Tax and Spending Proposal That Makes Sense

[GHook93]

1. Federal Progressive Flat Income Tax:
Basically everyone is taxed that the same rate for the same money earned.
(1) 0-$25K = 0% Meaning for the first $25K that everyone makes is tax free!
(2) $25K-$50K = 5% The next $25-$50K is taxed at 5% (remember the first $25K is 0%)
(3) $50K-$150K =10%
(4) $150K-$250K = 15%
(5) $250K - $500K = 20%
(6) $500K - $1mil = 25%
(7) $1 mil - $2 mil = 35%
(8) $2 mil+ = 40%
Deductions are charity, student loan interest, medical payments, mortgage interest and child deductions. Nothing else.

2. State Income Tax limits: Under no circumstances can state tax more than:
<$50K = 2%
<$100K = 3%
<$250K = 5%
Never can exceed 9% (taking half of someones income is high way robbery)!

Close the stock option loophole that allows executives to millions of dollars and pay the capital gains not sales tax. Lower taxes for capital gains should be on investment dollars from an investor into a business.

3. Federal and State Pensions:
Make them illegal and overnight devise a plan to pay current and soon to be retirees and get all State and Federal workers (including teachers) into individual retirement plans with a employer match (aka 401k and IRA).

4. Move Social Security to the Chilean Model

5. Corporate Tax - Have Progressive Flat Corp Tax Rates with the manufacturing exception:
On bottom-line profits -
0- $500K = 5%
$500K - $1 mil = 10%
$1m - $5mil = 15%
$5mil> = 20%
Manufacturing exception - If 90% of the product is made in the US, then the corp tax may not exceed 10%.

Drastically reduce the amount of deductions made to offshore and increase deductions for onshore.

6. Tariff China
20%

 

[WethePeopleUS]

I think you might be on to something.

 

[eflatminor]

Better idea...a flat NON-progressive income tax in which everyone pays the same percentage. That would be the only 'fair' system. The more you make, the more you pay.

Deductions are charity, student loan interest, medical payments, mortgage interest and child deductions. Nothing else.

Why any deductions? SOMEONE has to make up for these loopholes your support. Ask yourself:

Why should those not rich enough to make charitable contributions subsidize those that are rich enough to donate to charities?
Why should those taking out regular loans subsidize those taking out student loans?
Why should healthy people subsidize those with medical payments?
Why should renters subsidize homeowners?
And why should those without children subsidize the breeders?

Then there's this simple, but powerful idea: If the Federal government lived within the confines of the enumerated powers in the Constitution, there would be no need for ANY income tax. We had more years as a country without an income tax than with one. And guess what? Before the income tax, we were the most prosperous nation in the world with more poor folks becoming middle class and more middle class becoming rich than at any time in history. We don't need an income tax.

Then there's the moral argument. I say taxing a man's labor is immoral. The Feds can live off tariffs and other charges for services rendered. If it's absolutely necessary, a national sales tax is more morally reasonable than any income tax. Repeal the 16th amendment, I say.

 

[Mad Scientist]

That'll never happen, it puts too much power back into the hands of the Slaves.

 

[JakeStarkey]

Tax and Spending Proposal That Makes Sense
1. Federal Progressive Flat Income Tax: YES
Basically everyone is taxed that the same rate for the same money earned.
(1) 0-$25K = 0% Meaning for the first $25K that everyone makes is tax free!
(2) $25K-$50K = 5% The next $25-$50K is taxed at 5% (remember the first $25K is 0%)
(3) $50K-$150K =10%
(4) $150K-$250K = 15%
(5) $250K - $500K = 20%
(6) $500K - $1mil = 25%
(7) $1 mil - $2 mil = 35%
(8) $2 mil+ = 40%
Deductions are charity, student loan interest, medical payments, mortgage interest and child deductions. Nothing else.

