When would a 10% tax rate generate more revenue then the current tax rate?

[healthmyths]

Look at this question from last night's debate.
QUICK: Dr. Carson, let's talk about taxes.
You have a flat tax plan of 10 percent flat taxes, and -- I've looked at it -- and this is something that is very appealing to a lot of voters, but I've had a really tough time trying to make the math work on this.
If you were to took a 10 percent tax, with the numbers right now in total personal income, you're gonna come in with bring in $1.5 trillion. That is less than half of what we bring in right now. And by the way, it's gonna leave us in a $2 trillion hole."

She had a "tough time making the math work"!

WOW....
What a f...king idiotic STATEMENT!

Hey Becky!!!
In 2015, total federal revenues in fiscal year 2015 are expected to be $3.18 trillion.2 These revenues come from three major sources:

1. Income taxes paid by individuals: $1.48 trillion, or 47% of all tax revenues.
2. Payroll taxes paid jointly by workers and employers: $1.07 trillion, 34% of all tax revenues.
3. Corporate income taxes paid by businesses: $341.7 billion, or 11% of all tax revenues.

Federal Revenue: Where Does the Money Come From

So what gross revenue generates this $3.18 trillion?
1. Assuming overall tax rate for all tax payers is 15.2%

Taxes - Just Facts

Income taxes on $9.7 trillion in income
So $1.48 trillion in taxes came from 15.2% of taxable income or: $9.7 trillion generated that tax!
Payroll of $7.5 trillion generates:
$1.07 trillion came from Medicare/SS which is 7.2% from employer and 7.2% from employee:
Total gross payroll: $7.5 trillion in payroll
Corporate income tax on $1.34 trillion
Dividing $341 billion by average of 25% corporate taxes on $1.34 trillion in gross revenue.

SO BECKY!!!!
If people pay 10% instead of 15.2% that means they would have $500 billion more to spend!
If corporate taxes were 10% instead of 25%.. that would leave. $204 billion more to spend!
Over $700 billion more in companies and people's pockets to spend!

Assume the GDP in 2014 was $18 trillion... which generated the $3.18 trillion in tax revenue.
Or 17% of GDP generates the $3.18 trillion in taxes.
Increase the GDP by 35% or $24.3 trillion.
Using 17% then Tax revenue would INCREASE $4.1 trillion!!!

 

[Avatar4321]

Why exactly do we want the government to take more revenue instead of simply cutting costs?

 

[Skylar]

Why exactly do we want the government to take more revenue instead of simply cutting costs?

Because there's nothing simple about cutting costs.

And because a tax scheme that doesn't cover expenses isn't a particularly good idea.

 

[Moonglow]

The GOP has already caved and agreed to increase the debt limit and increase funding.......

 

[Delta4Embassy]

Look at this question from last night's debate.
QUICK: Dr. Carson, let's talk about taxes.
You have a flat tax plan of 10 percent flat taxes, and -- I've looked at it -- and this is something that is very appealing to a lot of voters, but I've had a really tough time trying to make the math work on this.
If you were to took a 10 percent tax, with the numbers right now in total personal income, you're gonna come in with bring in $1.5 trillion. That is less than half of what we bring in right now. And by the way, it's gonna leave us in a $2 trillion hole."

She had a "tough time making the math work"!

WOW....
What a f...king idiotic STATEMENT!

Hey Becky!!!
In 2015, total federal revenues in fiscal year 2015 are expected to be $3.18 trillion.2 These revenues come from three major sources:

1. Income taxes paid by individuals: $1.48 trillion, or 47% of all tax revenues.
2. Payroll taxes paid jointly by workers and employers: $1.07 trillion, 34% of all tax revenues.
3. Corporate income taxes paid by businesses: $341.7 billion, or 11% of all tax revenues.

Federal Revenue: Where Does the Money Come From

So what gross revenue generates this $3.18 trillion?
1. Assuming overall tax rate for all tax payers is 15.2%
View attachment 53555
Taxes - Just Facts

Income taxes on $9.7 trillion in income
So $1.48 trillion in taxes came from 15.2% of taxable income or: $9.7 trillion generated that tax!
Payroll of $7.5 trillion generates:
$1.07 trillion came from Medicare/SS which is 7.2% from employer and 7.2% from employee:
Total gross payroll: $7.5 trillion in payroll
Corporate income tax on $1.34 trillion
Dividing $341 billion by average of 25% corporate taxes on $1.34 trillion in gross revenue.

