Max income tax rate

[Redfish]

15% flat tax for everyone - for income, dividends, and capital gains. Get rid of SS and medicare taxes. No deductions. No tax credits. No complicated tax code. No favors for Big Government Cronies. No politicized IRS.

Peri

15% flat tax for everyone - for income, dividends, and capital gains. Get rid of SS and medicare taxes. No deductions. No tax credits. No complicated tax code. No favors for Big Government Cronies. No politicized IRS.

Period.

I second this post.

The thing is, a 15% flat rate is impossible....right now our payroll taxes and employer matches on social Security and Medicare is over 15% and that's without paying for a single thing other than Social Security and Medicare, and doesn't even pay for the pill bill part of Medicare.

Where's the money to actually run the federal government come from?

Uhhhhh, how about cutting govt spending to match revenue. Isn't that the way you run your personal finances? Why should the govt be borrowing 40 cents of every dollar it spends?

 

[eagle1462010]

SOI Tax Stats - Individual Statistical Tables by Size of Adjusted Gross Income

Revenue from individual Tax returns............1.6 TRILLION
under current system

SOI Tax Stats - Individual Statistical Tables by Size of Adjusted Gross Income

Shows data up to 2012..........Gross reported data at 9.1 TRILLION

to use this average it would take a 18% tax rate flat to match the revenues under the current system by the IRS data reports.

 

[Redfish]

SOI Tax Stats - Individual Statistical Tables by Size of Adjusted Gross Income

Revenue from individual Tax returns............1.6 TRILLION
under current system

SOI Tax Stats - Individual Statistical Tables by Size of Adjusted Gross Income

Shows data up to 2012..........Gross reported data at 9.1 TRILLION

to use this average it would take a 18% tax rate flat to match the revenues under the current system by the IRS data reports.

Unless govt spending is reduced. The real problem is not revenue, it's spending.

 

[eagle1462010]

The IRS collected 3 TRILLION last year in taxes of all forms................

List of countries by GDP nominal - Wikipedia the free encyclopedia

Only the United States, China, and Japan have GDP'S higher than the taxes we collected last year from the IRS..................

We have a spending problem not a Taxing Problem................

Only China has a GDP greater than our annual budget.

 

[Roadrunner]

What do you think about the max income tax rate? What's the right number? 30%? 40%?

25%

Tax it all, eliminate all deductions, credits, etc, and max rate should be 25%.

Couple that with putting the 47% back on the tax paying side, and things will work out fine.

 

[Care4all]

Ages ago, before I retired, when the hubby and I were both working and not retired, we made around $150k a year, with all of our itemized deductions, we ended up paying around 9% in Federal Income taxes....in addition, we paid social security taxes on all of what Matt made, and most of what I made....but not all because I went over the SS cap on earnings back then...but basically another 15% of our income was also taxed if you include the mandatory SS employer tax in our names, so that puts us at 24% of our income in taxes going to the federal government and we are running a $500 billion dollar yearly deficit cuz the government is not paying for all that is spent...and because we have a $400 billion dollar payment for just the Interest on our National Debt....it goes towards no services, it does not pay for one bomber or one military soldier, just the interest to the countries we borrowed from....

There is no way Jose, that a flat tax could be 15% if we include Social Security taxes and Medicare federal taxes in that 15%.

It's a dreamer's dream...and I would LOVE it to be the case, but reality says it can't be....

And it's bull crap that cutting what the gvt collects in taxes will force Congress to reduce the size of gvt.....we haven't collected enough in taxes to pay our bills since the year 2001, so for 15 years we have been doing nothing but BORROWING what they have not collected from us to pay our bills.

 

[Roadrunner]

You want tax simplification?

Make it a flat progressive tax with no itemized deductions, only the same Standard deduction for everyone...you can lower the tax rates on all brackets.

Why a standard deduction?

Just complicates things.

Tax ALL income, period.

No income, then, you pay your fair share in labor.