2. State Income Tax limits: Under no circumstances can state tax more than: YES
<$50K = 2%
<$100K = 3%
<$250K = 5%
Never can exceed 9% (taking half of someones income is high way robbery)!

Close the stock option loophole that allows executives to millions of dollars and pay the capital gains not sales tax. Lower taxes for capital gains should be on investment dollars from an investor into a business. NEGOTIABLE

3. Federal and State Pensions:
Make them illegal and overnight devise a plan to pay current and soon to be retirees and get all State and Federal workers (including teachers) into individual retirement plans with a employer match (aka 401k and IRA). NONSTARTER

4. Move Social Security to the Chilean Model NON-NEGOTIABLE

5. Corporate Tax - Have Progressive Flat Corp Tax Rates with the manufacturing exception:
On bottom-line profits -
0- $500K = 5%
$500K - $1 mil = 10%
$1m - $5mil = 15%
$5mil> = 20%
Manufacturing exception - If 90% of the product is made in the US, then the corp tax may not exceed 10%. YES
Drastically reduce the amount of deductions made to offshore and increase deductions for onshore. YES

6. Tariff China
20% NEGOTIABLE

 

[GHook93]

Better idea...a flat NON-progressive income tax in which everyone pays the same percentage. That would be the only 'fair' system. The more you make, the more you pay.

Deductions are charity, student loan interest, medical payments, mortgage interest and child deductions. Nothing else.

Why any deductions? SOMEONE has to make up for these loopholes your support. Ask yourself:

Why should those not rich enough to make charitable contributions subsidize those that are rich enough to donate to charities?
Why should those taking out regular loans subsidize those taking out student loans?
Why should healthy people subsidize those with medical payments?
Why should renters subsidize homeowners?
And why should those without children subsidize the breeders?

Then there's this simple, but powerful idea: If the Federal government lived within the confines of the enumerated powers in the Constitution, there would be no need for ANY income tax. We had more years as a country without an income tax than with one. And guess what? Before the income tax, we were the most prosperous nation in the world with more poor folks becoming middle class and more middle class becoming rich than at any time in history. We don't need an income tax.

Then there's the moral argument. I say taxing a man's labor is immoral. The Feds can live off tariffs and other charges for services rendered. If it's absolutely necessary, a national sales tax is more morally reasonable than any income tax. Repeal the 16th amendment, I say.

I prefer a fair tax or Cain's 9-9-9 plan (Remember this replaces payroll and income), however, don't think the flat tax will work. For example, a guy making $20K a year getting a 20% pays $4K in taxes, then payroll is not taking home much. As a opposed to a person making $100K a year.

 

[GHook93]

Tax and Spending Proposal That Makes Sense
1. Federal Progressive Flat Income Tax: YES
Basically everyone is taxed that the same rate for the same money earned.
(1) 0-$25K = 0% Meaning for the first $25K that everyone makes is tax free!
(2) $25K-$50K = 5% The next $25-$50K is taxed at 5% (remember the first $25K is 0%)
(3) $50K-$150K =10%
(4) $150K-$250K = 15%
(5) $250K - $500K = 20%
(6) $500K - $1mil = 25%
(7) $1 mil - $2 mil = 35%
(8) $2 mil+ = 40%
Deductions are charity, student loan interest, medical payments, mortgage interest and child deductions. Nothing else.

2. State Income Tax limits: Under no circumstances can state tax more than: YES
<$50K = 2%
<$100K = 3%
<$250K = 5%
Never can exceed 9% (taking half of someones income is high way robbery)!