SO BECKY!!!!
If people pay 10% instead of 15.2% that means they would have $500 billion more to spend!
If corporate taxes were 10% instead of 25%.. that would leave. $204 billion more to spend!
Over $700 billion more in companies and people's pockets to spend!

Assume the GDP in 2014 was $18 trillion... which generated the $3.18 trillion in tax revenue.
Or 17% of GDP generates the $3.18 trillion in taxes.
Increase the GDP by 35% or $24.3 trillion.
Using 17% then Tax revenue would INCREASE $4.1 trillion!!!

If a rich person's tax rate is 38% or whatever it is , they'll get tax wizards to do their thing so they wind up paying next to nothing. Asks them for only 10% or even 15% and they'll have less incentive to go to the hassle.

"Can I have $38,000 Mom?"

"(laughing) No!"

"Well how about just $10,000?"

"Well, ok."

Plus socially, 10-15% is a lot harder to object to than 38%. "I oppose so and so for their upholding of an unfair amount of tax."

"Well it's now it's just 15%."

"Well that's ok then."

Plus if everyone pays the same percentage, that being the definition of fair, it becomes impossible to oppose.

 

[Skylar]

Look at this question from last night's debate.
QUICK: Dr. Carson, let's talk about taxes.
You have a flat tax plan of 10 percent flat taxes, and -- I've looked at it -- and this is something that is very appealing to a lot of voters, but I've had a really tough time trying to make the math work on this.
If you were to took a 10 percent tax, with the numbers right now in total personal income, you're gonna come in with bring in $1.5 trillion. That is less than half of what we bring in right now. And by the way, it's gonna leave us in a $2 trillion hole."

She had a "tough time making the math work"!

WOW....
What a f...king idiotic STATEMENT!

Hey Becky!!!
In 2015, total federal revenues in fiscal year 2015 are expected to be $3.18 trillion.2 These revenues come from three major sources:

1. Income taxes paid by individuals: $1.48 trillion, or 47% of all tax revenues.
2. Payroll taxes paid jointly by workers and employers: $1.07 trillion, 34% of all tax revenues.
3. Corporate income taxes paid by businesses: $341.7 billion, or 11% of all tax revenues.

Federal Revenue: Where Does the Money Come From

So what gross revenue generates this $3.18 trillion?
1. Assuming overall tax rate for all tax payers is 15.2%
View attachment 53555
Taxes - Just Facts

Income taxes on $9.7 trillion in income
So $1.48 trillion in taxes came from 15.2% of taxable income or: $9.7 trillion generated that tax!
Payroll of $7.5 trillion generates:
$1.07 trillion came from Medicare/SS which is 7.2% from employer and 7.2% from employee:
Total gross payroll: $7.5 trillion in payroll
Corporate income tax on $1.34 trillion
Dividing $341 billion by average of 25% corporate taxes on $1.34 trillion in gross revenue.

SO BECKY!!!!
If people pay 10% instead of 15.2% that means they would have $500 billion more to spend!
If corporate taxes were 10% instead of 25%.. that would leave. $204 billion more to spend!
Over $700 billion more in companies and people's pockets to spend!

Assume the GDP in 2014 was $18 trillion... which generated the $3.18 trillion in tax revenue.
Or 17% of GDP generates the $3.18 trillion in taxes.
Increase the GDP by 35% or $24.3 trillion.
Using 17% then Tax revenue would INCREASE $4.1 trillion!!!

If a rich person's tax rate is 38% or whatever it is , they'll get tax wizards to do their thing so they wind up paying next to nothing. Asks them for only 10% or even 15% and they'll have less incentive to go to the hassle.

"Can I have $38,000 Mom?"

"(laughing) No!"

"Well how about just $10,000?"

"Well, ok."

Plus socially, 10-15% is a lot harder to object to than 38%. "I oppose so and so for their upholding of an unfair amount of tax."

"Well it's now it's just 15%."

"Well that's ok then."

Plus if everyone pays the same percentage, that being the definition of fair, it becomes impossible to oppose.

Oh, the rich pay enormous amounts in taxes. The top 1% actually pay about half of all federal income taxes.

According to a projection from the non-partisan Tax Policy Center, the top 1 percent of Americans will pay 45.7 percent of the individual income taxes in 2014—up from 43 percent in 2013 and 40 percent in 2012 (the oldest period available).

Top 1% pay nearly half of federal income taxes

That's actual taxes paid. Not tax rates.

