The U.S. Tax Code

[P@triot]

Nobody could watch this and honestly state that a flat tax isn't the best solution for America. I guarantee that even the most ardent progressive wouldn't be able to pass a polygraph if they denied that a flat tax is better for America.

But the left isn't interested in what is better for America. They are interested in what is better for power and control. And the current tax code is much better for power and control.

 

[P@triot]

The idiocy of the "progressive tax" summed up nicely...

 

[my2¢]

I wouldn't mind a flat tax on personal income but only if every dollar a person (filing single) or family (if filing joint) receives is treated equally. That is regardless if the buck came from wages, tips, interest, dividend, capital gain, gambling, inheritance, gift, welfare, you name it. Fair is fair.

 

[P@triot]

I wouldn't mind a flat tax on personal income but only if every dollar a person (filing single) or family (if filing joint) receives is treated equally. That is regardless if the buck came from wages, tips, interest, dividend, capital gain, gambling, inheritance, gift, welfare, you name it. Fair is fair.

Isn't that the very definition of a "Flat Tax"?

 

[my2¢]

I wouldn't mind a flat tax on personal income but only if every dollar a person (filing single) or family (if filing joint) receives is treated equally. That is regardless if the buck came from wages, tips, interest, dividend, capital gain, gambling, inheritance, gift, welfare, you name it. Fair is fair.

Isn't that the very definition of a "Flat Tax"?

I wish it was. All discussion I've heard from all politicians and most of those here discussing the matter only consider the tax rate itself without regard to the vast bigger issue of the definition of taxable income.

 

[P@triot]

I wouldn't mind a flat tax on personal income but only if every dollar a person (filing single) or family (if filing joint) receives is treated equally. That is regardless if the buck came from wages, tips, interest, dividend, capital gain, gambling, inheritance, gift, welfare, you name it. Fair is fair.

Isn't that the very definition of a "Flat Tax"?

I wish it was. All discussion I've heard from all politicians and most of those here discussing the matter only consider the tax rate itself without regard to the vast bigger issue of the definition of taxable income.

A "Flat Tax" means X% on your total income. Period. Regardless of where that income came from.

 

[my2¢]

I wouldn't mind a flat tax on personal income but only if every dollar a person (filing single) or family (if filing joint) receives is treated equally. That is regardless if the buck came from wages, tips, interest, dividend, capital gain, gambling, inheritance, gift, welfare, you name it. Fair is fair.

Isn't that the very definition of a "Flat Tax"?

I wish it was. All discussion I've heard from all politicians and most of those here discussing the matter only consider the tax rate itself without regard to the vast bigger issue of the definition of taxable income.

A "Flat Tax" means X% on your total income. Period. Regardless of where that income came from.

Again, that is what I wish.

But below is how income is defined under the current Flat Tax legislation which is introduced every congressional session:
(wages + retirement income + unemployment compensation) - standard deduction

Seems to me they're out to screw the working stiff.

Text - H.R.1040 - 115th Congress (2017-2018): Flat Tax Act

Taxable income.—For purposes of this part, the term ‘taxable income’ means the excess of—

“(1) the sum of—
“(A) wages (as defined in section 3121(a) without regard to paragraph (1) thereof) which are paid in cash and which are received during the taxable year for services performed in the United States,
“(B) retirement distributions which are includible in gross income for such taxable year, plus
“(C) amounts received under any law of the United States or of any State which is in the nature of unemployment compensation, over
“(2) the standard deduction.

SEC. 3. Repeal of estate and gift taxes.


(a) In general.—Subtitle B of the Internal Revenue Code of 1986 is hereby repealed.

(b) Effective date.—The repeal made by subsection (a) shall apply to the estates of decedents dying, and gifts and generation-skipping transfers made, after December 31, 2017.

 

[P@triot]

But below is how income is defined under the current Flat Tax legislation which is introduced every congressional session:
(wages + retirement income + unemployment compensation) - standard deduction

Seems to me they're out to screw the working stiff.

Seems to me they are doing the polar opposite. If they left out items such as dividends because they want to tax them specifically - then they are screwing the wealthy class. If they left me them out because they don't plan on taxing them at all, that's even better for the "working stiff" (who will no benefit even further from their 401k).