Close the stock option loophole that allows executives to millions of dollars and pay the capital gains not sales tax. Lower taxes for capital gains should be on investment dollars from an investor into a business. NEGOTIABLE

3. Federal and State Pensions:
Make them illegal and overnight devise a plan to pay current and soon to be retirees and get all State and Federal workers (including teachers) into individual retirement plans with a employer match (aka 401k and IRA). NONSTARTER

4. Move Social Security to the Chilean Model NON-NEGOTIABLE

5. Corporate Tax - Have Progressive Flat Corp Tax Rates with the manufacturing exception:
On bottom-line profits -
0- $500K = 5%
$500K - $1 mil = 10%
$1m - $5mil = 15%
$5mil> = 20%
Manufacturing exception - If 90% of the product is made in the US, then the corp tax may not exceed 10%. YES
Drastically reduce the amount of deductions made to offshore and increase deductions for onshore. YES

6. Tariff China
20% NEGOTIABLE

Pensions are already starting to move that way with CA leading the way, so it's not a non-starter it's the future, whether you want to fact that or not.

Chile has the most successful social security system in the world. More and more countries are adopting it every year. We have a broken and broke SSN system, why not go with one that has been battle tested in the ONLY other 1st world nation in the western hemisphere other than the US and Canada.

China breaks all the unfair trade laws the WTO is suppose to enforce. They have created the LARGEST trade deficit between two countries ever in the history of the world, despite the fact that it now cost more to make products in China (due to rising wages, shipping costs and US automation and efficiency) and deliver to US markets than it does to make things here and deliver to US markets, yet the deficit still grows. Trump stated it best. Tax China and actual FIGHT the trade war!

 

[JakeStarkey]

Tax and Spending Proposal That Makes Sense
1. Federal Progressive Flat Income Tax: YES
Basically everyone is taxed that the same rate for the same money earned.
(1) 0-$25K = 0% Meaning for the first $25K that everyone makes is tax free!
(2) $25K-$50K = 5% The next $25-$50K is taxed at 5% (remember the first $25K is 0%)
(3) $50K-$150K =10%
(4) $150K-$250K = 15%
(5) $250K - $500K = 20%
(6) $500K - $1mil = 25%
(7) $1 mil - $2 mil = 35%
(8) $2 mil+ = 40%
Deductions are charity, student loan interest, medical payments, mortgage interest and child deductions. Nothing else.

2. State Income Tax limits: Under no circumstances can state tax more than: YES
<$50K = 2%
<$100K = 3%
<$250K = 5%
Never can exceed 9% (taking half of someones income is high way robbery)!

Close the stock option loophole that allows executives to millions of dollars and pay the capital gains not sales tax. Lower taxes for capital gains should be on investment dollars from an investor into a business. NEGOTIABLE

3. Federal and State Pensions:
Make them illegal and overnight devise a plan to pay current and soon to be retirees and get all State and Federal workers (including teachers) into individual retirement plans with a employer match (aka 401k and IRA). NONSTARTER

4. Move Social Security to the Chilean Model NON-NEGOTIABLE

5. Corporate Tax - Have Progressive Flat Corp Tax Rates with the manufacturing exception:
On bottom-line profits -
0- $500K = 5%
$500K - $1 mil = 10%
$1m - $5mil = 15%
$5mil> = 20%
Manufacturing exception - If 90% of the product is made in the US, then the corp tax may not exceed 10%. YES
Drastically reduce the amount of deductions made to offshore and increase deductions for onshore. YES

6. Tariff China
20% NEGOTIABLE

Pensions are already starting to move that way with CA leading the way, so it's not a non-starter it's the future, whether you want to fact that or not.

Chile has the most successful social security system in the world. More and more countries are adopting it every year. We have a broken and broke SSN system, why not go with one that has been battle tested in the ONLY other 1st world nation in the western hemisphere other than the US and Canada.

China breaks all the unfair trade laws the WTO is suppose to enforce. They have created the LARGEST trade deficit between two countries ever in the history of the world, despite the fact that it now cost more to make products in China (due to rising wages, shipping costs and US automation and efficiency) and deliver to US markets than it does to make things here and deliver to US markets, yet the deficit still grows. Trump stated it best. Tax China and actual FIGHT the trade war!

