Government

Rethinking taxes

Imagine if we spent only what we had money for? Imagine if politicians told the truth about the true cost of all they promise? Imagine if Americans asked where the money was coming from? Imagine if we realized we can’t have it all paid for by someone else? Imagine if anyone cared?

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7 replies »

  1. We should have a simple flat tax of 15%, no loopholes, no corporate welfare and very limited deductions. Capital Gains and personal income should be taxed equally. There should be no estate tax, no alternative minimum tax and no payroll tax. The payroll tax would be replaced with a 15% business flat tax. If someone makes $50, 000.00 a year or less, they pay nothing. If that family earns $56, 000.00 a year or more, they pay 15%. Dianne, if we had a flat tax that taxed earned income and capital gains equally, what rates on both would you support?

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    • 15% probably won’t cut it. That would generate only about have of annual federal expenditures. Taxes on business would add more, but still not enough. What we need is a flat tax plus a VAT combination with credits for lower income people for the VAT. Keep in mind that the lower 50% in income only pay about 3% of total income taxes today.

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  2. Here is an idea: A flat tax with a standard deduction of $50, 000.00, so a family of 4 that earns that or less, they pay nothing in taxes. A family of 4 that earns more would pay 15%. No loopholes, all deductions are scrapped, preserving the deductions for home mortgage interest and charitable donations. Capital Gains is also taxed at 15%. There would be no estate tax, no alternative minimum tax, no payroll tax and no corporate tax.

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  3. I do favor the flat tax on EVERY single person and Business too. It could be two different amounts with people vs business but a flat tax w/o exceptions. It would be fairer to all. Government should be using only what comes in. People could save more this way. Now if you save and invest, you get penalized for doing so. It may be just enough to put you into the next tax bracket. you Loose.
    No off shore investments free. Inversions need to stop so business pays their fair share of taxes.
    ATT came in loud and clear, raises, then a bit later they came in Layoffs. I predicted that.
    The Cadillac tax should be wiped out completely. If our companies agree to give us certain coverage; what right does the government have to come in and say that’s a Cadillac plan. We pay part and the co. pays part. Its NOT FREE. We are PAYING for it. I get so sick of these idiots saying you have a great plan and soandso on welfare doesn’t. Did they work for it? Are they paying for it? Too bad. Obama wanted everyone to have the same shitty plans with high deductibles and high prices. Why? so those companies make a windfall profit. Our folks went on strikes to get the coverage and benefits we wanted. We gave up some things to get other things we wanted.

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  4. I am in favor of a flat tax. Nothing could be more fair if everybody paid the same percentage. Those that make more would pay more. I am starting to warm up to a VAT tax. Those whose spend more would pay more. (I think that there are problems with these too).

    But you asked two very good questions above. “Imagine if politicians told the truth about the true cost of all they promise? Imagine if Americans asked where the money was coming from?”

    Were really need to rethink how we spend our money. Until we spend only what we have, the politicians will always promise and spend more money than the government collects so it doesn’t really matter if we rethink taxation because of the various gimmicks they use to play with the budget and costs. Like I told my kids when they were growing up; if you don’t have the money in your pocket, you can’t have it. No politician will ever tell his constituents that if he wants to get re-elected.

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    • The problem is not what tax system we use to fund the government, it is spending more than the tax system provides. Mr. Trump ran on a $50,000 standard deduction for couples and a $25,000 standard deduction for singles. What was passed by Congress was a ripoff of the middle class and low income workers. Sure the doubled the standard deduction, but they took away the personal exemption of $4050. If you do not have any children a doubling of the child tax credit, is of no help. Our government could of increased the standard deduction to what Mr. Trump ran on, but then people making over $300,000 would of had to pay $36,000 more in taxes. Every family would get the first $50,000 free of federal income tax and the economy would soar. But the rich and the bankers would not of liked it. Just think of how many families would not have credit card debt if the first $50,000 was theirs to keep. Of course the rich in this country do pay a higher tax, because they have incomes that are two to six time the average income of workers. 50% of workers make less than $30,000, you are not going to get much from them.

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