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: Douglas Webb who wrote (1050)	4/17/1998 12:32:00 PM
From: Colin Cody	Read Replies (1) \| Respond to of 5810

Doug, Good site that proves my points (with a careful reading)! . flattax.house.gov . There's SO MUCH GARBAGE I can't address it all. Here's one excerpt: Individuals and businesses would pay the same rate. The plan eliminates all deductions and credits. The only income not subject to tax would be a generous personal exemption that every American would receive. For a family of four, the first $33,800 in income would be exempt from tax. There are no breaks for special interests. No loopholes for powerful lobbies. Just a simple tax system that treats every American the same. . OK so we have a landscaper who purchase gasoline to run his equipment OFF-ROAD. As it is today such use of fuel allows a whopping TAX CREDIT for the ROAD TAX we all pay when buying gasoline for use ON THE HIGHWAYS. It is only fair that a landscaper get CREDITED for a ROAD TAX on gasoline NOT used on the highways! . Under this new proposal, CREDITS are ELIMINATED, thereby taxing UNFAIRLY the landscaping industry. . Similar credits are available for HUNDREDS of other UNFAIR situations, such as Compressors used by house painters, lumberjacks, boaters & fishermen and so on. ALL THESE PEOPLE would now be UNFAIRLY TAXED. . Here's another: They say "to make it easier" people will report wages, Salaries and Pension voluntarily. But their TAXES ON CAPITAL GAINS on STOCKS will be SEIZED IMMEDIATELY UPON SALE. . How much? Based on the SALES PRICE???? What if it is sold at a LOSS?? How does the BROKER KNOW what your "profit" is? Your broker ONLY knows your SELLING PRICE. . Is 17% really "good"? Right now the rates start at 8% and work their way UP to 39.6% based somewhat on ability to pay. 17% is A LOT (when based on GROSS) and it can go UP anytime Congress says so! . The current Income tax was a 1% rate on incomes UP TO $5,500 at one time. DON'T FALL FOR THIS B.S. CONGESS IS FEEDING YOU. . The Future we would have: Flat tax on GROSS 17% FICA on GROSS 15.3% Medicare on GROSS 2.9% Unemployment tax on GROSS 6% State Income tax on Gross OR on Net 6% Sales Tax on your GROSS purchases 6% Excise Taxes on anything They want, cigarettes Liquor, Jewelry etc 10% Property Tax 10% Head Tax 2% and ANY NUMBER of additional taxes!!!! . ADD IT UP. We have NO ESCAPE when they tax your GROSS. The ONLY CHANCE WE HAVE is paying tax AFTER we pay for necessities like a HOME MORTGAGE, MEDICAL COSTS. Otherwise they COULD TAX IT ALL, leaving "NOTHING" for us to spend. . The ONLY people who stand a chance will be the BUSINESS RETURNS, which will cause a HUGE increase for business for CPAs, like myself. . Joe Six-Pac takes it on the chin, while my clients and other businesses arrange their affairs to avoid the Flat Tax, possibly COMPLETELY. . There is more, MUCH MORE in that LAUGHABLE Bill H.R. 1040. It is a JOKE. It is meant to raise POLITICAL CONTRIBUTIONS, and assure republicans of reelection. (and that IMO is the only redeeming benefit to H.R. 1040) . Colin