 

[my2¢]

The devil is in the details. As I say, I like your perceived notion of "taxable income" including everything. It goes to figure that the wider they make the tax base, the lower they can set the flat tax rate. But what I see is the same manipulated system with continued influence by lobbyist. What I usually tell folks when discussing 1-to-1 the flat tax is let's negotiate on how much we want to collect and you can set the flat tax rate. Then I get to define "taxable income".

 

[debbiedowner]

The "death tax " only kicks in after you hit 10 million . 10 million!!! And you know what , price don't care cause he's dead.

A prudent individual would have set up an estate plan with the help of attorney, cpa and financial adviser to be funded with Life Insurance and if someone with that kind of money ignores these facts that's on them.

 

[P@triot]

Let's not kid ourselves - ignorance of everything is what fuels leftward sentiments...

New Data Show That Ignorance of US Tax Policy Fuels Leftward Sentiments

Another study conducted in December 2014 found a similar gap between reality and perception in personal income taxes. That year, the top 10% of American earners making $120,000 per year or more earned 41% of all income, but paid 68% of all income taxes.

Americans were fairly accurate when it came to who earns what: They guessed on average that the top 10% of Americans earned 41% of American money, when in fact they made 45% of American money.

But they were pretty far off when it came to guessing the proportion of the nation’s taxes they pay. They guessed the top 10% pays 38% of all taxes, and they were off by 30 points. The top 10% pays 68% of all U.S. taxes.

New Data: Leftward Views on Taxes Often Fueled by Ignorance

 

[P@triot]

What an absolute outrage. The top 10% brings home 45% of the money but pays 68% of all U.S. taxes. This is failed left-wing policy at its finest.

the top 10% of Americans earned 45% of American money... pays 68% of all U.S. taxes.

New Data: Leftward Views on Taxes Often Fueled by Ignorance

 

[my2¢]

While the top 10% may be paying 41%, that in itself doesn't prove the rich aren't getting a free ride.

I meet the top 10% benchmark of $120,000 when it comes to "earners" goes, but I wonder what percentage the richest 10% pay? Even through socking away as much as I can in a 401k plan, my effective tax rate is higher than what I've seen from far richer presidential candidates for office. Sure "earners" pay the most, but the middle class aren't the ones sending money and lobbyist to Washington to help those members of congress writing the tax laws and defining "earnings".

 

[debbiedowner]

Do Tax Cuts Create Jobs?

 

[P@triot]

Stuff like this illustrates the extraordinary ignorance of the left. Their greed blinds them to basic economics, basic business, and basic common sense.

After a lengthy inquiry, the committee found that the company had avoided tens of billions of dollars in taxes by shifting profits into Irish subsidiaries that the panel’s chairman called “ghost companies.”

If the U.S. had the lowest corporate tax rate in the world, guess where every company in the U.S. (and most around the globe) would stash their cash? If you’re not a progressive - you guessed it. In the U.S. Instead of “losing” billions in taxes (as progressives see it), we would be gaining trillions in taxes. Consider the following:

Apple has accumulated more than $128 billion in profits offshore, and probably much more, that is untaxed by the United States and hardly touched by any other country. Nearly all of that was made over the past decade.

If we had even a 10% tax rate, Apple would have gladly brought that money home and we would have generated $12.8 billion in additional tax revenues.

Instead of losing tens of billions in taxes from Apple (as they stashed their cash overseas to avoid the highest corporate tax rates in the world), we could have gained more than twelve billion just from them. Lower tax rates would result in exponentially higher tax revenues to the government. But the left is just too greedy (and stupid) to understand that.

After a Tax Crackdown, Apple Found a New Shelter for Its Profits

 

[Moonglow]

Switzerland is not the lowest yet they get a large stash of cash hidden there because of privacy ..Including cryptocurrency...

 

[otto105]

It's so tragic that the parasite class (liberals, progressives, Democrats, etc.) feel that they have a right to take what other people have earned. You have to be sick, callous, and really greedy to find current tax rates acceptable. You have to be even worse to find the "death tax" acceptable. Taxing the assets of dead people is a special kind of libtard sick. Every asset that person has was already tax before. What right do liberals have to double-tax it? What right to liberals have to do something like this to a person...

