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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: cosmicforce who wrote (209612)	11/27/2012 1:39:46 PM
From: Metacomet	Respond to of 543956

- but there are other taxes than income tax. There are.. ...and this was part of how Romney manged to damage himself by his 47% bullshit Everybody knows there are different taxing entities and nobody escapes all of them And I don't suggest that my flat tax thing replaces anything but the federal tax system

To: cosmicforce who wrote (209612)	11/27/2012 1:48:51 PM
From: KyrosL	Read Replies (1) \| Respond to of 543956

Payroll contributions can hardly be called "taxes". They are closest to insurance or pension contributions/savings. For low income households their discounted value is far lower than what these households eventually get back as Social Security and Medicare benefits, because of the built in progressivity of FICA taxes versus benefits that greatly favors low income households.

To: cosmicforce who wrote (209612)	11/27/2012 1:49:06 PM
From: Sun Tzu	Read Replies (1) \| Respond to of 543956

Let's assume everyone pays the same flat rate income taxes. If the top 5% earn 40% of the income, then naturally the top 5% will pay 40%. The shape of these charts would hardly change. On the other hand, if you were you taxed only on the money that you don't "need." (need being broadly defined), and taxed only on what is left over (a) it would meet our definition of fairness because those who can barely make ends meet would pay no taxes and those who have everything they need would pay most of the taxes. (b) people would be encouraged to spend their money and that would create jobs and economic prosperity. The way I see it, if it can be used as a business expense, then it should be deductible from personal income. If a business can expense its rent, then so should the average joe be able to expense his rent. If a business can expense an office party, then family birthdays should be a legitimate tax expense as well. In other words, your rent, your food, your kids college tuition, the money you pay the cleaning lady, your private jet and everything else that you spend money on should be tax deductible. What is left, can be taxed at a rate that allows the government to operate efficiently. ST