Republicans offer fraudulent tax reform, the alleged FairTax

[22lcidw]

We’re not out of options. Simply return the tax code to what it was pre Regan cuts. We only started seeing huge deficits after.

People were suffering until those cuts. No indexing many more tax levels as inflation helped with bracket creep. Remove all of this and return to it would mean massive federal income tax increases for the working class.

 

[kyzr]

We need a balanced budget amendment with a plan to pay down the National debt to a reasonable % of the GDP not somewhere near 100% of it.

OMG! We agree on something. First time ever.

Convention of States Action

Article V offers the only constitutional solution as big as the problem. Together, we can end federal overreach.

conventionofstates.com

 

[Blaster]

I'm all for a flat tax, not a VAT

I agree.

 

[Indeependent]

Can you explain why Republicans didn't think there was a "debt crisis" when Trump was president, even though his deficits were bigger?

The double standard makes people think that Republicans don't really care, and they're just pushing propaganda, the end goal being more tax cuts for the rich.

Trump's deficits caused by COVID.

 

[BlindBoo]

What is the tax rate on capital gains?

Should be the same as the tax on wage earners. Which it is for short term capital gains. Not for long term capital gains, they get a break.

 

[Clipper]

You can't IGNORE the problem. It won't go away. We spend more than we take in.

$32T interest payments are approaching $400b a year, soon to be $800b a year.

Republicans are trying to avoid a disaster w/o cutting Defense.

You have NOT put forward a better or more workable plan to solve the Debt crisis.

Interest Payments On The National Debt On Pace To Surpass Military Spending | The Daily Wire

www.dailywire.com

It's VAT but the con artists led by grab your ankles McCarthy are naming this scheme a "Fair Tax" but the people most likely fucked by this conjob will be the middle class & the poor. The con is to defund the Federal Govt. & stick the States with the bill.

Guess what happens to Social Security, Medicaid, Medicare & other programs that don't benefit their cronies? Down the tubes which is what those shitbags have been wanting to do for decades.

 

[BlindBoo]

Trump's deficits caused by COVID.

Some of it was in 2020.

here are his deficits.

• FY 2021: $1.5 trillion
• FY 2020: $4.2 trillion
• FY 2019: $1.2 trillion
• FY 2018: $1.3 trillion

 

[Indeependent]

Some of it was in 2020.

here are his deficits.

• FY 2021: $1.5 trillion
• FY 2020: $4.2 trillion
• FY 2019: $1.2 trillion
• FY 2018: $1.3 trillion

With record US citizen employment paying taxes.

 

[Hutch Starskey]

People were suffering until those cuts. No indexing many more tax levels as inflation helped with bracket creep. Remove all of this and return to it would mean massive federal income tax increases for the working class.

I’m speaking primarily of the ultra wealthy and corps. Where the revenue actually is.

 

[22lcidw]

The Federal Income tax bracket of 45 thousand to 60 thousand dollars a year as an example was 49 PER CENT in 1980. Approximately 50 per cent at that level. To keep the pre-Reagan tax code would destroy people.

 

[Hutch Starskey]

With record US citizen employment paying taxes.

Record unemployment is right now.

 

[Zincwarrior]

Should be the same as the tax on wage earners. Which it is for short term capital gains. Not for long term capital gains, they get a break.

Why?

 

[BlindBoo]

With record US citizen employment paying taxes.

Squandered it away in tax cuts for the wealthiest corporation who did not reinvest in America but used it to buyback stock and reward preferred stock holders. That after being handed the Obama economy that was hitting on all cylinders.

 

[BlindBoo]

Why?

Why should it be the same as wage earners or why do long term capital gains get a break?

 

[1srelluc]

What is the tax rate on capital gains?

All that goes out the window with a flat tax so it might not be taxed at all because you have already paid a tax when you bought whatever it was you are getting a gain on.....Say a share of stock.

That said I'm not fool enough to "bet against the house" for them giving-up that golden goose so I suspect they would tax it as income.

 

[Orangecat]

Republicans are now trying to shift taxes from the wealthy to the middle class by imposing a 30% national sales tax on everything you buy— groceries, cars, homes, health care, tuition. They’re calling it the “Fair Tax Act” because they think taxes on the wealthy are unfair.

The wealthy don’t buy things? Since when?

 

[BlindBoo]

OMG! We agree on something. First time ever.

Convention of States Action

Article V offers the only constitutional solution as big as the problem. Together, we can end federal overreach.

conventionofstates.com

I never did believe in miracles
But I've a feeling it's time to try
I never did believe in the ways of magic
But I'm beginning to wonder why.....

 

[Zincwarrior]

Why should it be the same as wage earners or why do long term capital gains get a break?

Apologies, why should long term capital gains get a break?

 

[BlindBoo]

Apologies, why should long term capital gains get a break?

NP. I was going to send this anyway.

The Capital Gains Tax Break: Great Idea Or Big Mistake?

Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike debate the merits and necessity of the capital gains preference, all in five minutes.

www.forbes.com

OTOH

10 Reasons to Eliminate the Tax Break for Capital Gains

As Occupy Wall Street protesters deliberate over a policy agenda that would combat economic inequality and political favoritism, they will find

tcf.org

 

[Orangecat]

Why should it be the same as wage earners or why do long term capital gains get a break?

My guess would be that long term capital gains get a break to stimulate investments. Should the government manipulate the tax code to incentivize certain behaviors?