Tax Rate Question

Discussion in 'The Fire For Effect and Totally Politically Incorr' started by 45Auto, Sep 20, 2011.

  1. 45Auto

    45Auto Active Member

    Joined:
    Apr 9, 2008
    Messages:
    1,263
    Should those Americans earning more than $1 million a year pay the same share of their income in taxes as middle-class families do?

    Yes,__________

    No, __________

    If 'No' then what rate should they pay?
  2. Juker

    Juker New Member

    Joined:
    Feb 8, 2011
    Messages:
    2,872
    Location:
    Land of Lincoln
    As painful as it is, tax is necessary to keep the wheels of government oiled.

    The problem, as most thinking people realize, is that our government can't control its spending. The government has overreached its authority and has its fingers in far too many pies.

    So I believe in a flat tax. It's fair, everyone would know their portion, and it would be far simpler to manage.

    How about 1%? If you're making $20,000 per year, your federal income tax would be $200. Another 1% for state income tax. $1,000,000 a year? Your federal tax would be $10,000.

    If we had wise people in our government, they could easily run the country on that amount of money. An economy only works if earners decide where to spend their money, instead of having the government do it for them.

    The only reason the tax code hasn't been revised is that lobbyists, special interests, foreign aid, bailouts, etc. are getting far too much of our cash.
  3. carver

    carver Moderator

    Joined:
    Jul 28, 2008
    Messages:
    16,863
    Location:
    DAV, Deep in the Pineywoods of East Texas, just we
    I also agree with the fair tax, or flat rate tax. And as Juker pointed out, everyone payes the same amount. If we went to either system think of the number of IRS employees that will out looking for a job! It's like total electric cars. Too many people will find them selves out of work, so no politican would ever consider such a move on improving the tax situation, they would become unpopular, and not get re-elected.
  4. todd51

    todd51 Well-Known Member

    Joined:
    Mar 20, 2009
    Messages:
    3,045
    Location:
    Central, Ohio
    I too like the idea of a flat tax or fair share tax, what ever we call it. I have no idea what that tax rate would have to be and it would not remove our need to rein in the spending that has been going on. I don't begrudge a rich man his wealth and don't want to punish him because of it. What I don't like it the fact that close to 50% of the population doesn't pay any income tax at all. I think Steve Forbes had the right idea on a flat tax system.
  5. terryu1

    terryu1 Armed Infidel Supporting Member

    Joined:
    Oct 16, 2009
    Messages:
    1,483
    Location:
    NE Pennsylvania
    I also agree with the flat tax with NO DEDUCTIONS. Come up with a percentage and EVERYONE has it deducted and it is sent to the gov't.
    I am tired of the arguments being floated. People are mixing capital gains tax with income tax and then of course the liberals will say that the "myth" is that 60% of households pay no tax. Then they go on to say they pay tax on items etc that is not relevant to income tax. Also the statement that the top 10 percent pay 75 percent of tax. Well of course they do cause that also make 75 percent of the income paid in the US. The flat tax is the way to go.

    That said I also do believe though that after a certain income level, people can afford a few percent more to ease the burden on less fortunate (like me LOL)
  6. cutter

    cutter New Member

    Joined:
    Aug 3, 2008
    Messages:
    635
    Location:
    Oklahoma
    The tax rates Obummer is talking about two different taxes and making them sound as if they are the same. Capital Gains Tax and Federal Income Tax. Two different taxes, so it is comparing apples and oranges. Warren Buffet does not get a "salery" wheras his secrutary (spelling) does. Buffet pays a Capital gains tax because his money has been invested (already paid Fed taxes at the start) The secrutary (sp) is paying Fed Income tax (money has not been taxed) I would love to see a FLAT Tax, no deductions, every one pays the same % of money made whether income or capital gains.
  7. rentalguy1

    rentalguy1 Former Guest

    Joined:
    Oct 10, 2009
    Messages:
    884
    Location:
    The mountains of NE TN.
    Your thoughts are flawed on this. Everyone seems to think that high income taxpayers are just like themselves; they earn a paycheck and pay taxes based upon that. In the majority of these high earners, this is not the case. The high income that is reported to the IRS is from receivables, not wages. In other words, not all of the money that is shown as income can be used for personal needs by the taxpayer, because it has to be put back into the business. Take a independent trucker, for example. He can easily earn about $120,000/year, but, after he makes a monthly payment on his truck and trailer, bobtail and freight insurance, IFTA fees, apportioned plates, maintenance and fuel, then he might be lucky to clear $30,000 for himself. He is taxed on the entire $120,000 for that year, though. This is the reason there are "loopholes" to begin with; to offset some of the business owner's expenses. You would think that more people would know this stuff, except that the government does not want it to be taught in school. If young people started learning how "real" economics work, then they would no longer have a base to scream to about the "rich not paying their fair share."
  8. carver

    carver Moderator

    Joined:
    Jul 28, 2008
    Messages:
    16,863
    Location:
    DAV, Deep in the Pineywoods of East Texas, just we
    The same thing applies to the owner of a Construction Co. He pays taxes on equipment at the time of purcahse, then at the end of the year, he has to pay taxes on the same equipment again. Example: He buys a 2X4, and pays taxes on it at the time of purcahse, then at the end of the year, if he hasn't used it up, he has to inventory, and pay taxes again on that same 2X4. He has no obligation to pay more taxes than anyone else, but he already does. Fair Tax would have him pay 5% of his total income one time a year, just like all other tax payers in America. We know who the 49% that don't pay taxes are, and they got to go! Under most forms of Comunism, if you don't work, you don't eat, but under the Socialist system everyone gets the same even if you don't work.
  9. todd51