 

[Redfish]

Ages ago, before I retired, when the hubby and I were both working and not retired, we made around $150k a year, with all of our itemized deductions, we ended up paying around 9% in Federal Income taxes....in addition, we paid social security taxes on all of what Matt made, and most of what I made....but not all because I went over the SS cap on earnings back then...but basically another 15% of our income was also taxed if you include the mandatory SS employer tax in our names, so that puts us at 24% of our income in taxes going to the federal government and we are running a $500 billion dollar yearly deficit cuz the government is not paying for all that is spent...and because we have a $400 billion dollar payment for just the Interest on our National Debt....it goes towards no services, it does not pay for one bomber or one military soldier, just the interest to the countries we borrowed from....

There is no way Jose, that a flat tax could be 15% if we include Social Security taxes and Medicare federal taxes in that 15%.

It's a dreamer's dream...and I would LOVE it to be the case, but reality says it can't be....

And it's bull crap that cutting what the gvt collects in taxes will force Congress to reduce the size of gvt.....we haven't collected enough in taxes to pay our bills since the year 2001, so for 15 years we have been doing nothing but BORROWING what they have not collected from us to pay our bills.

the size of government should be cut, drastically. We don't have a revenue problem, we have a spending problem.

The government does not OWE every citizen a comfortable lifestyle. Those who truly need help should be helped, those who are capable of working should take care of themselves. This is not complicated.

 

[eagle1462010]

Ages ago, before I retired, when the hubby and I were both working and not retired, we made around $150k a year, with all of our itemized deductions, we ended up paying around 9% in Federal Income taxes....in addition, we paid social security taxes on all of what Matt made, and most of what I made....but not all because I went over the SS cap on earnings back then...but basically another 15% of our income was also taxed if you include the mandatory SS employer tax in our names, so that puts us at 24% of our income in taxes going to the federal government and we are running a $500 billion dollar yearly deficit cuz the government is not paying for all that is spent...and because we have a $400 billion dollar payment for just the Interest on our National Debt....it goes towards no services, it does not pay for one bomber or one military soldier, just the interest to the countries we borrowed from....

There is no way Jose, that a flat tax could be 15% if we include Social Security taxes and Medicare federal taxes in that 15%.

It's a dreamer's dream...and I would LOVE it to be the case, but reality says it can't be....

And it's bull crap that cutting what the gvt collects in taxes will force Congress to reduce the size of gvt.....we haven't collected enough in taxes to pay our bills since the year 2001, so for 15 years we have been doing nothing but BORROWING what they have not collected from us to pay our bills.

18% equals out to the same...........via 2012 data and 2014 totals..............

but I didn't see the 2014 Gross earnings...........probably higher than 2012.......so 18 % could be the number to equal money coming into the system..........based on the data...........

The other 1.4 TRILLION were from business and other taxes.

 

[eagle1462010]

A flat tax can absolutely work............It would take out the thousands of thousands of rules and loop holes in the system now................

At the end of the year you could file the return on a post card.................Take this much and done..............

Simple and easy and end the argument.............

 

[Redfish]

Ages ago, before I retired, when the hubby and I were both working and not retired, we made around $150k a year, with all of our itemized deductions, we ended up paying around 9% in Federal Income taxes....in addition, we paid social security taxes on all of what Matt made, and most of what I made....but not all because I went over the SS cap on earnings back then...but basically another 15% of our income was also taxed if you include the mandatory SS employer tax in our names, so that puts us at 24% of our income in taxes going to the federal government and we are running a $500 billion dollar yearly deficit cuz the government is not paying for all that is spent...and because we have a $400 billion dollar payment for just the Interest on our National Debt....it goes towards no services, it does not pay for one bomber or one military soldier, just the interest to the countries we borrowed from....

There is no way Jose, that a flat tax could be 15% if we include Social Security taxes and Medicare federal taxes in that 15%.

It's a dreamer's dream...and I would LOVE it to be the case, but reality says it can't be....

And it's bull crap that cutting what the gvt collects in taxes will force Congress to reduce the size of gvt.....we haven't collected enough in taxes to pay our bills since the year 2001, so for 15 years we have been doing nothing but BORROWING what they have not collected from us to pay our bills.

18% equals out to the same...........via 2012 data and 2014 totals..............

but I didn't see the 2014 Gross earnings...........probably higher than 2012.......so 18 % could be the number to equal money coming into the system..........based on the data...........

The other 1.4 TRILLION were from business and other taxes.