CalPERS is doing nothing of the sort. The talk of the type of reform you want is only talk, nothing more with no real support behind it.

US will not go the way of Chile in SS; the American senior citizens won't permit it, even if they are grandfathered.

What would China do in rebuttal that could hurt the US and its citizens economically.

 

[eflatminor]

Better idea...a flat NON-progressive income tax in which everyone pays the same percentage. That would be the only 'fair' system. The more you make, the more you pay.

Deductions are charity, student loan interest, medical payments, mortgage interest and child deductions. Nothing else.

Why any deductions? SOMEONE has to make up for these loopholes your support. Ask yourself:

Why should those not rich enough to make charitable contributions subsidize those that are rich enough to donate to charities?
Why should those taking out regular loans subsidize those taking out student loans?
Why should healthy people subsidize those with medical payments?
Why should renters subsidize homeowners?
And why should those without children subsidize the breeders?

Then there's this simple, but powerful idea: If the Federal government lived within the confines of the enumerated powers in the Constitution, there would be no need for ANY income tax. We had more years as a country without an income tax than with one. And guess what? Before the income tax, we were the most prosperous nation in the world with more poor folks becoming middle class and more middle class becoming rich than at any time in history. We don't need an income tax.

Then there's the moral argument. I say taxing a man's labor is immoral. The Feds can live off tariffs and other charges for services rendered. If it's absolutely necessary, a national sales tax is more morally reasonable than any income tax. Repeal the 16th amendment, I say.

I prefer a fair tax

So do I. I'm fine with the Fair Tax as it must first eliminate the income tax.

or Cain's 9-9-9 plan

An income AND a national sales tax? No way. Pass. I'll not open that Pandora's box. You know damn well they'd increase the levels above 9%, just as they did when the passed the income tax amendment.

don't think the flat tax will work. For example, a guy making $20K a year getting a 20% pays $4K in taxes, then payroll is not taking home much. As a opposed to a person making $100K a year

In your example, each guy pays the same percentage of his income...fair. The guy making $100k pays $20grand in taxes...MUCH more than the guy making $20k. If 20% is too high, which I believe it is, then propose a lower tax rate.

Back to the loopholes you support. The ONLY loophole that makes any sense at all is to not tax the first X dollars of everyone's income, where everybody pays the same percentage above that income. In that way, your guy making $20k probably gets a pass. With no other loopholes and a low, flat, non-progressive rate, I can get behind that.

 

[Avorysuds]

I like the concept, I don't like your numbers. Why should someone who makes under 25k pay nothing while someone who makes 2 million pays 800,000 a year federal lone? I think you should have a cap at around 20%, you will be taking people who pay about 15% now, and raising taxes to 35-40%.

Also your deductions are bad imo. Education as a deduction? So the Government pays you to go to a Government school, then you get to write off everything and seeing as you prolly don't make 25k a year you never once paid for that schooling. Add in Obama wanting (or has I dono) to wipe all school debt off the books if you work in Government and you have a massive welfare system.


Why should kids be tax deductible again? They cost society more and the actual parents pay less... Why do non parents have to pay for people that decided to have children? It's bias and bigoted.

Same goes for a house. Why do you get to pay less if you buy a house VS me renting a house, or apartment?

Medical I might understand.

Charity is the only thing I agree with but it will be widely abused. The idea of a flat tax is to make everyone pay a set amount that the Government can count on. as more and more people give to a charity, the Government needs to raise taxes.

I also find your limits on state taxes to be constitutionally illegal. When did the federal Government get that authority to tell Washington, Oregon, California their tax rates?

 

[EdwardBaiamonte]

1. Federal Progressive Flat Income Tax:
Basically everyone is taxed that the same rate for the same money earned.
(1) 0-$25K = 0% Meaning for the first $25K that everyone makes is tax free!
(2) $25K-$50K = 5% The next $25-$50K is taxed at 5% (remember the first $25K is 0%)
(3) $50K-$150K =10%
(4) $150K-$250K = 15%
(5) $250K - $500K = 20%
(6) $500K - $1mil = 25%
(7) $1 mil - $2 mil = 35%
(8) $2 mil+ = 40%
Deductions are charity, student loan interest, medical payments, mortgage interest and child deductions. Nothing else.

