Corporate and individual income taxes

Supposn

VIP Member
Joined
Jul 26, 2009
Messages
2,100
Reaction score
131
Points
85
Income taxes



To decrease tax evasion, I’m among the proponents that advocate retaining corporate income Taxes. Corporate and individuals' rates should differ but they should be effectively similar.

Corporate dividends paid should reduce their corporation’s taxable incomes and dividend incomes should not be treated more favorably than any other income sources. Sources of Incomes should not affect any tax rates applied to those incomes.

I’m also among the proponents of a great per capita increase of income tax credit per individuals and dependents and expansion of earned income tax credit, (a negative income tax). The per capita amount of tax credit should be pegged, monitored and annually adjusted when necessary to keep it abreast with the Cost-Price index number.

The reduced tax revenue should be replaced with a general sales tax paid by all. The numbers of individuals required or choose to file income tax returns will be dependent upon the amount of per individual tax credit. Many, if not most individuals
earning no more than median net incomes will not be required to file federal income tax return forms and extremely few of them will pay any federal income taxes.

Respectfully, Supposn
 

Indeependent

Diamond Member
Joined
Nov 19, 2013
Messages
50,418
Reaction score
12,563
Points
2,180
Income taxes



To decrease tax evasion, I’m among the proponents that advocate retaining corporate income Taxes. Corporate and individuals' rates should differ but they should be effectively similar.

Corporate dividends paid should reduce their corporation’s taxable incomes and dividend incomes should not be treated more favorably than any other income sources. Sources of Incomes should not affect any tax rates applied to those incomes.

I’m also among the proponents of a great per capita increase of income tax credit per individuals and dependents and expansion of earned income tax credit, (a negative income tax). The per capita amount of tax credit should be pegged, monitored and annually adjusted when necessary to keep it abreast with the Cost-Price index number.

The reduced tax revenue should be replaced with a general sales tax paid by all. The numbers of individuals required or choose to file income tax returns will be dependent upon the amount of per individual tax credit. Many, if not most individuals
earning no more than median net incomes will not be required to file federal income tax return forms and extremely few of them will pay any federal income taxes.

Respectfully, Supposn
For corporations that operate in the US with US employees.
 
OP
S

Supposn

VIP Member
Joined
Jul 26, 2009
Messages
2,100
Reaction score
131
Points
85
... The reduced tax revenue should be replaced with a general sales tax paid by all. The numbers of individuals required or choose to file income tax returns will be dependent upon the amount of per individual tax credit. Many, if not most individuals earning no more than median net incomes will not be required to file federal income tax return forms and extremely few of them will pay any federal income taxes.

Respectfully, Supposn
For corporations that operate in the US with US employees.
Indeependent, employers are required to file tax information for each of their employees and withhold the prescribed amounts of withheld funds that are credited to their employees’ possible income tax liabilities.


I see no reason why corporations shouldn’t be required to withhold 25% of stock holders’ dividends. After they file their quarterly or annual income tax returns, they’ll have access to any remaining moneys.


Respectfully, Supposn
 

EdwardBaiamonte

Platinum Member
Joined
Nov 23, 2011
Messages
34,605
Reaction score
2,139
Points
1,100
Income taxes



To decrease tax evasion, I’m among the proponents that advocate retaining corporate income Taxes. Corporate and individuals' rates should differ but they should be effectively similar.

Corporate dividends paid should reduce their corporation’s taxable incomes and dividend incomes should not be treated more favorably than any other income sources. Sources of Incomes should not affect any tax rates applied to those incomes.

I’m also among the proponents of a great per capita increase of income tax credit per individuals and dependents and expansion of earned income tax credit, (a negative income tax). The per capita amount of tax credit should be pegged, monitored and annually adjusted when necessary to keep it abreast with the Cost-Price index number.

The reduced tax revenue should be replaced with a general sales tax paid by all. The numbers of individuals required or choose to file income tax returns will be dependent upon the amount of per individual tax credit. Many, if not most individuals
earning no more than median net incomes will not be required to file federal income tax return forms and extremely few of them will pay any federal income taxes.

Respectfully, Supposn
If your objective is to decrease evasion you'd have a 15% sales tax and no deductions. All the millions who make a living off the tax code would have to get real jobs and contribute rather than mooch off those who really contribute. Plus business would be free to conduct business and not need to waste energy moving off shore etc etc to evade taxes
 
OP
S

Supposn

VIP Member
Joined
Jul 26, 2009
Messages
2,100
Reaction score
131
Points
85
If your objective is to decrease evasion you'd have a 15% sales tax and no deductions. All the millions who make a living off the tax code would have to get real jobs and contribute rather than mooch off those who really contribute. Plus business would be free to conduct business and not need to waste energy moving off shore etc etc to evade taxes
Edward Baiamo, zero tax and no net government expenditures may be the ideal; certainly, taxes can be drafted to influence behaviors but governments’ aggregate taxes purposes are to provide governments’ revenues.