I have no issue with that but spending must be reduced to match revenue, no more borrowing 40% of the federal budget, that is fiscal insanity.

 

[Redfish]

A flat tax can absolutely work............It would take out the thousands of thousands of rules and loop holes in the system now................

At the end of the year you could file the return on a post card.................Take this much and done..............

Simple and easy and end the argument.............

But but but, the poooooooooooooooor would have to pay taxes and thats just not faaaaair!

 

[Roadrunner]

A flat tax can absolutely work............It would take out the thousands of thousands of rules and loop holes in the system now................

At the end of the year you could file the return on a post card.................Take this much and done..............

Simple and easy and end the argument.............

Since they know what we all make anyway, I don't see why we just don't get a tax bill, instead of having to hire someone to calculate what the government already knows anyway.

 

[eagle1462010]

Ages ago, before I retired, when the hubby and I were both working and not retired, we made around $150k a year, with all of our itemized deductions, we ended up paying around 9% in Federal Income taxes....in addition, we paid social security taxes on all of what Matt made, and most of what I made....but not all because I went over the SS cap on earnings back then...but basically another 15% of our income was also taxed if you include the mandatory SS employer tax in our names, so that puts us at 24% of our income in taxes going to the federal government and we are running a $500 billion dollar yearly deficit cuz the government is not paying for all that is spent...and because we have a $400 billion dollar payment for just the Interest on our National Debt....it goes towards no services, it does not pay for one bomber or one military soldier, just the interest to the countries we borrowed from....

There is no way Jose, that a flat tax could be 15% if we include Social Security taxes and Medicare federal taxes in that 15%.

It's a dreamer's dream...and I would LOVE it to be the case, but reality says it can't be....

And it's bull crap that cutting what the gvt collects in taxes will force Congress to reduce the size of gvt.....we haven't collected enough in taxes to pay our bills since the year 2001, so for 15 years we have been doing nothing but BORROWING what they have not collected from us to pay our bills.

18% equals out to the same...........via 2012 data and 2014 totals..............

but I didn't see the 2014 Gross earnings...........probably higher than 2012.......so 18 % could be the number to equal money coming into the system..........based on the data...........

The other 1.4 TRILLION were from business and other taxes.

I have no issue with that but spending must be reduced to match revenue, no more borrowing 40% of the federal budget, that is fiscal insanity.

Historically we have an average revenue from taxation at 18% of the GDP............

Given that............we must spend at that level and no more.............for balance.........

And as I've already stated, we spend more than any countries GDP in the world except China.................I've always agreed that we have a spending problem.

 

[eagle1462010]

A flat tax can absolutely work............It would take out the thousands of thousands of rules and loop holes in the system now................

At the end of the year you could file the return on a post card.................Take this much and done..............

Simple and easy and end the argument.............

But but but, the poooooooooooooooor would have to pay taxes and thats just not faaaaair!

tough shit.................

It's across the board and fair..............you pay the percentage and done...............Too simple I guess.

 

[Care4all]

You want tax simplification?

Make it a flat progressive tax with no itemized deductions, only the same Standard deduction for everyone...you can lower the tax rates on all brackets.

Just wondering. Why do you feel that rich people should pay a higher tax rate? What is the objection to the same tax rate for everyone?

Lets just use 10% to make the math easy, OK?

Now a person making $20,000 would pay $2000, a person making $200,000,000 (like the clintons and romneys) would pay $20,000,000. The rich would pay more but everyone whould have skin in the game.

What specifically is your objection to a flat tax rate?

It is inhumane to make everyone have a "stake" in the game on Federal Taxes....when State taxes are regressive and a much higher percentage of the person making 20k a year is going towards State sales taxes and state income taxes and State Property taxes in many many States....this also is running our government....

and cigarette taxes are collected primarily from the poor and liquor taxes and lotto money is taxes on those working for a living as well although voluntary...it is still funding the gvt....both federal and State.

the progressive federal income tax, levels the playing field when combining what the government collects from us.

Also, someone making 20 k is also paying 15% of their salary in social security and medicare taxes with employer contributions included, on every dime they make, verses the wealthiest only paying those taxes up to 100k of salary or so, if NOT paying any at all, like a Romney or a Clinton now....

