Trump has a new income tax plan!

[Barry-xlovecam]

http://www.nydailynews.com/news/poli...icle-1.2321480

But it is a secret plan ... remember Steve Forbes the last billionaire that wanted to be President and his flat tax? Here we go again.

Trump's problem is that he is becoming too predictable ...

[crockett]

Originally Posted by Barry-xlovecam

http://www.nydailynews.com/news/poli...icle-1.2321480

But it is a secret plan ... remember Steve Forbes the last billionaire that wanted to be President and his flat tax? Here we go again.

Trump's problem is that he is becoming too predictable ...

I've always supported a flat tax on earned income then do away with the IRS completely. The only reason the tax code has been made so complicated, is so big corporate entities could get away with paying as little as possible.

If a flat tax was collected on all earned income, the tax rate for everyone would likely drop dramatically to something in the mid to high 20% range. The reason it's as high as it is now, is because so much money goes untaxed due to tax breaks so what is taxes has to be taxed harder.

Flat tax on sales on the other hand is bad idea, because it discourages buying.


Trump however is still a dumb fuck..

[mikesouth]

Originally Posted by crockett

I've always supported a flat tax on earned income then do away with the IRS completely. The only reason the tax code has been made so complicated, is so big corporate entities could get away with paying as little as possible.

If a flat tax was collected on all earned income, the tax rate for everyone would likely drop dramatically to something in the mid to high 20% range. The reason it's as high as it is now, is because so much money goes untaxed due to tax breaks so what is taxes has to be taxed harder.

Flat tax on sales on the other hand is bad idea, because it discourages buying.


Trump however is still a dumb fuck..

a flat tax is a good idea but doing it on income isnt, a consumption based tax is far better. The Fair Tax has its merits and as out of touch as Huckleberry Huckabee is he is right in that the underground economy in this country is HUGE...and those people pay no taxes at all...many even get public assistance.

One thing everyone agrees on I think is that the tax code is WAY out of hand and the IRS needs to go

[Vendzilla]

No that article wasn't biased at all, LOL

Think about it, wouldn't it be nice if we didn't need H&R block anymore?

[Rochard]

Originally Posted by crockett

I've always supported a flat tax on earned income then do away with the IRS completely. The only reason the tax code has been made so complicated, is so big corporate entities could get away with paying as little as possible.

If a flat tax was collected on all earned income, the tax rate for everyone would likely drop dramatically to something in the mid to high 20% range. The reason it's as high as it is now, is because so much money goes untaxed due to tax breaks so what is taxes has to be taxed harder.

Flat tax on sales on the other hand is bad idea, because it discourages buying.


Trump however is still a dumb fuck..

I couldn't agree more.

With the current system, paying taxes is for suckers. I understand that most people have a nine to five job or whatever, work for a company, get a paycheck, and taxes are taken out. But most people fail to take advantage of the tax laws.

I write off everything I can. It's perfectly legal. You are foolish if you don't write everything off.

[crockett]

Originally Posted by mikesouth

a flat tax is a good idea but doing it on income isnt, a consumption based tax is far better. The Fair Tax has its merits and as out of touch as Huckleberry Huckabee is he is right in that the underground economy in this country is HUGE...and those people pay no taxes at all...many even get public assistance.

One thing everyone agrees on I think is that the tax code is WAY out of hand and the IRS needs to go

A flat tax on sales wouldnt work, because it shifts the bulk of the tax burden on the middle and lower classes. It also requires the tax to be much higher than if it was on the income.

Tax should always be income based because tax should be on what is earned vs what is bought. People aren't going to stop earning because you tax them, but they will certainly stop buying things they don't need if the tax is too high.

[bronco67]

Originally Posted by Rochard

I couldn't agree more.

With the current system, paying taxes is for suckers. I understand that most people have a nine to five job or whatever, work for a company, get a paycheck, and taxes are taken out. But most people fail to take advantage of the tax laws.

I write off everything I can. It's perfectly legal. You are foolish if you don't write everything off.

Same goes for me. I never feel like I'm getting killed on taxes because of write-offs...and they're legit write-offs.

I can't remember which Republican candidate mentioned a consumption tax instead of income tax, but that sounds interesting.

[Barry-xlovecam]

How about a tax on securities and real estate transfers? If it was only a 3% flat tax rate it would raise a lot of money to retire some of the national debt over the next 10 years. never happen!

[slapass]

Originally Posted by Barry-xlovecam

How about a tax on securities and real estate transfers? If it was only a 3% flat tax rate it would raise a lot of money to retire some of the national debt over the next 10 years. never happen!

They get money from capital gains taxes for those items.

[NaughtyVisions]

Originally Posted by crockett

A flat tax on sales wouldnt work, because it shifts the bulk of the tax burden on the middle and lower classes. It also requires the tax to be much higher than if it was on the income.

Tax should always be income based because tax should be on what is earned vs what is bought. People aren't going to stop earning because you tax them, but they will certainly stop buying things they don't need if the tax is too high.

Pass the Fair Tax | FAIRtax.org

"The FAIRtax Plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a Prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar for dollar federal revenue replacement, and, through companion legislation, the repeal of the 16th Amendment."

[TheSquealer]

Huckabee said a funny thing about a Consumption Tax that really made me think about it.... something like "where even hookers, pimps and drug dealers are paying into the system". That's a pretty solid argument.

[Barry-xlovecam]

Originally Posted by slapass

They get money from capital gains taxes for those items.

There a lot of ways not to have to pay capital gains tax at the time of sale (tax deferred) legally. Also, the proposed 3% is on the total sales gross amount (loss or gain) in addition to any capital gains taxed accrued. It is a flat tax on the total value of the sale.

You cannot reduce the national debt without either a currency devaluation or new tax revenue. The US Dollar went to shit after Nixon's 2 devaluations. $1000 in 1971 dollars are worth $5,900 dollars in 2015.

1000/5900
.16949152542372881355
Money is cheap when adjusted for inflation

on an inflation adjusted basis we (the USA) are
3021029047582.00/398129744455.54
7.58805160793346545472 * more indebted

Almost 7.6 times more in debt.

What's The Donald Trumpster going to do? -- declare bankruptcy, he's experienced at that. The US government cannot declare bankruptcy :
US Constitution, Amendment 14
Section 4.

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.

*Including means not limited to.

However, the Fed and the Treasury Department could devalue the currency 70%. Wipe out everyone's savings and assets. We have been kicking the can down the road too long.

Having a $15.00/hr minimum wage or returning ''the lost jobs'' from China, who just today devalued the Yuan 2% BTW harbinger or just a feeler for a greater future devaluation, rest assured, the Chinese economy would collapse along with ours if the Chinese called in their US debt obligations. We would all sink together.

Where is Ross Perot with his silly charts?
NVM, all he could prove is that we are fucked -- time to start a war again