2. State Income Tax limits: Under no circumstances can state tax more than:
<$50K = 2%
<$100K = 3%
<$250K = 5%
Never can exceed 9% (taking half of someones income is high way robbery)!

Close the stock option loophole that allows executives to millions of dollars and pay the capital gains not sales tax. Lower taxes for capital gains should be on investment dollars from an investor into a business.

3. Federal and State Pensions:
Make them illegal and overnight devise a plan to pay current and soon to be retirees and get all State and Federal workers (including teachers) into individual retirement plans with a employer match (aka 401k and IRA).

4. Move Social Security to the Chilean Model

5. Corporate Tax - Have Progressive Flat Corp Tax Rates with the manufacturing exception:
On bottom-line profits -
0- $500K = 5%
$500K - $1 mil = 10%
$1m - $5mil = 15%
$5mil> = 20%
Manufacturing exception - If 90% of the product is made in the US, then the corp tax may not exceed 10%.

Drastically reduce the amount of deductions made to offshore and increase deductions for onshore.

6. Tariff China
20%

Why not same dollar amount from everyone if you want to be fair?
When you go into a super market the poor don't pay less!!

Also a 20% tax on Chinese goods would make poor Americans a lot poorer. Thats seems very unfair.

 

[GHook93]

Percents, deduction and levels are all negotiable.

I like the concept, I don't like your numbers. Why should someone who makes under 25k pay nothing while someone who makes 2 million pays 800,000 a year federal lone? I think you should have a cap at around 20%, you will be taking people who pay about 15% now, and raising taxes to 35-40%.

Also your deductions are bad imo. Education as a deduction? So the Government pays you to go to a Government school, then you get to write off everything and seeing as you prolly don't make 25k a year you never once paid for that schooling. Add in Obama wanting (or has I dono) to wipe all school debt off the books if you work in Government and you have a massive welfare system.


Why should kids be tax deductible again? They cost society more and the actual parents pay less... Why do non parents have to pay for people that decided to have children? It's bias and bigoted.

Same goes for a house. Why do you get to pay less if you buy a house VS me renting a house, or apartment?

Medical I might understand.

Charity is the only thing I agree with but it will be widely abused. The idea of a flat tax is to make everyone pay a set amount that the Government can count on. as more and more people give to a charity, the Government needs to raise taxes.

I also find your limits on state taxes to be constitutionally illegal. When did the federal Government get that authority to tell Washington, Oregon, California their tax rates?

 

[eflatminor]

Percents, deduction and levels are all negotiable.

But equality is not? We're supposed to have equal justice under the law. When it comes to income tax codes, the only way to have equality is a flat tax with no deductions.

Why are advocating inequality?

 

[JakeStarkey]

Percents, deduction and levels are all negotiable.

But equality is not? We're supposed to have equal justice under the law. When it comes to income tax codes, the only way to have equality is a flat tax with no deductions.

Why are advocating inequality?

Because of what America is: the dream is such that some can succeed beyond their wildest imaginations, the great majority do well, and the sick and lame and unemployable will not be kicked to the gutter.

 

[Avorysuds]

Percents, deduction and levels are all negotiable.

I like the concept, I don't like your numbers. Why should someone who makes under 25k pay nothing while someone who makes 2 million pays 800,000 a year federal lone? I think you should have a cap at around 20%, you will be taking people who pay about 15% now, and raising taxes to 35-40%.

Also your deductions are bad imo. Education as a deduction? So the Government pays you to go to a Government school, then you get to write off everything and seeing as you prolly don't make 25k a year you never once paid for that schooling. Add in Obama wanting (or has I dono) to wipe all school debt off the books if you work in Government and you have a massive welfare system.


