g5000
Diamond Member
- Nov 26, 2011
- 125,224
- 68,937
Lower tax brackets for who? The rich or the poor?We have a progressive income tax. The tax rates are as high as they are mostly because of tax expenditures.Heavily enforced progressive tax. I can't be sold on the flat tax.I think the Fair Tax would work, but only if there were no exemptions. None. Not even for milk for blind cripples. Once you open the door even a tiny crack, the corruption seeps in and soon takes on a momentum impossible to stop.
A tax on consumption is superior to a tax on production.
The Fair Tax has a built-in prebate. The prebate is the exact same dollar figure for everyone, no matter what their income. This mitigates the regressiveness of "sales tax".
If we banned tax expenditures once and for all, I could live with a progressive income tax since such a ban would allow for much lower tax brackets.
But I prefer the Fair Tax. Because the best thing about the Fair Tax is that if the majority voted for free puppies for hookers, than everyone would have to pay for it in the form of a Fair Tax hike. No more "make that guy over there pay for it".
Everyone. Imagine how low tax rates could be lowered for everyone if revenues were $1.2 trillion higher every year.
See, the thing is, the rich benefit more then anyone else from a "flat tax" unless there's something I'm unaware of. The tax rates are low compared to other countries here...
Like I said, the Fair Tax has a built-in prebate to mitigate the regressive nature of a "flat tax". The prebate is a monthly check from the government which, in effect, rebates the sales tax you would pay for the necessities of life. And everyone receives the same sized check.
$1.2 TRILLION MORE? From the FAIR tax which is just MORE right wing "math"??? lol
No. You are confused.
Under the current system, we are shelling out $1.2 trillion annually in the form of tax expenditures. If we banned all tax deductions, exemptions, credits, etc, that would generate an extra $1.2 trillion in revenues.
That's how out of whack our system is right now. That $1.2 trillion in handouts is being paid for by higher tax rates and deficit spending.
So, by abolishing tax expenditures, we would no longer have a need for the higher tax rates we have now. We could lower tax rates for EVERYONE. And people earning identical incomes would be paying identical taxes.
I said if we did not go with the Fair Tax, then I could live with the current income tax as long as we abolished tax expenditures and lowered tax rates. That would be SECOND best.
The Fair Tax is a different animal, and a separate discussion.