"When the man passed away, his business was passed along to his only child who wanted to continue in his father’s footsteps. After the funeral, while still in grief, the IRS came to collect 55% of the value of the business from the son. He nearly declared bankruptcy."

Rep. Williams: My plan to help victims of our nation’s disastrous tax policies | Fox News

Do you even know anything about the estate tax and who it effects?

 

[Moonglow]

Stuff like this illustrates the extraordinary ignorance of the left. Their greed blinds them to basic economics, basic business, and basic common sense.

After a lengthy inquiry, the committee found that the company had avoided tens of billions of dollars in taxes by shifting profits into Irish subsidiaries that the panel’s chairman called “ghost companies.”

If the U.S. had the lowest corporate tax rate in the world, guess where every company in the U.S. (and most around the globe) would stash their cash? If you’re not a progressive - you guessed it. In the U.S. Instead of “losing” billions in taxes (as progressives see it), we would be gaining trillions in taxes. Consider the following:

Apple has accumulated more than $128 billion in profits offshore, and probably much more, that is untaxed by the United States and hardly touched by any other country. Nearly all of that was made over the past decade.

If we had even a 10% tax rate, Apple would have gladly brought that money home and we would have generated $12.8 billion in additional tax revenues.

Instead of losing tens of billions in taxes from Apple (as they stashed their cash overseas to avoid the highest corporate tax rates in the world), we could have gained more than twelve billion just from them. Lower tax rates would result in exponentially higher tax revenues to the government. But the left is just too greedy (and stupid) to understand that.

After a Tax Crackdown, Apple Found a New Shelter for Its Profits

The left did not control the govt during the GOP era of Reagan through Boosh II. You'll have to lie better than that...

 

[P@triot]

It's so tragic that the parasite class (liberals, progressives, Democrats, etc.) feel that they have a right to take what other people have earned. You have to be sick, callous, and really greedy to find current tax rates acceptable. You have to be even worse to find the "death tax" acceptable. Taxing the assets of dead people is a special kind of libtard sick. Every asset that person has was already tax before. What right do liberals have to double-tax it? What right to liberals have to do something like this to a person...

"When the man passed away, his business was passed along to his only child who wanted to continue in his father’s footsteps. After the funeral, while still in grief, the IRS came to collect 55% of the value of the business from the son. He nearly declared bankruptcy."

Rep. Williams: My plan to help victims of our nation’s disastrous tax policies | Fox News

Do you even know anything about the estate tax and who it effects?

Yes. Now you should click the link and ask the nearest adult to both read it and explain it to you.

 

[Thinker101]

Stuff like this illustrates the extraordinary ignorance of the left. Their greed blinds them to basic economics, basic business, and basic common sense.

After a lengthy inquiry, the committee found that the company had avoided tens of billions of dollars in taxes by shifting profits into Irish subsidiaries that the panel’s chairman called “ghost companies.”

If the U.S. had the lowest corporate tax rate in the world, guess where every company in the U.S. (and most around the globe) would stash their cash? If you’re not a progressive - you guessed it. In the U.S. Instead of “losing” billions in taxes (as progressives see it), we would be gaining trillions in taxes. Consider the following:

Apple has accumulated more than $128 billion in profits offshore, and probably much more, that is untaxed by the United States and hardly touched by any other country. Nearly all of that was made over the past decade.

If we had even a 10% tax rate, Apple would have gladly brought that money home and we would have generated $12.8 billion in additional tax revenues.

Instead of losing tens of billions in taxes from Apple (as they stashed their cash overseas to avoid the highest corporate tax rates in the world), we could have gained more than twelve billion just from them. Lower tax rates would result in exponentially higher tax revenues to the government. But the left is just too greedy (and stupid) to understand that.

After a Tax Crackdown, Apple Found a New Shelter for Its Profits

The left did not control the govt during the GOP era of Reagan through Boosh II. You'll have to lie better than that...

Hey Dumbass
For the first six years of the Reagan presidency (1981-87) The Republicans controlled the Senate, and the Democrats the House of Representatives In 1986, the Democrats recaptured the Senate (while retaining the House) and thereafter remained in control of both chamber until losing both in 1994.