Hillary Pushing to Eliminate Tax Deductions?

[SwimExpert]

Flat tax rate
First 15k untaxable
ZERO deductions

Problem solved. You could do your taxes on a postcard.

I would say that the threshold should be closer to 30k. As Coolidge said, there taxes should be fewer, and less people paying them.

You may be right. I swing hammers for a living not calculators lol

To be fair, the reason I favor something closer to 30k has more to do with considering the livability of lower income levels. I've also recently begun thinking that a flat tax might not be the best way to go, and that retain a progressive tax based on a geometric curve rather than income brackets.

 

[daws101]

Flat tax rate
First 15k untaxable
ZERO deductions

Problem solved. You could do your taxes on a postcard.

I recall Trump saying he'd make the tax code so simple ....

For everyone but him, he'd get an exemption for himself and his rich buddies.

Weakest rationalizing yet.

 

[daws101]

The Mormons have a 10% tithing and they make about 7 billion a year.
It's seems to be a good percentage.

 

[AntonToo]

I would say that the threshold should be closer to 30k. As Coolidge said, there taxes should be fewer, and less people paying them.

So how much would that flat tax rate be?

I think that would need to be determined by people smarter than us. Get a bunch of brilliant economists & mathematicians together to iron out the options then put a few plans on the desks of Congress. Let people who know mathematics do the numbers rather than politicians who's mathematical knowledge may not even surpass mine.

Not really, the general gist is that flat tax with set deduction is a type of more angular progressive tax.

It is steeper at onset and flatter on top, so rich pay less while middle class pays more:

Note that this is $25K deduction and requires around 35% rate, a 30k deduction would be more like 40% rate.

 

[SwimExpert]

I would say that the threshold should be closer to 30k. As Coolidge said, there taxes should be fewer, and less people paying them.

So how much would that flat tax rate be?

I think that would need to be determined by people smarter than us. Get a bunch of brilliant economists & mathematicians together to iron out the options then put a few plans on the desks of Congress. Let people who know mathematics do the numbers rather than politicians who's mathematical knowledge may not even surpass mine.

Not really, the general gist is that flat tax with set deduction is a type of more angular progressive tax.

It is steeper at onset and flatter on top, so rich pay less while middle class pays more:

Note that this is $25K deduction and requires around 35% rate, a 30k deduction would be more like 40% rate.

Note also that this discussion is about simplifying the tax code to eliminate deductions, which does not require a flat tax approach. We could keep the same system we have now, and just eliminate deductions. Or we could tweak the current system to reflect the changes brought on by the elimination of deductions.

Ultimately, the elimination of deductions is a pretty good avenue to go, in whatever form. The simple fact of the matter is that the monstrosity that is our tax code is primarily designed to cater to political interests more than anything else. Deductions for this, deductions for that. I wouldn't be surprised if there isn't a deduction for manually inseminating goats for human hybridization. Eliminating the deduction based approach to our tax code is an important step to creating transparency.

 

[AntonToo]

I would say that the threshold should be closer to 30k. As Coolidge said, there taxes should be fewer, and less people paying them.

So how much would that flat tax rate be?

I think that would need to be determined by people smarter than us. Get a bunch of brilliant economists & mathematicians together to iron out the options then put a few plans on the desks of Congress. Let people who know mathematics do the numbers rather than politicians who's mathematical knowledge may not even surpass mine.

Not really, the general gist is that flat tax with set deduction is a type of more angular progressive tax.

It is steeper at onset and flatter on top, so rich pay less while middle class pays more:

Note that this is $25K deduction and requires around 35% rate, a 30k deduction would be more like 40% rate.

Note also that this discussion is about simplifying the tax code to eliminate deductions, which does not require a flat tax approach. We could keep the same system we have now, and just eliminate deductions. Or we could tweak the current system to reflect the changes brought on by the elimination of deductions.

Ultimately, the elimination of deductions is a pretty good avenue to go, in whatever form. The simple fact of the matter is that the monstrosity that is our tax code is primarily designed to cater to political interests more than anything else. Deductions for this, deductions for that. I wouldn't be surprised if there isn't a deduction for manually inseminating goats for human hybridization. Eliminating the deduction based approach to our tax code is an important step to creating transparency.

I was responding to Grandma's flat tax comment.

