So if you dont collect from people while at their job, you really believe they are all going to write you a check?
How are you going to deal with business owners?
I had gross receipts of over 500k last year, but after payrolls, insurance, mortgage, utilities, maintenance, and such....the net is a LOT smaller
Your base idea isnt bad.....but it needs a lot of refining and assistance
Here is an alternate plan for a fair tax.
First $50,000 tax free
All income, earned and unearned, taxed at the same rate. All deductions eliminated.
Social Security and Medicare and all other payroll taxes eliminated. Funds come from the general fund.
The tax rate is set as to what is required to balance the federal budget. If spending goes down your taxes go down. If congress spends more money your taxes go up.
Federal withholding eliminated. Quarterly every American writes a check to the IRS for their estimated federal income tax. That way every American sees what taxes are costing them. May bring about accountability in our elected officials.
Needs a little fleshing out as to how to tax those who choose to hide their assets offshore. At the very least any income from investments or commerce in the U.S. should be taxed.
Some suggestions might help.So if you dont collect from people while at their job, you really believe they are all going to write you a check?
How are you going to deal with business owners?
I had gross receipts of over 500k last year, but after payrolls, insurance, mortgage, utilities, maintenance, and such....the net is a LOT smaller
Your base idea isnt bad.....but it needs a lot of refining and assistance
Anything to add?Interesting premise.
Here is an alternate plan for a fair tax.
First $50,000 tax free
All income, earned and unearned, taxed at the same rate. All deductions eliminated.
Social Security and Medicare and all other payroll taxes eliminated. Funds come from the general fund.
The tax rate is set as to what is required to balance the federal budget. If spending goes down your taxes go down. If congress spends more money your taxes go up.
Federal withholding eliminated. Quarterly every American writes a check to the IRS for their estimated federal income tax. That way every American sees what taxes are costing them. May bring about accountability in our elected officials.
Needs a little fleshing out as to how to tax those who choose to hide their assets offshore. At the very least any income from investments or commerce in the U.S. should be taxed.
So if you dont collect from people while at their job, you really believe they are all going to write you a check?
How are you going to deal with business owners?
I had gross receipts of over 500k last year, but after payrolls, insurance, mortgage, utilities, maintenance, and such....the net is a LOT smaller
Your base idea isnt bad.....but it needs a lot of refining and assistance
Interesting premise.
I was going along with some of the OP.I'd go with a 15.3% tax rate on the 1st $50K which would total a max of $7,650.
I'd also retain the progressive tax rate.
20.0% on next $50K $10,000 $17,650 max tax
25.0% on next $100K $25,000 $42,650 max tax
30.0% on next $200K $60,000 $102,650 max tax
35.0% on all over $400K
this wasnt bad......copied from Individual
but here are my adjustments
0-40,000 in income.....5% tax.......just so everyone has a stake in the game
40,001-60000.....18% tax
60,001-80000.... 23% tax
80,001-100k....29% tax
100-250k....35% tax
250k-1m.....40% tax
over 1m.....50% tax
This must also come with a corp tax of 27%
And a congressional mandate of a balanced budget.....you only get to spend what you have as revenues
We have a spending problem.....this will address some of the revenue, but until we address the spending nothing will change
It need not be difficult.Defining the term income for tax purposes is difficult.
At some points, it gets to be like quantum physics.
This is not a needs-to-be situation. From a legal standpoint, defining income is difficult.It need not be difficult.
Then you are going to miss a lot of what people want to tax.Taxable income would be the sum total of wages, salaries, dividends, interest, capital gains, etc., and there would be no deductions at all.
Why include SS and Medicare? If you do, then do you pay back to people all that they have paid into the fund including the 3 trillion dollars the government has borrowed from the fund? And do you continue the tax on the businesses that have helped pay for those programs? Lost of questions, but no answers in your OP. Seems to me, just another way for you to end SS and Medicare or cut it so those programs are no longer helpful to the elderly.Here is an alternate plan for a fair tax.