Proponents of the “Fair tax” claim a 23% general sales tax would replace all revenues due to eliminating our income taxes; (they make no mention of FICA and other taxes which are federal government’s most regressive taxes that fall more heavily upon employees and indirectly to some extent discourage job creations).

I’m given to understand that the U.S. Congressional Budget office and other creditable opinions consider that proposed 23% federal sales tax rate as overly optimistic. Additionally, there are aggregate U.S. states’ primary tax revenues.

[Refer to: http://taxfoundation.org/article/state-and-local-sales-tax-rates-2016
“Forty-five states and the District of Columbia collect statewide sales taxes.
Local sales taxes are collected in 38 states”.
The Tax Foundation reports Tennessee as the state with the highest average combined state and local sales tax rate of 9.46 percent. Due to the optimistic 23% RATE, sales tax rates within some local Tennessee localities’ jurisdictions would exceed 32%].

If we make federal law provisions to grant some additional financial relief to the working poor, federal income tax rates should be (to the extent feasible), reduced and those revenues be replaced by a federal sales tax. Consider also FICA and independent employee’s taxes are based upon payroll incomes and thus are also forms of income taxes to be reduced.

It would be imprudent to attempt shifting from all USA’s major revenues based upon incomes to a newly enacted federal sales tax in a single step.
While we’d incrementally and simultaneously reduce rates of taxes upon incomes and enacting or increasing federal considerations for the working poor and their dependents, some of those enacted considerations will be of benefit to all USA’s poor.

I believe after one of the incremental steps, the consequences of this shifting federal taxes will be our approaching an unacceptable federal sales tax rate. At that point we’d be forced to cease further shifting of our tax revenue sources.
If I’m incorrect, USA’s taxes upon incomes will be entirely eliminated.

Respectfully, Supposn
 

EdwardBaiamonte

Platinum Member
Joined
Nov 23, 2011
Messages
34,605
Reaction score
2,139
Points
1,100
If your objective is to decrease evasion you'd have a 15% sales tax and no deductions. All the millions who make a living off the tax code would have to get real jobs and contribute rather than mooch off those who really contribute. Plus business would be free to conduct business and not need to waste energy moving off shore etc etc to evade taxes
Edward Baiamo, zero tax and no net government expenditures may be the ideal; certainly, taxes can be drafted to influence behaviors but governments’ aggregate taxes purposes are to provide governments’ revenues.

Proponents of the “Fair tax” claim a 23% general sales tax would replace all revenues due to eliminating our income taxes; (they make no mention of FICA and other taxes which are federal government’s most regressive taxes that fall more heavily upon employees and indirectly to some extent discourage job creations).

I’m given to understand that the U.S. Congressional Budget office and other creditable opinions consider that proposed 23% federal sales tax rate as overly optimistic. Additionally, there are aggregate U.S. states’ primary tax revenues.

[Refer to: http://taxfoundation.org/article/state-and-local-sales-tax-rates-2016
“Forty-five states and the District of Columbia collect statewide sales taxes.
Local sales taxes are collected in 38 states”.
The Tax Foundation reports Tennessee as the state with the highest average combined state and local sales tax rate of 9.46 percent. Due to the optimistic 23% RATE, sales tax rates within some local Tennessee localities’ jurisdictions would exceed 32%].

If we make federal law provisions to grant some additional financial relief to the working poor, federal income tax rates should be (to the extent feasible), reduced and those revenues be replaced by a federal sales tax. Consider also FICA and independent employee’s taxes are based upon payroll incomes and thus are also forms of income taxes to be reduced.

It would be imprudent to attempt shifting from all USA’s major revenues based upon incomes to a newly enacted federal sales tax in a single step.
While we’d incrementally and simultaneously reduce rates of taxes upon incomes and enacting or increasing federal considerations for the working poor and their dependents, some of those enacted considerations will be of benefit to all USA’s poor.

I believe after one of the incremental steps, the consequences of this shifting federal taxes will be our approaching an unacceptable federal sales tax rate. At that point we’d be forced to cease further shifting of our tax revenue sources.
If I’m incorrect, USA’s taxes upon incomes will be entirely eliminated.

Respectfully, Supposn
long garbage post with no subject. You said corporate tax was good. I said it was absurd, redundant, costly since tax is passed on to customers. You blindly changed subject to garbage. Notice how easily you are defeated with 5% of the words??
 
OP
S

Supposn

VIP Member
Joined
Jul 26, 2009
Messages
2,100
Reaction score
131
Points
85
long garbage post with no subject. You said corporate tax was good. I said it was absurd, redundant, costly since tax is passed on to customers. You blindly changed subject to garbage. Notice how easily you are defeated with 5% of the words??
Edward Baiamo, you’re pretending that your simplistic concepts equate to the elegance of simple intelligence.
 

New Topics

Most reactions - Past 7 days

Forum List

Top