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First, your numbers are way off.That would definitely caused humongous deficits and debt.
No it wouldn't.
in 2012 the total income earned in the US was 13.4 trillion
The total tax collected was 866 billion.
https://bber.unm.edu/econ/us-tpi.htm
Summary of Latest Federal Individual Income Tax Data | Tax Foundation
If we had a 10% flat tax on all income we would have collected 1.34 trillion in taxes in 2012
And we could save billions more by downsizing the IRS from its almost 13 billion dollar budget.
People in general would save millions more by not having to hire people to do their taxes
Tell me where do you see greater deficits when we will actually be collecting more revenue and spending less both in government and personally?
Just in personal and corporate income tax alone, $1.4 trillion was revenues.
https://en.m.wikipedia.org/wiki/2012_United_States_federal_budget#Total_receipts
And basically, this is just on the discretionary side. On the payroll side, for Medicare and Social Security, people already pay into a flat tax. The upside to that is that Social Security is progressive in how it's paid out.
Plus, a flat tax is regressive, as it puts a larger burden on the poor, who need a much higher portion of their money to live on than the wealthy. Now, I have no issues with streamlining the IRS, by ridding deductions, but there still would have to be a progressive marginal rate. Lower for the poor, while being higher for the rich.
I'd steer clear of the a Tax Foundation for good numbers (I know... I used Wikipedia for brevity in my post, so just know I realize the problems using wiki can bring to a discussion). The Tax Policy Center is a far better source. So is Citizens for Tax Justice. They use better research without the spin.
First, your numbers are way off.No it wouldn't.
in 2012 the total income earned in the US was 13.4 trillion
The total tax collected was 866 billion.
https://bber.unm.edu/econ/us-tpi.htm
Summary of Latest Federal Individual Income Tax Data | Tax Foundation
If we had a 10% flat tax on all income we would have collected 1.34 trillion in taxes in 2012
And we could save billions more by downsizing the IRS from its almost 13 billion dollar budget.
People in general would save millions more by not having to hire people to do their taxes
Tell me where do you see greater deficits when we will actually be collecting more revenue and spending less both in government and personally?
Just in personal and corporate income tax alone, $1.4 trillion was revenues.
https://en.m.wikipedia.org/wiki/2012_United_States_federal_budget#Total_receipts
And basically, this is just on the discretionary side. On the payroll side, for Medicare and Social Security, people already pay into a flat tax. The upside to that is that Social Security is progressive in how it's paid out.
Plus, a flat tax is regressive, as it puts a larger burden on the poor, who need a much higher portion of their money to live on than the wealthy. Now, I have no issues with streamlining the IRS, by ridding deductions, but there still would have to be a progressive marginal rate. Lower for the poor, while being higher for the rich.
I'd steer clear of the a Tax Foundation for good numbers (I know... I used Wikipedia for brevity in my post, so just know I realize the problems using wiki can bring to a discussion). The Tax Policy Center is a far better source. So is Citizens for Tax Justice. They use better research without the spin.
I linked to the 2009 numbers by mistake. Using 2011 numbers we still would have collected 300 billion more in taxes and realized more savings by gutting the IRS.
Now the terms progressive and regressive are meaningless subjective crap much like the marginal utility bullshit.
You people whine about fairness all the time and the only fair tax is a flat tax.
Yep. If corps are people, why do they get better tax treatment?It's amazing how the Bush corporate tax & regulation cuts shifted the tax burden to the workers. The effective tax rate on corporations is 12.6% while the effective payroll & income tax on workers is more than double that. So now we have corporate profits through the roof & massive job loss. It's time to reverse the regressive taxation that is subsidizing billionaire corporations.
First, your numbers are way off.
Just in personal and corporate income tax alone, $1.4 trillion was revenues.
https://en.m.wikipedia.org/wiki/2012_United_States_federal_budget#Total_receipts
And basically, this is just on the discretionary side. On the payroll side, for Medicare and Social Security, people already pay into a flat tax. The upside to that is that Social Security is progressive in how it's paid out.