And yes, we don't need to turn upside down the whole system to just make some adjustments like getting rid of certain deductions...the question is which?

Is mortgage deduction based on "political interest"? How about dependents deductions?

Big discussion is Trump's writing off loss over multiple years -what do you want to do with that deduction?

 

[Weatherman2020]

I would say that the threshold should be closer to 30k. As Coolidge said, there taxes should be fewer, and less people paying them.

So how much would that flat tax rate be?

The actual flat tax rate can be calculated and is irrelivent to the fact it is the best.
Every American has a vested interest in America so all should pay the same percentage.

 

[AntonToo]

The actual flat tax rate can be calculated and is irrelivent to the fact it is the best.
Every American has a vested interest in America so all should pay the same percentage.

flat tax with set deduction is not "same percentage", it's a type of progressive tax, see graph.

WITHOUT set deduction it adds up to raising taxes on low income to give tax cut to the rich.

 

[OldLady]

The rich will never agree to paying a fair tax rate. We might as well get over it.

You don't need their agreement. You need a tax code that is not ripe for abuse.

The solution is so simple it's laughable

Who do you think passes the legislation to change the tax code? That's what I mean. The folks in the senate are rich and/or are controlled by the rich who keep their campaign dreams alive. To me, it's laughable to expect any changes.

 

[Norman]

Trump took advantage of the tax laws. So did the NY Times and GE, America's largest company and paid zero in taxes. Hillary wrote a million dollar check to herself and deducted it. The tax code provides deductions. We all use them as much as we legally can. Presumable the deductions are there because it is good policy.

If they are not good policy, where has been the bills to eliminate the deductions?

Politicians like the tax code complicated because it increases opportunities for graft. All else is posturing.

Clinton helped create the monolithic tax code, full of exemptions for her pals and donors. Never believe her lies... she will say whatever she can to get elected.

 

[AntonToo]

Trump took advantage of the tax laws. So did the NY Times and GE, America's largest company and paid zero in taxes. Hillary wrote a million dollar check to herself and deducted it. The tax code provides deductions. We all use them as much as we legally can. Presumable the deductions are there because it is good policy.

If they are not good policy, where has been the bills to eliminate the deductions?

Politicians like the tax code complicated because it increases opportunities for graft. All else is posturing.

Clinton helped create the monolithic tax code, full of exemptions for her pals and donors. Never believe her lies... she will say whatever she can to get elected.

Pals and donors like umm...Trump? You know...that fella that keeps braging about being smart enough to not pay taxes.

 

[SwimExpert]

Trump took advantage of the tax laws. So did the NY Times and GE, America's largest company and paid zero in taxes. Hillary wrote a million dollar check to herself and deducted it. The tax code provides deductions. We all use them as much as we legally can. Presumable the deductions are there because it is good policy.

If they are not good policy, where has been the bills to eliminate the deductions?

Politicians like the tax code complicated because it increases opportunities for graft. All else is posturing.

Clinton helped create the monolithic tax code, full of exemptions for her pals and donors. Never believe her lies... she will say whatever she can to get elected.

Pals and donors like umm...Trump?

Someone is dressed all wrong. Question is, who is it?

 

[Norman]

Trump took advantage of the tax laws. So did the NY Times and GE, America's largest company and paid zero in taxes. Hillary wrote a million dollar check to herself and deducted it. The tax code provides deductions. We all use them as much as we legally can. Presumable the deductions are there because it is good policy.

If they are not good policy, where has been the bills to eliminate the deductions?

Politicians like the tax code complicated because it increases opportunities for graft. All else is posturing.

Clinton helped create the monolithic tax code, full of exemptions for her pals and donors. Never believe her lies... she will say whatever she can to get elected.

Pals and donors like umm...Trump?

Him too, possibly. Every business must lobby to buy themselves loop holes. It takes someone with brain to say no to that... someone with enough cash that he can't be bought.

 

[AntonToo]

Trump took advantage of the tax laws. So did the NY Times and GE, America's largest company and paid zero in taxes. Hillary wrote a million dollar check to herself and deducted it. The tax code provides deductions. We all use them as much as we legally can. Presumable the deductions are there because it is good policy.

If they are not good policy, where has been the bills to eliminate the deductions?

Politicians like the tax code complicated because it increases opportunities for graft. All else is posturing.

