I'm not sure I understand why a flat tax is as popular as it seems it is. If everyone paid the same rate, I think almost everyone's taxes would go up, except the rich.
But maybe I'm missing something.
CNN Estate Tax Op Ed
- Thread starter General Tso
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But maybe I'm missing something.
For me it has to do with equality applied across the board. Ten percent is ten percent whether it's based on 50K or 5 million. Either way, the whole "pay your fair share" argument goes out the window.
Amongst other things, the thing that draws me to a flat tax is the idea, or inverse in our current system, that the more you make the less percentage you actually take home. There should never been a point in the tax system where making more money means bringing home.less.
If there was a flat tax it would be "you take home 85c of every dollar you make, make ad much as you can" instead of playing dumb games to stay under caps.
Rich folks spend more money. A sales tax would mean they pay more tax.
Steaks cost more than ground beef. More sales tax.
Tide detergent costs more than store brand. More sales tax.
Well, that's not how the tax system works today. You don't go backwards when you go over a tax threshold (there may be exceptions), but generally speaking the tax increase is only applied to the amount above the threshold. So, you may get to keep less of the next dollar you make, but your income still increases.
I don't know what the rate would be in a flat tax system, but I'm pretty sure it would be more than 15% in your example.
I don't know what the flat tax would be either but I think it would be less than most of us what to admit if tax code was simply "you pay x%, no loop holes, no write offs ect. In other words, make the billionaires pay their "15" % but also make the guy who makes 25k a year pay his.
You and I are saying the same thing. There shouldn't be a point in the tax system where you take home less of your dollars for making more money.
General observation: it seems the same people who gripe about public entitlements going to people who supposedly don't who lift a finger are the same who fight tooth and nail for junior to get a pile of assets tax free without lifting a finger. Entitlements are entitlements, no matter where the funding comes from
That budget.....does not include black projects which most likely dwarfs the standard military budget
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Problem with not redristubting wealth back to the people is. People tend to marry in the same wealth class that they are in themselves. So it's like a pyramid the rich keep getting richer instead of having a reset of wealth.
My math is just fine......do you think we only spend 800 million on Military spending? Are you trying to buy the brooklyn bridge as well? LOL!! A little more info for you. And, of course we need to spend money on Military...but we have a TON of waste going into it.
Black projects, also known as classified or covert projects, are typically funded through separate channels and are not included in the publicly disclosed military budget. These projects often involve highly sensitive operations, research, or development of advanced technologies, and their funding and details are kept confidential for national security reasons. As a result, the costs associated with black projects are not typically accounted for in the public military budget figures.
Lower spending back to Clinton era levels and we have genuine surpluses in play
No federal debt is dated longer than 30 years, which means 30 years of a balanced budget even without surpluses would eliminate the debt.
Just have to get DC to agree to the Clinton era spending levels, because we’ve NEVER collected in Federal taxes the 1/4 of GDP the politicians want to spend now and for the next decade.
Because the American dream is still home ownership. Owners do a better job maintaining houses and neighborhoods than renters.
And transfers to charities free up money that is sitting on the sidelines and helps bridge the gap that exists for the working poor in America. IMO
FWIW, I also know some farmers who go to GREAT lengths to avoid any income tax...and you are right, they are way asset and land (also an asset) rich. It does seem to me that something should be done in that area. Maybe a higher rate of tax paid when the asset(s) are cashed out??
So a true story with taxes this year.
I bought my 6.5 acres back in Iowa. It is farm land. I built my shop in 2023 and it has the residential portion I can live in. I have my tractors in it as well as my boat and truck.
I can right off the entire thing except the finishes of the livable portion. It totaled about 150k.
I had already paid about 89k of federal income tax so it will really help the ole
Taxes this year. Next year will be another tractor and side by side.
The farm great is great