And on top of all of this, the person making 20k GROSS, can hardly survive...

we should be taxed according to ones means...and those at the bottom should NOT be taxed federally, they are already being taxed by the State government and the federal government for SS and Medicare, and ciggie taxes and liquor taxes,....they never were taxed when income taxes were instituted...the Standard Deduction was the equivalent of $65,ooo per person, before any income was taxed, even for the very wealthy, their first $65k was not taxed....

It's bull crud that you guys think

No representation without taxation!

(so everyone has a stake in the game you claim)

You are turning our History on it's head.

the Term our founder's stood by was,

NO TAXATION WITHOUT REPRESENTATION

I don't think those who earn the least should have to pay federal income taxes, because they don't have the means to do such....after all the other government taxes collected from them....it's inhumane.

 

[Redfish]

You want tax simplification?

Make it a flat progressive tax with no itemized deductions, only the same Standard deduction for everyone...you can lower the tax rates on all brackets.

Just wondering. Why do you feel that rich people should pay a higher tax rate? What is the objection to the same tax rate for everyone?

Lets just use 10% to make the math easy, OK?

Now a person making $20,000 would pay $2000, a person making $200,000,000 (like the clintons and romneys) would pay $20,000,000. The rich would pay more but everyone whould have skin in the game.

What specifically is your objection to a flat tax rate?

It is inhumane to make everyone have a "stake" in the game on Federal Taxes....when State taxes are regressive and a much higher percentage of the person making 20k a year is going towards State sales taxes and state income taxes and State Property taxes in many many States....this also is running our government....

and cigarette taxes are collected primarily from the poor and liquor taxes and lotto money is taxes on those working for a living as well although voluntary...it is still funding the gvt....both federal and State.

the progressive federal income tax, levels the playing field when combining what the government collects from us.

Also, someone making 20 k is also paying 15% of their salary in social security and medicare taxes with employer contributions included, on every dime they make, verses the wealthiest only paying those taxes up to 100k of salary or so, if NOT paying any at all, like a Romney or a Clinton now....

And on top of all of this, the person making 20k GROSS, can hardly survive...

we should be taxed according to ones means...and those at the bottom should NOT be taxed federally, they are already being taxed by the State government and the federal government for SS and Medicare, and ciggie taxes and liquor taxes,....they never were taxed when income taxes were instituted...the Standard Deduction was the equivalent of $65,ooo per person, before any income was taxed, even for the very wealthy, their first $65k was not taxed....

It's bull crud that you guys think

No representation without taxation!

(so everyone has a stake in the game you claim)

You are turning our History on it's head.

the Term our founder's stood by was,

NO TAXATION WITHOUT REPRESENTATION

I don't think those who earn the least should have to pay federal income taxes, because they don't have the means to do such....after all the other government taxes collected from them....it's inhumane.

^^^^^^^^^^^^^^ perfect example of liberal idiocy. It's just "inhumane" to ask some people to pay taxes----------------------------WTF is wrong with you?

 

[Care4all]

A flat tax can absolutely work............It would take out the thousands of thousands of rules and loop holes in the system now................

At the end of the year you could file the return on a post card.................Take this much and done..............

Simple and easy and end the argument.............

But but but, the poooooooooooooooor would have to pay taxes and thats just not faaaaair!

tough shit.................

It's across the board and fair..............you pay the percentage and done...............Too simple I guess.

you are WRONG.

 

[Care4all]

You want tax simplification?

Make it a flat progressive tax with no itemized deductions, only the same Standard deduction for everyone...you can lower the tax rates on all brackets.

Just wondering. Why do you feel that rich people should pay a higher tax rate? What is the objection to the same tax rate for everyone?

Lets just use 10% to make the math easy, OK?

Now a person making $20,000 would pay $2000, a person making $200,000,000 (like the clintons and romneys) would pay $20,000,000. The rich would pay more but everyone whould have skin in the game.

What specifically is your objection to a flat tax rate?