Plus, a flat tax is regressive, as it puts a larger burden on the poor, who need a much higher portion of their money to live on than the wealthy. Now, I have no issues with streamlining the IRS, by ridding deductions, but there still would have to be a progressive marginal rate. Lower for the poor, while being higher for the rich.
I'd steer clear of the a Tax Foundation for good numbers (I know... I used Wikipedia for brevity in my post, so just know I realize the problems using wiki can bring to a discussion). The Tax Policy Center is a far better source. So is Citizens for Tax Justice. They use better research without the spin.
I linked to the 2009 numbers by mistake. Using 2011 numbers we still would have collected 300 billion more in taxes and realized more savings by gutting the IRS.
Now the terms progressive and regressive are meaningless subjective crap much like the marginal utility bullshit.
You people whine about fairness all the time and the only fair tax is a flat tax.
ONLY if you 'think' the US can function on 42% of current revenues, income taxes accounted for that amount..
I linked to the 2009 numbers by mistake. Using 2011 numbers we still would have collected 300 billion more in taxes and realized more savings by gutting the IRS.
Now the terms progressive and regressive are meaningless subjective crap much like the marginal utility bullshit.
You people whine about fairness all the time and the only fair tax is a flat tax.
ONLY if you 'think' the US can function on 42% of current revenues, income taxes accounted for that amount..
I just told you that more would be collected with a 10% flat tax than is collected now.
Most corporations already get away with murder when it comes down to taxes. Most pay 10-15%! Time to close the loopholes that allows this and maybe I'll consider lowering it to a fair 30%.
I linked to the 2009 numbers by mistake. Using 2011 numbers we still would have collected 300 billion more in taxes and realized more savings by gutting the IRS.
Now the terms progressive and regressive are meaningless subjective crap much like the marginal utility bullshit.
You people whine about fairness all the time and the only fair tax is a flat tax.
ONLY if you 'think' the US can function on 42% of current revenues, income taxes accounted for that amount..
I just told you that more would be collected with a 10% flat tax than is collected now.
Most corporations already get away with murder when it comes down to taxes. Most pay 10-15%! Time to close the loopholes that allows this and maybe I'll consider lowering it to a fair 30%.
ONLY if you 'think' the US can function on 42% of current revenues, income taxes accounted for that amount..
I just told you that more would be collected with a 10% flat tax than is collected now.
conservative 'math' today income axes get about 8% of GDP from income taxes, about 42% of fed revenues (personal, not Corp) are income taxes, payroll taxes are about 5.9% of GDP, AND excise taxes/other about 1.5%
about 17% of GDP, you THINK a 10% flat tax will get the same or more than 17% of GDP? lol
Historical Source of Revenue as Share of GDP
I just told you that more would be collected with a 10% flat tax than is collected now.
conservative 'math' today income axes get about 8% of GDP from income taxes, about 42% of fed revenues (personal, not Corp) are income taxes, payroll taxes are about 5.9% of GDP, AND excise taxes/other about 1.5%
about 17% of GDP, you THINK a 10% flat tax will get the same or more than 17% of GDP? lol
Historical Source of Revenue as Share of GDP
You libbies don't understand basic math.
Let me explain
I took the total income for a year and multiplied it by .1.
That is what the tax revenue would have been with a 10% flat tax
Then I looked at what the actual income tax collected was.
Then I subtracted the actual tax collected from hypothetical 10% tax result.
I know addition , subtraction and simple multiplication is tough but if you try you can do it.
And btw I was only talking about income tax revenue not ALL tax revenue.
I linked to the 2009 numbers by mistake. Using 2011 numbers we still would have collected 300 billion more in taxes and realized more savings by gutting the IRS.
Now the terms progressive and regressive are meaningless subjective crap much like the marginal utility bullshit.
