Obama tells small businessman he intends to spread socialism

[FUCK THE POLICE]

Right now, with all of the deductions and loopholes available, you can get your effective tax rate underneath the 20%. Which is what led Buffett to state that his assistant paid a higher percentage than he did under the current system.

No, Buffet pays almost all of his income in capital gains, which are taxed at 15%. It's true that if you had a flat tax and you taxed capital gains at 20% also it would amount to an effective tax raise for all the CEO's out there who make most of their money in stocks. But you could raise the capital gains under the current system also.

 

[tinfoil]

No water, they would pay more. You are forgetting that we would be eliminating all deductions and loopholes. The above example would also be on ALL sources of income.

Right now, with all of the deductions and loopholes available, you can get your effective tax rate underneath the 20%. Which is what led Buffett to state that his assistant paid a higher percentage than he did under the current system.

If you read the add on bracket that I propose for debt reduction, you would also see that those over a million in income would have an additional 10% taken out to reduce debt. I don't particularly like that, but thought it necessary as we must reduce the nations debt rather than leave it for future generations.

Why do you bother with watertard. He's ignorant Just look at his responses in this thread. He'll never get it because he's a product of craptastic public education and just lacks the ability to understand. He doesn't even know how to learn.

 

[Cancel 2016.2]

No, Buffet pays almost all of his income in capital gains, which are taxed at 15%. It's true that if you had a flat tax and you taxed capital gains at 20% also it would amount to an effective tax raise for all the CEO's out there who make most of their money in stocks. But you could raise the capital gains under the current system also.

Even if you raise the cap gains tax under the current system, it is still possible for him to get his effective rate underneath hers. That is the problem with the current system. In those 60k pages of tax code, there are plenty of ways to reduce your effective tax rate... IF you can afford the accountants to find them.

Simplification puts us all on the same playing field.

 

[Cancel 2016.2]

Why do you bother with watertard. He's ignorant Just look at his responses in this thread. He'll never get it because he's a product of craptastic public education and just lacks the ability to understand. He doesn't even know how to learn.

While Water can play the part of a troll pretty well when he wants to, he is also capable of learning when he wants to. I have no problem discussing issues like this with him.

 

[FUCK THE POLICE]

Why do you bother with watertard. He's ignorant Just look at his responses in this thread. He'll never get it because he's a product of craptastic public education and just lacks the ability to understand. He doesn't even know how to learn.

What I am saying didn't come from my ultra-conservative teachers at highschool, but you are right, they were craptastic.

 

[FUCK THE POLICE]

Even if you raise the cap gains tax under the current system, it is still possible for him to get his effective rate underneath hers. That is the problem with the current system. In those 60k pages of tax code, there are plenty of ways to reduce your effective tax rate... IF you can afford the accountants to find them.

Simplification puts us all on the same playing field.

I agree that we need simplification, but we don't need to go flat for that.

 

[tinfoil]

************THREAD SUMMARY***************

Taxes suck

 

[Cancel 2016.2]

I agree that we need simplification, but we don't need to go flat for that.

I disagree. As long as you leave it with the current system you invite lobbyists to come in and bribe the idiots in DC to give them special deductions and loopholes and you end up with the exact mess we have today.

What about the flat tax w/ std deduction do you not like? It is fair, progressive and protects the low income and lower middle income families from federal income taxes.