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DeMint's on Fox spewing "flat tax". I KNEW it!

fairsheet

fairsheet

Senator
NO adult economist of ANY stripe, supports a "flat tax". NO wealth creator supports a "flat tax". NO job creator supports a "flat tax".

The ONLY people who support a "flat tax", are bitter, old, white, Tea-Partian pensioners like Fox/DeMint's "audience". But...once Obama came out in support of the GOP's call for an update of our progressive tax code, the Fox/DeMint/McConnells were left with no choice but to shout about a cartoonish scheme that NO sentient adult could actually take seriously.
 
I'm a bitter old white man that no sentient adult takes seriously and have propose considering a flat tax along the lines of the following.

Based on our debt it would have to be set at around 40%.

To maintain a progressive structure every adult should be given around a $5,000 tax credit and each child up to a total of 2 per woman or adoptive father around $2,5000.

Therefore a family of 4 with no earnings would have income based on the tax credits of $15,000 but no higher for extra children.

A family of 4 making $25,000 would have a tax of $1000 but a credit of $15,000 for a net income of $30,000

A family of 4 with earnings of of $37,500 would have $15,000 in taxes but have a credit of $15,000 for a net tax of 0 and income of $37,5000.

A family with earnings of $75,000 would have tax of 30,000, credit of $15000 and net income of $60,000

A family earning $500,000, net income $315,000

A flat tax plan like this would automatically and continuously "progress" taxation, simplify welfare since it would be covered by the credit and there would be no cheating as everyone gets it, encourage work since you aren't penalized by ever losing benefit of your credits and earning 60 cents on the dollar is better, for most, than siting on their behind, encourage marriage as two can live together less expensively than apart, and truly simplify the tax calculations to where you could do it on a post card.

The rates are high ( scientifically picked out of my ass) but merely realistic compared to the people who think we can cover the budget and pay down our debt with something ridiculous like a flat 14% rate but when we did once get the budget under control and reduce the debt then we could lower the rates or increase the credits.
 
mark14 said:
I'm a bitter old white man that no sentient adult takes seriously and have propose considering a flat tax along the lines of the following.

Based on our debt it would have to be set at around 40%.

To maintain a progressive structure every adult should be given around a $5,000 tax credit and each child up to a total of 2 per woman or adoptive father around $2,5000.

Therefore a family of 4 with no earnings would have income based on the tax credits of $15,000 but no higher for extra children.

A family of 4 making $25,000 would have a tax of $1000 but a credit of $15,000 for a net income of $30,000

A family of 4 with earnings of of $37,500 would have $15,000 in taxes but have a credit of $15,000 for a net tax of 0 and income of $37,5000.

A family with earnings of $75,000 would have tax of 30,000, credit of $15000 and net income of $60,000

A family earning $500,000, net income $315,000

A flat tax plan like this would automatically and continuously "progress" taxation, simplify welfare since it would be covered by the credit and there would be no cheating as everyone gets it, encourage work since you aren't penalized by ever losing benefit of your credits and earning 60 cents on the dollar is better, for most, than siting on their behind, encourage marriage as two can live together less expensively than apart, and truly simplify the tax calculations to where you could do it on a post card.

The rates are high ( scientifically picked out of my ass) but merely realistic compared to the people who think we can cover the budget and pay down our debt with something ridiculous like a flat 14% rate but when we did once get the budget under control and reduce the debt then we could lower the rates or increase the credits.
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Sorry Mark! But...as a free-market, Democrat, Democratic, NON-socialist, I'm dead-set against any sort of flat tax scheme. There are two ways a society can execute its will - and if society can't execute its will, society has no reason to exist. One way is through taxation-encouragement, and the other way is to TRY to do it through legislative coercion.

In other words, we can flatten our tax regimes and hope to force people to do what we want, or we can manipulate our tax regimes to encourage them to do what we want. The former is unrealistic in terms of our American reality. What we'd be left with, is those who "have", ordering their assets to best advantage themselves. And...everyone else left wishing...beyond practical-political hope, that we could only pass the laws of our dreams, that would force them to do what we wanted.
 
I remember that moron Steve Forbes pushing a flat tax...Sounds like a scam for Rich people to pay less...Oh wait we have that already...
 
Saladin2 said:
I remember that moron Steve Forbes pushing a flat tax...Sounds like a scam for Rich people to pay less...Oh wait we have that already...
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A flat tax is RIGHT up the filthy rich's alley. I'm afraid that some people are thinking that by flattening the code, we can take away the Forbes/Mitt's advantage...and maybe we can, for a year or two.
 
God forbid we have a tax code that was simple and everyone paying their fair share. If obama said it it would be the most wonderful thing ever , but because a white guy with a R near his name it's gotta be bad.
 
fairsheet said:
NO adult economist of ANY stripe, supports a "flat tax". NO wealth creator supports a "flat tax". NO job creator supports a "flat tax".

The ONLY people who support a "flat tax", are bitter, old, white, Tea-Partian pensioners like Fox/DeMint's "audience". But...once Obama came out in support of the GOP's call for an update of our progressive tax code, the Fox/DeMint/McConnells were left with no choice but to shout about a cartoonish scheme that NO sentient adult could actually take seriously.
Click to expand...

The economists did so much for us already I think we should hang on their every word , come on man. Why do they have to be white? If someone would insert black instead of white the post reports would be flowing?????
 
Huskyoverlord said:
God forbid we have a tax code that was simple and everyone paying their fair share. If obama said it it would be the most wonderful thing ever , but because a white guy with a R near his name it's gotta be bad.
Click to expand...

OK, so what did you think of my proposal or are you are here to complain like a "bitter, old, white man" like me?
 
A flat tax could work, it would just need to be affixed to all transactions rather than income and/or wealth. It can never happen though.
 
Honestly, Mark, I don't like income taxes at all. I'd much rather see taxes levied based on purchase transactions rather than earnings. Again, though, I know what I'd like is altogether politically implausible. Now why are you a bitter old man? Don't you have a Keg-a-rator in the garage? ;-)
 
RickWA said:
A flat tax could work, it would just need to be affixed to all transactions rather than income and/or wealth. It can never happen though.
Click to expand...

Let's say we were to settle on a "flat tax" of 20% on capital gains. Let's say that our significant, foreign, economic competition offers up potential ROI's equal to ours BUT, they tax capital gains at 19%. What do we do then? Some might suggest that we should seek to increase out potential ROI's. But, wouldn't it be that much more difficult, if we're bleeding capital to the 19% taxers?
 
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