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Independent Thinker
What would your ideal tax structure be like? All you talk about is how wonderful taxes are, so here's your chance to get it out of your system.
 
Tabasco said:
What would your ideal tax structure be like? All you talk about is how wonderful taxes are, so here's your chance to get it out of your system.
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The ideal taxation system would be one the mega rich could not evade and the where the poor need not worry.
Sorry, I know you didnt address the question to me, but it was a good question so ... ...
 
Lowaicue said:
The ideal taxation system would be one the mega rich could not evade and the where the poor need not worry.
Sorry, I know you didnt address the question to me, but it was a good question so ... ...
Click to expand...

What we need is a flat rate tax. Start it out at, say, 15% above the $40k mark. Someone making $40k will pay no taxes. Someone making $60k will pay $3000 in taxes / 5% of their total income. One who makes $150k would pay $16,500 in taxes / 11% of their income. Do you see how a flat rate tax is incredibly simple and based on one's ability to pay? Furthermore, it would generate much more revenue than the current "graduated" tax system, as it would close loopholes, simplify the code, etc.

Despite its economic benefits, however, liberals such as USC will continue to oppose the idea, because it isn't "fair" according to their distorted world view.
 
Tabasco said:
What we need is a flat rate tax. Start it out at, say, 15% above the $40k mark. Someone making $40k will pay no taxes. Someone making $60k will pay $3000 in taxes / 5% of their total income. One who makes $150k would pay $16,500 in taxes / 11% of their income. Do you see how a flat rate tax is incredibly simple and based on one's ability to pay? Furthermore, it would generate much more revenue than the current "graduated" tax system, as it would close loopholes, simplify the code, etc.

Despite its economic benefits, however, liberals such as USC will continue to oppose the idea, because it isn't "fair" according to their distorted world view.
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We have a flat rate tax. The problem is that if I can afford it I can employ a team of tax professionals to help me avoid (evade?) tax altogether.
The world's tenth richest man, Li Ka Shing, who has a small pied a terre but a few small miles from here, is reputed to declare about US$1000 per month as taxable salary. So he pays zero tax since we have a tax free allowance of something like US$15,000pa. His thousands of employees, of course, cannot afford the teams of accountants he uses to convince, what must be the most gullible IRS in the world, that his income is as stated, and finance the services that he enjoys.
As a matter of interest how much tax to the Waltons pay? And how about the Buffets? The latter pays just over 17%. What do you pay?
So 10%, 20%, 30% is of no consequence. It's about WHO pays and how to prevent tax evasion by the mega rich.
 
Lowaicue said:
We have a flat rate tax. The problem is that if I can afford it I can employ a team of tax professionals to help me avoid (evade?) tax altogether.
The world's tenth richest man, Li Ka Shing, who has a small pied a terre but a few small miles from here, is reputed to declare about US$1000 per month as taxable salary. So he pays zero tax since we have a tax free allowance of something like US$15,000pa. His thousands of employees, of course, cannot afford the teams of accountants he uses to convince, what must be the most gullible IRS in the world, that his income is as stated, and finance the services that he enjoys.
As a matter of interest how much tax to the Waltons pay? And how about the Buffets? The latter pays just over 17%. What do you pay?
So 10%, 20%, 30% is of no consequence. It's about WHO pays and how to prevent tax evasion by the mega rich.
Click to expand...

Ideally, a flat rate tax would include zero available deductions. A capital gains tax of 15% on every dollar would also be appropriate. Of course, there are always going to be tax evaders, but by closing loopholes and simplifying the code, it won't be as common. Russia has far fewer tax evaders than under their previous tax system.
 
My ideal tax stuucture on personal income taxes would be as follows.

around 15% income tax on all income over lets say 15K.
No deductions no exemptions excpet maybe milatary retirement, SS income until you have drawn out more than you paid in and then it is taxed as well.
Just think of the money we would save on collections and such alone in the IRS.

Of course HR Block and such would spend their last dime defeating any such tax.
 
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uscitizen said:
My ideal tax stuucture on personal income taxes would be as follows.

around 15% income tax on all income over lets say 15K.
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I'd end up paying around $5000 in income taxes. That is much, much more than I currently pay. Do you favor raising taxes on the middle class?

