Doing away with income tax... !

Chapdog said:
no doubt it would but just look at this.
http://www.cbpp.org/4-20-07tax2-f1.jpg

taxing ss after 200K will take care of that area. smaller military is a huge chunk.. then just overall reform of all the shitty plans government has.
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I once messed around with a budget calculator in my most libertarian state and was only able to cut government to about 2T. Most of the military budget goes to paying for troops, their healthcare, their housing, and stuff like that. Research is damn expensive but it's only like 50-100 billion, which is only a fifth of the military budget. It's not easy to cut the military. :(

The entitlements would be difficult too. I mean, what the hell are you supposed to cut? The only thing you can do is chop at medicaid and medicare, basically.
 
Jarod said:
Okay, then lets lower income tax and increase consumption tax on luxuary items such as cars over $50,000 and pleasure boats and private jets and such!
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been there done that (GHWB in 91); don't work; the consumption of those items just goes down, and not enough of them are sold to make a real dent in making up the revenue from losing the income tax.

next...
 
HipLew said:
been there done that (GHWB in 91); don't work; the consumption of those items just goes down, and not enough of them are sold to make a real dent in making up the revenue from losing the income tax.

next...
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Plus as we have seen on this thread people with money whine a lot and got it changed back.
 
Watermark said:
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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I actually would not have a problem with the above when compared to our current system. But why should you have to pay a higher percentage as you become more successful? If you make 100k and I make 10mm and we both get the 30k deduction I was talking about.... assuming a 25% tax braket..... you would owe 17.5k in taxes (an effective tax rate of 17.5%). I would pay 2,492,500 in taxes an effective tax rate of 24.925%.

By making more than you, I still pay both a higher dollar figure and a higher percentage than you.
 
Side note Water... you are correct in stating that a flat tax is a truly progressive tax. Especially if you add in the standard deduction.

Our current system is NOT progressive as the wealthy are able to use deductions and loopholes to get their effective tax rates lower than those who make less than them.
 
yeah!! and if you make lessx than 30K ; you haver a negative income and get a refund from the feds to make yhou break even, right?
 
Superfreak said:
I actually would not have a problem with the above when compared to our current system. But why should you have to pay a higher percentage as you become more successful? If you make 100k and I make 10mm and we both get the 30k deduction I was talking about.... assuming a 25% tax braket..... you would owe 17.5k in taxes (an effective tax rate of 17.5%). I would pay 2,492,500 in taxes an effective tax rate of 24.925%.

By making more than you, I still pay both a higher dollar figure and a higher percentage than you.
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Because it maximizes total income taxable and taxes those most who can best afford it. Also, the more money you have, the less social utility you generally derive from it. A 35% - 40% top bracket reduces productivity by about as much as a 20% top bracket. The only tax systems that really hurt are those like they used to have in the 50's... in the 50's in Britian, for instance, those who made above $200,000 were taxed at a 95% rate.
 
HipLew said:
yeah!! and if you make lessx than 30K ; you haver a negative income and get a refund from the feds to make yhou break even, right?
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That's a negative income tax, which is different from a two bracket "flat" tax. But it's generally the same concept and I understand it.
 
HipLew said:
yeah!! and if you make lessx than 30K ; you haver a negative income and get a refund from the feds to make yhou break even, right?
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I would imagine that those that fell below would be receiving welfare to an extent. But to be clear, NO... that was not a part of the tax code I proposed.
 
Funny Americans ..

We pay the lowest income tax in the indusrial world with the exception of North Korea and Mexico, and Americans are stilll whining.

Amazing

There is about 200 trillion dollars of work that needs to be done on the American infrastructure and Americans are whining about pennies.

Amazing
 
blackascoal said:
Funny Americans ..

We pay the lowest income tax in the indusrial world with the exception of North Korea and Mexico, and Americans are stilll whining.

Amazing

There is about 200 trillion dollars of work that needs to be done on the American infrastructure and Americans are whining about pennies.

Amazing
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its a function of what we get in return. mexican's taxes aren't supporting pointless occupations and being withered away on endless "defense" budgetary wastes. They also get free medical care and free higher education. And he** fvking yeah I'm going to wine about every penny more they want to take until those idiots brighten up and stop funding sports arenas bridges to nowhere and a plethora of other pork filled projects.
 
LadyT said:
its a function of what we get in return. mexican's taxes aren't supporting pointless occupations and being withered away on endless "defense" budgetary wastes. They also get free medical care and free higher education. And he** fvking yeah I'm going to wine about every penny more they want to take until those idiots brighten up and stop funding sports arenas bridges to nowhere and a plethora of other pork filled projects.
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Who is going to make them do that?

The American people?

Democracy?

How about none of the above.

Americans have more disposable income than any people in the world and taxes are a necessary function of government. Even if everyone's taxes were cut in half, many would still be whining.

Not suggesting you sister.
 
blackascoal said:
Funny Americans ..

We pay the lowest income tax in the indusrial world with the exception of North Korea and Mexico, and Americans are stilll whining.

Amazing

There is about 200 trillion dollars of work that needs to be done on the American infrastructure and Americans are whining about pennies.

Amazing
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true , but more sad than amazing. We are sheep being led...
 
The most fair and economically efficient tax is a land value tax. Taxing unimproved land values (also including natural resources such as oil, minerals, and raw materials) cannot be shifted onto consumers. Land and resources were created by no one, and while being owned privately, should be tapped for government services for the public.
 
blackascoal said:
Who is going to make them do that?

The American people?

Democracy?

How about none of the above.

Americans have more disposable income than any people in the world and taxes are a necessary function of government. Even if everyone's taxes were cut in half, many would still be whining.

Not suggesting you sister.
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I wouldn't mind testing that theory out. And again, I'm not saying taxes aren't a necessary form of gov't. I personally support a substantial number of community programs and health care initiatives. Again the problem I have is with waste and politicians complete disregard to wasting our money. So many people have a complacent attititude that we have to pay what we pay politicians are never really held accountable for what they spend just to get elected. Its 2007. Why can't we log on to the house's or senate's website and download an itemized list of what projects our money is going to and who sponsored it. Rest assured if that was mandatory, they would find ways to cut back. I've worked extremely hard for what I have and expect the politicians to spend my money wisely.
 
LadyT said:
its a function of what we get in return. mexican's taxes aren't supporting pointless occupations and being withered away on endless "defense" budgetary wastes. They also get free medical care and free higher education. And he** fvking yeah I'm going to wine about every penny more they want to take until those idiots brighten up and stop funding sports arenas bridges to nowhere and a plethora of other pork filled projects.
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Mexicans do not get free medical care and higher education. Their government is smaller than Americas for its size.

If you cut out all waste in the federal government you might get rid of 100 billion dollars. Hope your happy with your 1% tax cut.

There isn't any SIMPLE EASY way to cut the budget, guys.
 
I know it feels good to constantly claim the politicians are greedy, but they aren't stupid. If there's this humongous hole in funding that it's easy to just cut off, please, feel free, tell someone about it.
 
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