First $50,000 tax free
All income, earned and unearned, taxed at the same rate. All deductions eliminated.
Social Security and Medicare and all other payroll taxes eliminated. Funds come from the general fund.
The tax rate is set as to what is required to balance the federal budget. If spending goes down your taxes go down. If congress spends more money your taxes go up.
Federal withholding eliminated. Quarterly every American writes a check to the IRS for their estimated federal income tax. That way every American sees what taxes are costing them. May bring about accountability in our elected officials.
Needs a little fleshing out as to how to tax those who choose to hide their assets offshore. At the very least any income from investments or commerce in the U.S. should be taxed.
Why include SS and Medicare? If you do, then do you pay back to people all that they have paid into the fund including the 3 trillion dollars the government has borrowed from the fund? And do you continue the tax on the businesses that have helped pay for those programs? Lost of questions, but no answers in your OP. Seems to me, just another way for you to end SS and Medicare or cut it so those programs are no longer helpful to the elderly.
Clarify what you're claiming to be the difficulty from a legal standpoint in defining income.This is not a needs-to-be situation. From a legal standpoint, defining income is difficult.
Then you are going to miss a lot of what people want to tax.
Also, Municipal bonds have to be tax-free. The federal government lacks the right to tax them. It's in the Constitution.
Some municipal bonds are taxable.This is not a needs-to-be situation. From a legal standpoint, defining income is difficult.
Then you are going to miss a lot of what people want to tax.
Also, Municipal bonds have to be tax-free. The federal government lacks the right to tax them. It's in the Constitution.
Perqs, for one.Clarify what you're claiming to be the difficulty from a legal standpoint in defining income.
What am I missing that people want to tax?
What is defined as tax-free?Things which are defined to be tax-free would not be taxed.
Not direct ones.Some municipal bonds are taxable.
To answer each of the above questions, I would have to ask How is it being done currently?Perqs, for one.
Is it income if the job provides housing? A car? Driver? Entertainment allowance? All of these are normal parts of employment contracts.
All of that remains open for discussion.What is defined as tax-free?
Muni-bonds of course. What about life insurance proceeds? Gifts? Stock and real estate appreciation?
The tax laws are arcane because this is a field where words are very finely diced and carefully divided..
he problem is that the GOP will cut the programs until they are basically not there. They will use the money for tax cuts for the wealthy and businesses.Oh no. Both programs will still remain. The only difference is where the money comes from. Our congress has always raided the social security fund when there were surpluses anyway. Why not just pay social security and Medicare from the general fund? Then Republicans won't be able to refuse the funding fixes needed and won't be able to say the fund is going bankrupt.
Eventually we will have universal health care similar to Medicare anyway.
he problem is that the GOP will cut the programs until they are basically not there. They will use the money for tax cuts for the wealthy and businesses.
Where do you think loopholes live?To answer each of the above questions, I would have to ask How is it being done currently?
Then you have not even the basis for discussion.All of that remains open for discussion.
So far only one person has attempted to engage in a discussion, looking to find a reasoned solution to the issue of a way to apply taxation fairly.Where do you think loopholes live?
This stuff is complex. Many loopholes exist because Congress closed a different loophole.
Then you have not even the basis for discussion.
That would not be you.So far only one person has attempted to engage in a discussion, looking to find a reasoned solution to the issue of a way to apply taxation fairly.
Do you have the answer to any of the questions?I don't have ALL the answers to ALL the questions, and if you see problems with what I have suggested or things I have not mentioned, then that would provide you with a basis for discussion.
It's a clever truism but it only means that doing nothing is a decision."You either have to be part of the solution, or you're going to be part of the problem." - Eldridge Cleaver
That's the purpose off having a discussion, to develop a plan.That would not be you.
You don't even have a basic plan.
When I do, I present them.Do you have the answer to any of the questions?
And it appears your decision is to do nothing.It's a clever truism but it only means that doing nothing is a decision.
We have met the enemy and he is us.
Pogo
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?