Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Kelvin Taylor who wrote (852)	3/30/1998 11:27:00 PM
From: Colin Cody	Read Replies (2) \| Respond to of 5810

Kelvin, You have obviously been led down the path looking for a rainbow. LOOK at the people who tell you this sh*t! Either they have something to gain personally... OR they are dumb sheep. . Look for some intelligent counter arguments and only THEN decide! . You again have many errors and misconceptions. . I know of NO State that taxes all food for human consumption, including vegetables, cut meats etc. WHAT State are you referring to?? . >So expanding a low rate say of 5-10% to everything else >wouldn't be too hard. NEITHER the Flat Tax or the NST will be for 5% We are talking STARTING rates of 15% to 30% and of course, once instituted, they go UP every few years. AND they WILL bring back the INCOME TAX sometime after that. Or maybe a VAT... Say to help "fight the war" . >A flat tax is a point of sale. To prove my point lets use an >example. When you purchase an item from a store that charges a sales >tax, you pay the purchase price plus tax. The tax is then sent on to >the agency AGAIN, you are woefully misinformed. A FLAT TAX is a single rate on EARNED INCOME. A National Sales tax is "point of sale" tax on end user purchases. . >If you want the stuff you pay the tax. No cheating possible here. AGAIN, you are woefully NAIVE about that! . >I suppose the black market for items and personal sales from one >person to another may prove hard to enforce, but the current system >allows massive cheating right now. You SUPPOSE correctly. And the INCENTIVE to cheat NOW for say a 5% State Sales Tax is NOTHING compared to the future with a 23% NST PLUS a State tax of 11% (yes it need to rise when the States are faced with Federal cutbacks, based on the new lower revenues from the NST) PLUS the LOCAL sales tax of say 2%. That's 36% and that's VERY REALISTIC. Cheat? You ain't seen nothing yet! . >How does Mr. Forbes "stand to gain handsomely" by advocating a flat >tax? He got rich under the current system. Forbes Flat' tax exempts capital gains and passive income sources. He has "BILLIONS" of $$ to invest passively and escape all taxation. His Flat tax also eliminates the Estate tax. Otherwise he stands to pay 50% of his family's wealth in the future under the Estate tax. . >No double taxation under this plan. Sales tax would replace the >income tax. Yes all the money you earn (wages, invest income, >lottery, etc.) you get to keep. THAT IS A LIE. The FICA tax stays. The Medicare tax stays. The STATE Income Tax STAYS!!!! Need I go on?!!! . >You choose how much tax to pay by what you buy not >by how much you make. . When your children are hungry you do not "decide" to feed them. When your wife is hurt you do not "decide" you bring her to the hospital. When you have a disease you do not "decide" to seek treatments. When it starts to rain outside, you do not "decide" to get clothing and shelter for your family. . WHO are you trying to kid? (g) . Colin