Clinton helped create the monolithic tax code, full of exemptions for her pals and donors. Never believe her lies... she will say whatever she can to get elected.

Pals and donors like umm...Trump?

Him too, possibly. Every business must lobby to buy themselves loop holes. It takes someone with brain to say no to that... someone with enough cash that he can't be bought.

Someone like Hillary?

I've never believed that ANY American President can be bought.

At that level you are set for life and your primary concern is your place in history.

 

[Norman]

Trump took advantage of the tax laws. So did the NY Times and GE, America's largest company and paid zero in taxes. Hillary wrote a million dollar check to herself and deducted it. The tax code provides deductions. We all use them as much as we legally can. Presumable the deductions are there because it is good policy.

If they are not good policy, where has been the bills to eliminate the deductions?

Politicians like the tax code complicated because it increases opportunities for graft. All else is posturing.

Clinton helped create the monolithic tax code, full of exemptions for her pals and donors. Never believe her lies... she will say whatever she can to get elected.

Pals and donors like umm...Trump?

Him too, possibly. Every business must lobby to buy themselves loop holes. It takes someone with brain to say no to that... someone with enough cash that he can't be bought.

Someone like Hillary?

I've never believed that ANY American President can be bought.

At that level you are set for life and your primary concern is your place in history.

Then you truly are an idiots. Businesses aren't charities, especially not the international big corporations. It would be illegal for them to support a candidate based on anything else but profits. The favors are in the bag for them, if someone like Clinton gets elected.

 

[AntonToo]

Then you truly are an idiots. Businesses aren't charities, especially not the international big corporations. It would be illegal for them to support a candidate based on anything else but profits. The favors are in the bag for them, if someone like Clinton gets elected.

Yes we is!

Businesses have vested interest in making sure dangerous, potentially economy dis-stabilizing orange clowns don't get into the White House. Not legal to support best candidate for America? You are nuts.

Hillary or any other politician is not contractually beholden to someone who contributes to campaign and while you can buy some access American president has few concerns more important than their legacy.

I do not doubt both Hillary and Trump will try to be the best presidents they can be for America...I just think one of them is a fundamentally small, ignorant, amoral, impulsive, superficial person unfit to lead this great country.

 

[Syriusly]

Trump took advantage of the tax laws. So did the NY Times and GE, America's largest company and paid zero in taxes. Hillary wrote a million dollar check to herself and deducted it. The tax code provides deductions. We all use them as much as we legally can. Presumable the deductions are there because it is good policy.

If they are not good policy, where has been the bills to eliminate the deductions?

Politicians like the tax code complicated because it increases opportunities for graft. All else is posturing.

I really don't care if Trump took advantage of the tax codes to not pay taxes

I do care that he didn't want us to see his 900,000,000 business losses- and he doesn't want voters to know he legally didn't pay taxes.

 

[Weatherman2020]

Trump took advantage of the tax laws. So did the NY Times and GE, America's largest company and paid zero in taxes. Hillary wrote a million dollar check to herself and deducted it. The tax code provides deductions. We all use them as much as we legally can. Presumable the deductions are there because it is good policy.

If they are not good policy, where has been the bills to eliminate the deductions?

Politicians like the tax code complicated because it increases opportunities for graft. All else is posturing.

I really don't care if Trump took advantage of the tax codes to not pay taxes

I do care that he didn't want us to see his 900,000,000 business losses- and he doesn't want voters to know he legally didn't pay taxes.

And most of the Clinton charities are not open to outside auditors, so what's your point? All we hear about is the Clinton Foundation and it gives most of its money to charitable organizations. Of course it does. Those other charities are the Clinton Library and Clinton "X" charities. It's a money laundering scam.

 

[Weatherman2020]

Businesses have vested interest in making sure dangerous, potentially economy dis-stabilizing orange clowns don't get into the White House. Not legal to support best candidate for

So much for that arguement against money from big biz going to elections.

 

[AntonToo]

Businesses have vested interest in making sure dangerous, potentially economy dis-stabilizing orange clowns don't get into the White House. Not legal to support best candidate for

So much for that arguement against money from big biz going to elections.

I was always against first and foremost against NONTRANSPARENT money in politics. If you want to give money, fine, but it should be on public record.

OR lets go all in and have public financed elections.