It is inhumane to make everyone have a "stake" in the game on Federal Taxes....when State taxes are regressive and a much higher percentage of the person making 20k a year is going towards State sales taxes and state income taxes and State Property taxes in many many States....this also is running our government....

and cigarette taxes are collected primarily from the poor and liquor taxes and lotto money is taxes on those working for a living as well although voluntary...it is still funding the gvt....both federal and State.

the progressive federal income tax, levels the playing field when combining what the government collects from us.

Also, someone making 20 k is also paying 15% of their salary in social security and medicare taxes with employer contributions included, on every dime they make, verses the wealthiest only paying those taxes up to 100k of salary or so, if NOT paying any at all, like a Romney or a Clinton now....

And on top of all of this, the person making 20k GROSS, can hardly survive...

we should be taxed according to ones means...and those at the bottom should NOT be taxed federally, they are already being taxed by the State government and the federal government for SS and Medicare, and ciggie taxes and liquor taxes,....they never were taxed when income taxes were instituted...the Standard Deduction was the equivalent of $65,ooo per person, before any income was taxed, even for the very wealthy, their first $65k was not taxed....

It's bull crud that you guys think

No representation without taxation!

(so everyone has a stake in the game you claim)

You are turning our History on it's head.

the Term our founder's stood by was,

NO TAXATION WITHOUT REPRESENTATION

I don't think those who earn the least should have to pay federal income taxes, because they don't have the means to do such....after all the other government taxes collected from them....it's inhumane.

^^^^^^^^^^^^^^ perfect example of liberal idiocy. It's just "inhumane" to ask some people to pay taxes----------------------------WTF is wrong with you?

they are ALREADY PAYING 15% in Federal taxes, along with the majority of ciggie taxes which pays for someone elses kids health care, along with Liquor taxes along with all the State government taxes...

You can't get blood out of a turnip, no matter how much you want to Redfish.

 

[Roadrunner]

You want tax simplification?

Make it a flat progressive tax with no itemized deductions, only the same Standard deduction for everyone...you can lower the tax rates on all brackets.

Just wondering. Why do you feel that rich people should pay a higher tax rate? What is the objection to the same tax rate for everyone?

Lets just use 10% to make the math easy, OK?

Now a person making $20,000 would pay $2000, a person making $200,000,000 (like the clintons and romneys) would pay $20,000,000. The rich would pay more but everyone whould have skin in the game.

What specifically is your objection to a flat tax rate?

It is inhumane to make everyone have a "stake" in the game on Federal Taxes....when State taxes are regressive and a much higher percentage of the person making 20k a year is going towards State sales taxes and state income taxes and State Property taxes in many many States....this also is running our government....

and cigarette taxes are collected primarily from the poor and liquor taxes and lotto money is taxes on those working for a living as well although voluntary...it is still funding the gvt....both federal and State.

the progressive federal income tax, levels the playing field when combining what the government collects from us.

Also, someone making 20 k is also paying 15% of their salary in social security and medicare taxes with employer contributions included, on every dime they make, verses the wealthiest only paying those taxes up to 100k of salary or so, if NOT paying any at all, like a Romney or a Clinton now....

And on top of all of this, the person making 20k GROSS, can hardly survive...

we should be taxed according to ones means...and those at the bottom should NOT be taxed federally, they are already being taxed by the State government and the federal government for SS and Medicare, and ciggie taxes and liquor taxes,....they never were taxed when income taxes were instituted...the Standard Deduction was the equivalent of $65,ooo per person, before any income was taxed, even for the very wealthy, their first $65k was not taxed....

It's bull crud that you guys think

No representation without taxation!

(so everyone has a stake in the game you claim)

You are turning our History on it's head.

the Term our founder's stood by was,

NO TAXATION WITHOUT REPRESENTATION

I don't think those who earn the least should have to pay federal income taxes, because they don't have the means to do such....after all the other government taxes collected from them....it's inhumane.

^^^^^^^^^^^^^^ perfect example of liberal idiocy. It's just "inhumane" to ask some people to pay taxes----------------------------WTF is wrong with you?

they are ALREADY PAYING 15% in Federal taxes, along with the majority of ciggie taxes which pays for someone elses kids health care, along with Liquor taxes along with all the State government taxes...

You can't get blood out of a turnip, no matter how much you want to Redfish.

Apparently you can't get work out of a leech either.