Republicans offer fraudulent tax reform, the alleged FairTax

[BlindBoo]

My guess would be that long term capital gains get a break to stimulate investments. Should the government manipulate the tax code to incentivize certain behaviors?

That is a claim that has been made mostly by rich investors who already have capital to invest. They don't want to pay taxes if they can manipulate the system, with their wealth, to make the less wealthy who don't have capital to invest and must earn money by working, pay those taxes. Imo, if we're going to tax income, tax income from all sources in the year that they were realized.

 

[kyzr]

It's VAT but the con artists led by grab your ankles McCarthy are naming this scheme a "Fair Tax" but the people most likely fucked by this conjob will be the middle class & the poor. The con is to defund the Federal Govt. & stick the States with the bill.

Guess what happens to Social Security, Medicaid, Medicare & other programs that don't benefit their cronies? Down the tubes which is what those shitbags have been wanting to do for decades.

Yep. Its the Trump tax-cut establishment doing their thing.

There is noting "fair" about the "only little people pay taxes" plan.

Our best bet is to play one party against the other and hope the result is a good plan. The "Fair Tax" is DOA.

I'm hoping to see which GOP congressmen are "tax-cut establishment" so we can vote them out in 2024.

 

[kyzr]

I never did believe in miracles
But I've a feeling it's time to try
I never did believe in the ways of magic
But I'm beginning to wonder why.....

We're just getting started, I'm generally not a USC fan, but...

 

[Orangecat]

That is a claim that has been made mostly by rich investors who already have capital to invest. They don't want to pay taxes if they can manipulate the system, with their wealth, to make the less wealthy who don't have capital to invest and must earn money by working, pay those taxes. Imo, if we're going to tax income, tax income from all sources in the year that they were realized.

So can I assume you’re against using the tax code to manipulate behavior? Flat tax for everyone, regardless of the income source? No deductions or loopholes? No extra tax for luxury or sin?

 

[Indeependent]

Record unemployment is right now.

With record high inflation!!!!!!!!!!!!!

 

[Ray From Cleveland]

Squandered it away in tax cuts for the wealthiest corporation who did not reinvest in America but used it to buyback stock and reward preferred stock holders. That after being handed the Obama economy that was hitting on all cylinders.

Commie propaganda. Corporations don't need tax cuts to buy back any stocks. They always had the money to buy back stock anytime they wanted to. It's just anti-tax rhetoric from leftist business haters is all.

 

[Indeependent]

Squandered it away in tax cuts for the wealthiest corporation who did not reinvest in America but used it to buyback stock and reward preferred stock holders. That after being handed the Obama economy that was hitting on all cylinders.

How many ways to say...BULLSHIT!
Almost everyone I know pays the same or less taxes and people got their careers back.

 

[Ray From Cleveland]

We need a balanced budget amendment with a plan to pay down the National debt to a reasonable % of the GDP not somewhere near 100% of it.

My idea would do exactly that.

 

[Ray From Cleveland]

We’re not out of options. Simply return the tax code to what it was pre Regan cuts. We only started seeing huge deficits after.

The reason Reagan cut taxes is because between that and unions, jobs were leaving the country by the millions. Now if you want to go back to that, be my guest.

 

[Indeependent]

Should be the same as the tax on wage earners. Which it is for short term capital gains. Not for long term capital gains, they get a break.

Ever run a corporation?

 

[Ray From Cleveland]

Ray, look what the democrats are doing right now, they are buying votes with perks, it seems to work.
The government will just do the same when it came time to raising the VAT.

This doesn't sound like a VAT tax. A VAT tax taxes the product every step of the way which is unconstitutional. The manufacturer turns raw material into product for profit, it gets taxed. They ship it to a warehouse where they profit, it gets taxed again, it goes from the warehouse to the store for them to sell for profit, and taxed again.

Yes, our tax money is used by the Democrats for vote buying and it does work well. But I think if people had to physically pay for that spending when they buy things, they would take an interest in the spending that caused their consumption tax to increase. Like I said, right now we don't care because our lives don't change in the least.

 

[Ray From Cleveland]

I never did believe in miracles
But I've a feeling it's time to try
I never did believe in the ways of magic
But I'm beginning to wonder why.....

She just passed away a few months ago and the media barely mentioned it. A shame. Talented woman.

 

[BlindBoo]

So can I assume you’re against using the tax code to manipulate behavior? Flat tax for everyone, regardless of the income source? No deductions or loopholes? No extra tax for luxury or sin?

I'm for a clean progressive tax scale with as few deductions, loopholes, and tax credits redeemable for cash as possible. I support consumption taxes, like on recreational drugs mostly to help mitigate the effects of that use. Gasoline tax for roadways, (some kind of user fees for EV too.)

 

[BlindBoo]

She just passed away a few months ago and the media barely mentioned it. A shame. Talented woman.

Stevie got most of the attention but McVie was a very talented artist.

 

[Zincwarrior]

So can I assume you’re against using the tax code to manipulate behavior? Flat tax for everyone, regardless of the income source? No deductions or loopholes? No extra tax for luxury or sin?

If you are going to do it, do it.

 

[berg80]

Conservative analyst Steve Forbes tore into Republicans on Thursday over their plan to vote on a radical redesign of the entire federal tax system — one of the key concessions House Speaker Kevin McCarthy (R-CA) made as part of a deal with roughly 20 far-right lawmakers who spent a week blocking the votes for him to take office.

The plan, known as Fair Tax, has been kicking around the fringes of the GOP and libertarian communities for decades, and has been introduced in Congress several times, albeit without any serious backing. It calls for completely abolishing the federal tax system and replacing it with a 30 percent sales tax on every good and service in the United States.

What an awesome idea. Put a tax on consumption when this is largely a consumer driven, service economy. It's a different spin on the same Repub objective.........massive tax breaks for the rich.

 

[Ray From Cleveland]

What an awesome idea. Put a tax on consumption when this is largely a consumer driven, service economy. It's a different spin on the same Repub objective.........massive tax breaks for the rich.

We have a consumption tax where I live and we do just fine. It's 5 cents on the dollar for the state and 3 cents on the dollar for the county. Everybody in this county pays that tax be they rich, poor, or anybody in between.

 

[Clipper]

We have a consumption tax where I live and we do just fine. It's 5 cents on the dollar for the state and 3 cents on the dollar for the county. Everybody in this county pays that tax be they rich, poor, or anybody in between.

So you have a sales tax.

 

[LAUGHatLEFTISTS]

According to my math, all the Feds need to do is ADD a 3% or 4% Fed sales tax instead of turning the tax world upside-down.

A new sales tax eliminates the fight over where to cut spending.

Yes! Because cutting spending is crazy talk. We must have the Moochele Obama hiking trail right now at any cost!

 

[LAUGHatLEFTISTS]

And that doesn't work. It doesn't actually add any money for investment. The debt is financed by T-bills, which takes the tax savings right back out of the economy.


That does work.

Economies grow from the demand side, not the supply side. If there's demand, someone will supply it.

Democrats understand that, so Democrats create better economies.

You’re funny!