded in a gallong of fuel

WW

Yes, just for federal tax, and you use the poverty line income as your comparison. We still have programs to help people at that level.

A flat tax is the only true fair way to do it.

 

[LAUGHatLEFTISTS]

He can whine all he wants as long as he pays. The rich should pay more.

Yes! We MUST give more money to politicians because they’ve proven time and time again they’ll use it wisely!

 

[JGalt]

Anyone have any particulars about this "New York City Public Wealth Tax"?

Does it exist?

Is it a tax on wealth?

Is it a tax on income?

When and how does it kick in and how is it collected?

A random twitter post is lacking in any meaningful detail.

WW

It's in the works. Mamdani is proposing a city personal income tax increase on incomes above $1 million while advocating for a statewide top corporate tax rate increase from 7.25 percent to 11.5 percent.

You don't think he'll try to do that?

 

[WorldWatcher]

Yes, just for federal tax, and you use the poverty line income as your comparison. We still have programs to help people at that level.

A flat tax is the only true fair way to do it.

When someone says their way is "the only true fair way to do it", that is usually a red flag that (a) their way isn't the only way, and (b) their "fair" way isn't really "fair" (fair being a qualitative term, not a quantitaitve one).

It usually means they ignore all other factors and want to focus only on their pet idea.
.
.
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If you, and I, and others want "fair" - then that MUST include an examination total tax burden as a percentage as a function of income. Ignoring those "other taxes" guarantees that the overall system will not be "fair".

WW

 

[WorldWatcher]

It's in the works. Mamdani is proposing a city personal income tax increase on incomes above $1 million while advocating for a statewide top corporate tax rate increase from 7.25 percent to 11.5 percent.

You don't think he'll try to do that?

No. He can't do that. Taxing authority in New York State rests with the State Legislature and signed by the Governor.

Will he ask for it? Probably.

Will it pass? Probably not.

WW

 

[ThisIsMe]

When someone says their way is "the only true fair way to do it", that is usually a red flag that (a) their way isn't the only way, and (b) their "fair" way isn't really "fair" (fair being a qualitative term, not a quantitaitve one).

It usually means they ignore all other factors and want to focus only on their pet idea.
.
.
.
If you, and I, and others want "fair" - then that MUST include an examination total tax burden as a percentage as a function of income. Ignoring those "other taxes" guarantees that the overall system will not be "fair".

WW

If states want a fair tax they can implement them. If we have a flat federal tax or not, everyone will pay what they are already paying on all the other taxes.

What could be more fair than to say everyone pays the same rate, regardless of their income? We still have programs to help struggling people, so thats not an excuse.

We were never supposed to have a progressive income tax anyway.

Why do you think its fair for rich people to pay a higher rate than anyone else? Their being rich isnt taking money from someone else. Rich people already pay much more in taxes than everyone else, taxes on their fancy boats and cars and the multi million dollar homes.

My idea is a flat tax, no deductions, no loopholes for rich people to shelter their money.