    todd51 Well-Known Member

    Joined:
    Mar 20, 2009
    Messages:
    3,045
    Location:
    Central, Ohio
    I haven't gone deeply into it but was intrigued by the idea of not taxing what we make but taxing what we spent, a consumption tax. Buy a john boat and pay a tax, buy a yacht pay a tax, buy a hamburger or buy a lobster, buy a tent or buy a mansion. Tax collected at the time of sale reducing the need for the huge IRS. The more you spend the more you pay. On the surface it sounds like it might work but I haven't looked into the pit falls.
  10. carver

    carver Moderator

    Joined:
    Jul 28, 2008
    Messages:
    16,863
    Location:
    DAV, Deep in the Pineywoods of East Texas, just we
    Some in Government are looking at this system now, it would work just as well as a fair tax, or flat tax. If you pay on a percentage basis. If you buy a Toyota, or Ford Ranger truck, you pay the consumer tax rate at that time. If you buy a Rolls Royce it's because you make more money, and you pay the same rate on the tax, and that will be a lot higher than the taxes on the Toyota, or Ford.
  11. Cowboy6373

    Cowboy6373 New Member

    Joined:
    Sep 12, 2011
    Messages:
    24
    Todd51, I like your thought on the consumption tax but one thing to keep in mind is fixed and variable expenses. Just like small businesses or individuals we have fixed expenses (rent for example) and variable (entertainment) the govt has a fixed base in which they need to raise funds (military). So a flat tax is the answer for those fxed expenses and the consumption tax fills the needs for variable expenses. A pitfall of consumtion tax only would be if people didn't spend there wouldn't be enough tax dollars to cover fixed expenses.
    One other thing that people often overlook is that a flat tax is still progressive. If the rate were 10% a person earning 1 million would pay 100k and a person earning 100,000 would pay 10k. So the rich end up paying more.
  12. graehaven

    graehaven Well-Known Member

    Joined:
    May 26, 2007
    Messages:
    2,955
    Location:
    Rochester, NY
    Once you look into that, you'll see that it's a regressive tax that destroys an economy, because a sub-economy (black market) will be created.

    The danger in this idea is that it will be ADDED on to all the other taxes we already pay, instead of abolishing them.

    The VAT tax is another really really really bad idea.
  13. graehaven

    graehaven Well-Known Member

    Joined:
    May 26, 2007
    Messages:
    2,955
    Location:
    Rochester, NY

    EVERYONE should pay the same tax rate. Everyone. This country, the states, the localities all should not be able to tax the way they do. It's evil.

    1% (one percent) federal income tax - on all income and only on income (not receivables, etc). Any more kills business. A business pays the same as an individual. Period.

    1% state and local income tax, SPLIT between the two, equally. Period.

    Abolish all sales tax - it's regressive.
    Abolish the tax code, period.
    Abolish the IRS, period.
    Abolish welfare, period.
    Abolish medicare, medicaid, etc, period.
    No loopholes, no handouts.
    Abolish ALL federal pensions, state pensions, local municipality pensions, etc. (They can all have an IRA like the rest of us - with no guarantees - welcome to the real world.)

    Okay? So, you'd pay your 2% and the rest is yours. No tax hikes allowed, ever. A small, well run government (at all levels - there'd be fewer levels) can run on 2 percent.

    Now, imagine how you could help your church, charity, neighbor, family member, friend, etc., when the 35-50% of YOUR money is NOT taken through taxes. Think about it. You'd have enough to build wealth, and be generous.
    Last edited: Sep 20, 2011
  14. jbmid1

    jbmid1 Well-Known Member

    Joined:
    Feb 3, 2011
    Messages:
    1,315
    In case you haven't notice, there are two issues that come up in every election cycle -
    Jobs and taxes. If we had full employment and fair taxation, these people would have nothing to talk about.
  15. TCoggins

    TCoggins Member

    Joined:
    Sep 5, 2008
    Messages:
    117
    Location:
    Traverse City, MI
    I hope this doesn't get too off topic, but I keep hearing the term "paying their fair share". I have yet to hear the definition of somebody's fair share.

    Anybody here know what the fair share is? Should a millionaire pay $200,000 in income taxes while I pay $20,000 in income taxes for essentially the same 'benefits'?

    By the way, I feel that everyone should pay the same percentage of their income as income tax.

    Thanks.

    Tim
Similar Threads
Forum Title Date
The Fire For Effect and Totally Politically Incorr The president and first lady celebrate 9-11... Sep 15, 2014
The Fire For Effect and Totally Politically Incorr Radical vs Moderate muslims Sep 13, 2014
The Fire For Effect and Totally Politically Incorr Obumbler strategy on Islamic State Sep 8, 2014
The Fire For Effect and Totally Politically Incorr Obama: 'We don't have a strategy yet' for IS in Syria Aug 28, 2014
The Fire For Effect and Totally Politically Incorr Law Enforcement 'Stunned' By Booming Rate of CA Concealed Carry Applications Apr 28, 2014

Share This Page