No deductions no exemptions excpet maybe milatary retirement, SS income until you have drawn out more than you paid in and then it is taxed as well.
Just think of the money we would save on collections and such alone in the IRS.

Of course HR Block and such would spend their last dime defeating any such tax.
Click to expand...

Not bad. You're much more reasonable than I expected.
 
Perhaps we could get by with 10% if no deductions, etc.

We could shrink the IRS by a lot.
All would file a extremely simple short form return.

Basically this is that we show tha you earned for 2009. If not correct all other income bleow and remit 15% tax on that additional amount.
 
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uscitizen said:
Perhaps we could get by with 10% if no deductions, etc.

We could shrink the IRS by a lot.
All would file a extremely simple short form return.

Basically this is that we show tha you earned for 2009. If not correct all other income bleow and remit 15% tax on that additional amount.
Click to expand...

I could live with that. Even a 10% flat tax would yield more revenue than our current system. Combined with a balanced budget amendment, we'd be in excellent shape.
 
Tabasco said:
What would your ideal tax structure be like? All you talk about is how wonderful taxes are, so here's your chance to get it out of your system.
Click to expand...

My idea of a fair tax system would be a tax payable on every dollar of income: income defined as any and all monies received (coming in) whether through hourly wages, investments, inheritances, gambling, lotteries, etc., coupled with a guaranteed minimum income.

Say, if the tax rate was 10% and the guaranteed minimum income was $15,000/yr a person earning $10,000 wouldn't pay any tax and would receive $5,000 from the government. Or put another way they would pay $1,000 in tax and receive $6,000 from the government.

A person earning $16,000 would pay $1,600 but receive $600 to bring their income up to $15,000.

Taxes on all goods and services would be same. No "luxury" tax. No "sin" tax. One would not be penalized on how they wished to spend their money.
 
Lowaicue said:
We have a flat rate tax. The problem is that if I can afford it I can employ a team of tax professionals to help me avoid (evade?) tax altogether.
The world's tenth richest man, Li Ka Shing, who has a small pied a terre but a few small miles from here, is reputed to declare about US$1000 per month as taxable salary. So he pays zero tax since we have a tax free allowance of something like US$15,000pa. His thousands of employees, of course, cannot afford the teams of accountants he uses to convince, what must be the most gullible IRS in the world, that his income is as stated, and finance the services that he enjoys.
As a matter of interest how much tax to the Waltons pay? And how about the Buffets? The latter pays just over 17%. What do you pay?
So 10%, 20%, 30% is of no consequence. It's about WHO pays and how to prevent tax evasion by the mega rich.
Click to expand...

Buffet said his own tax rate is lower than his secretary's.

"Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year, without trying to avoid paying higher taxes, while his secretary, who earned $60,000, was taxed at 30 per cent. Mr Buffett told his audience, which included John Mack, the chairman of Morgan Stanley, and Alan Patricof, the founder of the US branch of Apax Partners, that US government policy had accentuated a disparity of wealth that hurt the economy by stifling opportunity and motivation."

http://tusb.stanford.edu/2007/07/warren_buffet_has_a_lower_tax.html
 
uscitizen said:
My ideal tax stuucture on personal income taxes would be as follows.

around 15% income tax on all income over lets say 15K.
No deductions no exemptions excpet maybe milatary retirement, SS income until you have drawn out more than you paid in and then it is taxed as well.
Just think of the money we would save on collections and such alone in the IRS.

Of course HR Block and such would spend their last dime defeating any such tax.
Click to expand...

I think taxing people who make under 30k is a rotten deal. Ideally, we shouldn't tax people who make under 40k.
 
uscitizen said:
Liberal.

41K is the average income in KY.
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Yes, in KY I'm sure 41k goes quite a distance. Even in Seattle, its a decent salary. I mean, my dad raised a family of 5 on 51k, although he received graduate education in business (never finished because he attended small colleges in the 70s which were suffering from the economy and closed, which his alma mater Seattle U was concerned about doing while he was a chem student), and understands budgeting and finance better than most average joses... He is a true fiscal conservative.
 
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