Why should kids be tax deductible again? They cost society more and the actual parents pay less... Why do non parents have to pay for people that decided to have children? It's bias and bigoted.

Same goes for a house. Why do you get to pay less if you buy a house VS me renting a house, or apartment?

Medical I might understand.

Charity is the only thing I agree with but it will be widely abused. The idea of a flat tax is to make everyone pay a set amount that the Government can count on. as more and more people give to a charity, the Government needs to raise taxes.

I also find your limits on state taxes to be constitutionally illegal. When did the federal Government get that authority to tell Washington, Oregon, California their tax rates?

So then no, I don't like your idea at all. Your intention seems to be simplifying the tax code, then you keep deductions you deem worthy, then say it's all negotiable. That implies to me that many many many future deductions will be added as well as future rates will be raised and or decreased, bringing us back to where we are now. How can you argue against other deductions you don't agree with when you got to keep the ones you do agree with? If you get a deduction for having a child, why can't someone get a deduction for being left handed?

Buying votes through deductions has always been the problem, that's the only reason we have deductions mess we have today. No deductions, no inequality, no zero % tax rates. Sure, start out at 5% tax rate and end at a high of 15%, but don't punish success while incentive's are given to those who chose to remain poor.

And that's the real problem. People can't grasp that many will and do chose to remain poor. If one thing can be proven without a doubt, it's that America welfare has only managed to create vastly more poor people than less or no welfare has, ever.

 

[JakeStarkey]

Nonsense, avorysuds. Move along.

 

[eflatminor]

Percents, deduction and levels are all negotiable.

But equality is not? We're supposed to have equal justice under the law. When it comes to income tax codes, the only way to have equality is a flat tax with no deductions.

Why are advocating inequality?

Because of what America is: the dream is such that some can succeed beyond their wildest imaginations, the great majority do well, and the sick and lame and unemployable will not be kicked to the gutter.

According to YOUR dream? Yea, pass.

And sorry to point out the ridiculous nature of your post, but America's unemployable are...well, NOT employed. They therefore pay no income tax nor have any deductions to consider. This discussion therefore has ZERO to do with those not earning an income.

Try to focus.

 

[eflatminor]

So then no, I don't like your idea at all. Your intention seems to be simplifying the tax code, then you keep deductions you deem worthy, then say it's all negotiable. That implies to me that many many many future deductions will be added as well as future rates will be raised and or decreased, bringing us back to where we are now. How can you argue against other deductions you don't agree with when you got to keep the ones you do agree with? If you get a deduction for having a child, why can't someone get a deduction for being left handed?

Clearly, you're just a hater of those born left handed...

 

[Avorysuds]

Percents, deduction and levels are all negotiable.

But equality is not? We're supposed to have equal justice under the law. When it comes to income tax codes, the only way to have equality is a flat tax with no deductions.

Why are advocating inequality?

Because of what America is: the dream is such that some can succeed beyond their wildest imaginations, the great majority do well, and the sick and lame and unemployable will not be kicked to the gutter.

That is not the American dream.

Man, you're such a flaming big Government progressive it's laffable that you claim otherwise. I mean what you just said implies that the only people that won't succeed are "the sick, lame and unemployable." Yes because only the sick, lame and unemployable are on welfare.

 

[Avorysuds]

So then no, I don't like your idea at all. Your intention seems to be simplifying the tax code, then you keep deductions you deem worthy, then say it's all negotiable. That implies to me that many many many future deductions will be added as well as future rates will be raised and or decreased, bringing us back to where we are now. How can you argue against other deductions you don't agree with when you got to keep the ones you do agree with? If you get a deduction for having a child, why can't someone get a deduction for being left handed?

Clearly, you're just a hater of those born left handed...

lol =D My Dad and 2 brothers are left handed.