You people whine about fairness all the time and the only fair tax is a flat tax.
ONLY if you 'think' the US can function on 42% of current revenues, income taxes accounted for that amount..
I just told you that more would be collected with a 10% flat tax than is collected now.
Most corporations already get away with murder when it comes down to taxes. Most pay 10-15%! Time to close the loopholes that allows this and maybe I'll consider lowering it to a fair 30%.
If companies already pay corporate taxes that are too low, why don't we just officially lower them?
If almost no company pays those high taxes rates, they are useless.
It's time to restore the 91% progressive tax rate as imposed by FDR and to levy a confiscatory exit tax on any U.S. corporation that made its fortune here but threatens to move to another country. And any products imported from such disloyal ex-pat corporations should be levied with substantial tariffs.
It's time to start getting tough with these plutocratic bastards.
It's time to restore the 91% progressive tax rate as imposed by FDR and to levy a confiscatory exit tax on any U.S. corporation that made its fortune here but threatens to move to another country. And any products imported from such disloyal ex-pat corporations should be levied with substantial tariffs.
It's time to start getting tough with these plutocratic bastards.
It's time to restore the 91% progressive tax rate as imposed by FDR and to levy a confiscatory exit tax on any U.S. corporation that made its fortune here but threatens to move to another country. And any products imported from such disloyal ex-pat corporations should be levied with substantial tariffs.
It's time to start getting tough with these plutocratic bastards.
You post partisan hacks and yet refuse information direct from the horses mouth and I am supposed to take you seriously?You want lower Corporate Taxes but you also want to raise Boeings' Taxes?
What am I missing here?
Might want to try that again...Table 6. Additional Financial Information Fourth Quarter Full Year
(Dollars in Millions)
2013 2012 2013 2012
Revenues
Boeing Capital Corporation $105 $129 $408 $468
Other segment $22 $27 $102 $106
Unallocated items and eliminations $123 ($358) ($65) ($610)
Earnings from Operations
Boeing Capital Corporation $9 ($12) $107 $88
Other segment income/(expense) ($99) $31 ($156) ($186)
Unallocated items and eliminations excluding unallocated
pension/postretirement expense ($532) ($200) ($1,105) ($492)
Unallocated pension/postretirement expense ($323) ($212) ($1,314) ($899)
Other income, net $15 $23 $56 $62
Interest and debt expense ($96) ($112) ($386) ($442)
Effective tax rate 14.0% 36.3% 26.4% 34.0%
Source: http://www.google.com/url?sa=t&rct=...6Mc37de57MKVpfmlBlMmwpA&bvm=bv.71778758,d.aWw
Page 5
A PRESS RELEASE? That proves it *shaking head*
One of the biggest aerospace companies in the world also flies by on some blessedly low tax rates. From 2004-2009, Boeing made $17.5 billion pre-taxes. Thats nothing to sneeze at. But they only paid $796 million in taxes, thanks to tax breaks on sales made outside the United States, and a full 38 subsidiaries in tax havens outside of the US. One estimate has the companys 2007-9 tax rate at -0.8%; its tax rate since 2004 has hit a maximum of only 4.6%. Add the recent $35 billion federal military contract to the cockpit, and Boeing has a mighty sweet relationship with the government.
25 Corporations That Pay Less Taxes Than You Do
Corporate Taxpayers & Corporate Tax Dodgers 2008-10
http://www.ctj.org/corporatetaxdodgers/CorporateTaxDodgersReport.pdf
Only when unavoidably necessary.It's time to restore the 91% progressive tax rate as imposed by FDR and to levy a confiscatory exit tax on any U.S. corporation that made its fortune here but threatens to move to another country. And any products imported from such disloyal ex-pat corporations should be levied with substantial tariffs.
It's time to start getting tough with these plutocratic bastards.
Kill the greedy kulaks, eh comrade?
