Doing away with income tax... !

your likely correct desh.. but it will be offset by the fact that foreigner's will also be paying towards our government.
 
Desh said:
With a consumption tax you will have a huge black market develop.
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It depends on whether it is punitive or not.

If the tax level gets too high then you will get a black market. Like cigarettes in Canada. Before they raised the tax so high there was little black market action on that item. There is now though.
 
Flat tax is the way to go. It is progressive and simple.

Have a flat tax on income of 22-25% on anything over the standard deduction. Make the standard deduction high enough that the low income families won't pay anything. Say for example 30k per individual 60k per couple. NO other deductions or loopholes.

There, you just eliminated all the money wasted on the ineptitude that is the IRS, you simplified the tax code so everyone can understand it, you eliminate the ability of the wealthy to bribe their reps for deductions and loopholes and thus the ability of the weatlhy to pay effective tax rates lower than that of the average American.

This flat tax would be on ALL income sources.

If you wanted to add in a consumption tax on autos over $40k, homes over $1mm etc... I would not have a problem with that. Because again it would be fair. No one would be forced to buy any of those items, it would be by choice.
 
Superfreak said:
Flat tax is the way to go. It is progressive and simple.

Have a flat tax on income of 22-25% on anything over the standard deduction. Make the standard deduction high enough that the low income families won't pay anything. Say for example 30k per individual 60k per couple. NO other deductions or loopholes.

There, you just eliminated all the money wasted on the ineptitude that is the IRS, you simplified the tax code so everyone can understand it, you eliminate the ability of the wealthy to bribe their reps for deductions and loopholes and thus the ability of the weatlhy to pay effective tax rates lower than that of the average American.

This flat tax would be on ALL income sources.

If you wanted to add in a consumption tax on autos over $40k, homes over $1mm etc... I would not have a problem with that. Because again it would be fair. No one would be forced to buy any of those items, it would be by choice.
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sounds good to me. However CPA's like spinner and HR Block will spend their last dime fighting a flat tax system.
 
uscitizen said:
sounds good to me. However CPA's like spinner and HR Block will spend their last dime fighting a flat tax system.
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I know, that is the primary hinderance to my proposed changes. Peoples refusal to advance simply for the sake of maintaining the status quo with regards to jobs. Imagine if this country had done the same when the auto first came out.... what if they had screamed about all those buggy makers losing their jobs?
 
usc is fianally right after 1,000 post.
I would fight it as it would kill accountants salaries.
Now, if it takes more than 5 years I'll fight for it.
 
Chapdog said:
nothing? i will have paid upwards of 20-30% on all that income already.. my offspring should pay it again?
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No, your offspring should just live off it like fat hogs succling off the hard labor of there ancestors, not having to contribut to society to live high on the hog, while others whos ancestors neglected to work hard will struggle to get ahead every step of the way!
 
Onceler said:
The inheritance tax is not the answer. At a certain point, it's immoral (imo), and wouldn't come close to generating the revenues we need.

You could start moving toward more of a consumption-related tax, but I think income tax has to be part of the equation. I am for setting a cap on the income tax at 33%.
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I like the idea of caps. Is this State, Federal, SS, MC and Local too?
 
Chapdog said:
your likely correct desh.. but it will be offset by the fact that foreigner's will also be paying towards our government.
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Which is trivial.

But then again, money from un income taxed sources, like the drug trade, will eventually find it's way into the consumption tax system. And that amounts to hundreds of billions.
 
Superfreak said:
Flat tax is the way to go. It is progressive and simple.

Have a flat tax on income of 22-25% on anything over the standard deduction. Make the standard deduction high enough that the low income families won't pay anything. Say for example 30k per individual 60k per couple. NO other deductions or loopholes.

There, you just eliminated all the money wasted on the ineptitude that is the IRS, you simplified the tax code so everyone can understand it, you eliminate the ability of the wealthy to bribe their reps for deductions and loopholes and thus the ability of the weatlhy to pay effective tax rates lower than that of the average American.

This flat tax would be on ALL income sources.

If you wanted to add in a consumption tax on autos over $40k, homes over $1mm etc... I would not have a problem with that. Because again it would be fair. No one would be forced to buy any of those items, it would be by choice.
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That's just a progressive tax system with 2 brackets.

I see no reason why if your going to have a progressive tax system it would complicate it to have a reasonable number of brackets, like 5. The loopholes are what complicates it.

I'd say 0%, 10%, 20%, 30%, 40%. Nice and even. :)
 
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