Generational wealth, especially in Iowa with the current worth of farm ground, divides the haves and the have nots.
Flat tax is going to pass in both Iowa House and Senate
- Thread starter Jimmy McGill
- Start date
It is a BS argument that will never go away. Yes, there are shitbags out there, but they only account for a fraction of the State Budget. I have delt with people in legitimate need. I know the difference.
I paid over six figures in taxes last year. I’m glad I’m helping pay for the community but I have no confidence it’s going somewhere for the betterment of our country with the amount of money going overseas for currently not a great reason. I think that is the gripe with the people paying taxes currently. Make America First.
Corrected my syntax error btw. Hadnt noticed it prior. Thanks.
Cut services, and pass on some taxing to local authorities. Rural Iowa will face the bigger burdens. It's a small price to pay for owning the Libs.
Illinois has a flat tax. It’s a big part of the reason local taxes are outrageously high and the state is broke.
Local control? Where? This Legislature and this Governor gave made a career over removing “local control” from local authorities and replacing their control with control by the state! Open your damn eyes, Gus! Your taxes you pay for schools are noted in your property tax form… abbd that money goes to YOUR local school district… not to a distant district. About $800 of my property taxes go to “my” Urbandale schools…Ever read your property tax form?
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I think you are looking at it the wrong way. What would you consider a rich income?
I'm in the same boat in Pa. and can put money in the bank every month after the money rolls in the 1st of every month . i have no kids, mortgage, no debt and they tell me not to bother filing any fed tax returns or Pa state taxes.
So families shouldnt get to keep their money? When the parents die the children should have to sell the farm their parents worked hard to own, pay the proceeds in tax and then the children have to buy the million daollar farm back?
This will simply turn Iowa farming into a corporate business model and no one wants to see that. Or at least no normal Iowan anyway.
Again, this generational wealth argument is all about people wondering why others have more and the unfairness of it all. Very few people came to this country wealthy. Most had a family member somewhere that worked their ass off to break ground, take risks, sell a product, all with the goal of supporting their existence and maybe at the end of it all, set their family up for their own success.
If you are born to a dumb ass, lazy, smoking, obese, sucker of the government teat, the climb will be decidedly uphill. But there are lots of programs to help you get a leg up. As long as you dont smoke, eat moon pies and all you can eat buffets, impregnate baby mama, and cook meth.
Get a HS diploma, work hard, dont engage in risky activities, and dont commit crimes and the VAST majority of those folks will break the cycle and create their own generational wealth.
As I have said, I came from parents that raised me in a mobile home. I asked them almost everyday 'when we were getting a house like most of the other kids'. My parents worked hard and made something out of that life and through those lessons I made up my mind to succeed. No one gave me shit. Except for student loan assistance. Loans which I paid back long ago. My parents didn't pay for my college. I worked a full time job while getting my undergrad degree. Yes it sucked. But only through hardship do you learn lessons and garner meaning from life.
I don’t have to file state taxes any more. Unless I come into some money somewhere other than pension or retirement….
Fair enough Thanks. So those eearners curently pay an average tax rate of 25.5% of their income. How much is too much? Dont you think paying a quarter of your income is your fair share?
Federal income tax is progressive as a whole, but less so at top
www.pewresearch.org
The guy making $55k pays $2k at that rate, vs. The millionaire paying $380k...what's wrong with that? The $2k guy also qualifies for some entitlements.
1/4 is too high. The government can't spend it as efficiently as an individual. 15% is plenty.Fair enough Thanks. So those eearners curently pay an average tax rate of 25.5% of their income. How much is too much? Dont you think paying a quarter of your income is your fair share?
Federal income tax is progressive as a whole, but less so at top
I know that. I just saw your quote of my post and saw I said 'you're' not 'your'.
We pretty much have a flat tax in VA. Seems to work OK. The top tax rate kicks in at $17,500/year income, so for all intents and purposes it's a flat tax.
NOt IF every one pays the same percentage..,.,..,It is unfair to those folks who dont make as much money as others….
Fair enough Thanks. So those eearners curently pay an average tax rate of 25.5% of their income. How much is too much? Dont you think paying a quarter of your income is your fair share?
Federal income tax is progressive as a whole, but less so at top
No they don't and you know that. They write off all kinds of shit
Plus, we are talking about state taxes. Keep up Gus
Fair enough Thanks. So those eearners curently pay an average tax rate of 25.5% of their income. How much is too much? Dont you think paying a quarter of your income is your fair share?
Federal income tax is progressive as a whole, but less so at top
Glad you are in favor of a progressive brackets.
Iowa wants to get rid of them.
Well if you looked closely the only reason it says that, as there is a significant bump recently in the rich's tax burden, is bc the 500k and above pay the same as those over 5m.
But I think that 25% should be the max. No one should have more than that confiscated IMO.
Not in places that will be overly adverse affected by market drops, Gus…..that is what I pay money managers to do….
In fact a goodly % go my $$ makes me money when things are shitty on Wall Street….all way above my pay grade. Where is your money, Gus?
In the market in ETF's mainly. Some mutual funds too. My money, long term, has done much better than it would have in SS.
Sure, there could be a drop. But it has always gone back up. Sure you're subject to sequence of returns loses once you've retired but that part of the planning you refer to.
Nope, not saying that. But I am saying the playing field isn't even. You don't choose what circumstances you're born into but they affect your entire life
Hopefully you paid taxes your entire working life, don't you think at some point you should get a break?
You paid taxes on all the income earned in order to take advantage of those income sources you listed above.
Anecdotal, but I personally know more Republicans who are on assistance. Does that make then Democrats?
You can afford the time to recover, perhaps…….Me, not so much…
Thank God for Obama and Biden…..Junior and Trump were killers…But a big “thank you” to Bill Clinton! Now those (the 90’s) were the years to be invested in America!) I have thrived under Democrats in the Market……I have struggled with Repubbers in control…..why is that? Hmmmm…………..
It’s called “INCOME TAX” for a reason…..not….Gee, he’s old, give him a break! Those first few years of work were nerve racking and tense…and really troublesome as I worried about college debt, my debt and IRS debt…oh well…..It’s really stupid as others are really struggling and help for them is more and more restrictive than in the past because of this governor and this legislature…..I know our congregation fixes a lot of meals for the homeless/destitute and unfortunate weekly and their common complaint is there restricted access to state welfare programs to “care for themselves”.
Im glad there are some Americans out there that aren’t cool with Socialism. Well done sir.
If you and the rest of your ilk feel guilty you can always write a check to the State every April 15th.
I for one applaud our Governor and State Legislature for moving to a "fair flat tax" system.
I pray the same thing happens at the Federal level.