 

[Delta4Embassy]

Look at this question from last night's debate.
QUICK: Dr. Carson, let's talk about taxes.
You have a flat tax plan of 10 percent flat taxes, and -- I've looked at it -- and this is something that is very appealing to a lot of voters, but I've had a really tough time trying to make the math work on this.
If you were to took a 10 percent tax, with the numbers right now in total personal income, you're gonna come in with bring in $1.5 trillion. That is less than half of what we bring in right now. And by the way, it's gonna leave us in a $2 trillion hole."

She had a "tough time making the math work"!

WOW....
What a f...king idiotic STATEMENT!

Hey Becky!!!
In 2015, total federal revenues in fiscal year 2015 are expected to be $3.18 trillion.2 These revenues come from three major sources:

1. Income taxes paid by individuals: $1.48 trillion, or 47% of all tax revenues.
2. Payroll taxes paid jointly by workers and employers: $1.07 trillion, 34% of all tax revenues.
3. Corporate income taxes paid by businesses: $341.7 billion, or 11% of all tax revenues.

Federal Revenue: Where Does the Money Come From

So what gross revenue generates this $3.18 trillion?
1. Assuming overall tax rate for all tax payers is 15.2%
View attachment 53555
Taxes - Just Facts

Income taxes on $9.7 trillion in income
So $1.48 trillion in taxes came from 15.2% of taxable income or: $9.7 trillion generated that tax!
Payroll of $7.5 trillion generates:
$1.07 trillion came from Medicare/SS which is 7.2% from employer and 7.2% from employee:
Total gross payroll: $7.5 trillion in payroll
Corporate income tax on $1.34 trillion
Dividing $341 billion by average of 25% corporate taxes on $1.34 trillion in gross revenue.

SO BECKY!!!!
If people pay 10% instead of 15.2% that means they would have $500 billion more to spend!
If corporate taxes were 10% instead of 25%.. that would leave. $204 billion more to spend!
Over $700 billion more in companies and people's pockets to spend!

Assume the GDP in 2014 was $18 trillion... which generated the $3.18 trillion in tax revenue.
Or 17% of GDP generates the $3.18 trillion in taxes.
Increase the GDP by 35% or $24.3 trillion.
Using 17% then Tax revenue would INCREASE $4.1 trillion!!!

If a rich person's tax rate is 38% or whatever it is , they'll get tax wizards to do their thing so they wind up paying next to nothing. Asks them for only 10% or even 15% and they'll have less incentive to go to the hassle.

"Can I have $38,000 Mom?"

"(laughing) No!"

"Well how about just $10,000?"

"Well, ok."

Plus socially, 10-15% is a lot harder to object to than 38%. "I oppose so and so for their upholding of an unfair amount of tax."

"Well it's now it's just 15%."

"Well that's ok then."

Plus if everyone pays the same percentage, that being the definition of fair, it becomes impossible to oppose.

Oh, the rich pay enormous amounts in taxes. The top 1% actually pay about half of all federal income taxes.

According to a projection from the non-partisan Tax Policy Center, the top 1 percent of Americans will pay 45.7 percent of the individual income taxes in 2014—up from 43 percent in 2013 and 40 percent in 2012 (the oldest period available).

Top 1% pay nearly half of federal income taxes

That's actual taxes paid. Not tax rates.

As we see with processed meat and cancer risks, can use real numbers in such a away as to misrepresent the reality. Wouldn't accept those figures automatically.

 

[Skylar]

Look at this question from last night's debate.
QUICK: Dr. Carson, let's talk about taxes.
You have a flat tax plan of 10 percent flat taxes, and -- I've looked at it -- and this is something that is very appealing to a lot of voters, but I've had a really tough time trying to make the math work on this.
If you were to took a 10 percent tax, with the numbers right now in total personal income, you're gonna come in with bring in $1.5 trillion. That is less than half of what we bring in right now. And by the way, it's gonna leave us in a $2 trillion hole."

She had a "tough time making the math work"!

WOW....
What a f...king idiotic STATEMENT!

Hey Becky!!!
In 2015, total federal revenues in fiscal year 2015 are expected to be $3.18 trillion.2 These revenues come from three major sources:

1. Income taxes paid by individuals: $1.48 trillion, or 47% of all tax revenues.
2. Payroll taxes paid jointly by workers and employers: $1.07 trillion, 34% of all tax revenues.
3. Corporate income taxes paid by businesses: $341.7 billion, or 11% of all tax revenues.

Federal Revenue: Where Does the Money Come From

So what gross revenue generates this $3.18 trillion?
1. Assuming overall tax rate for all tax payers is 15.2%
View attachment 53555
Taxes - Just Facts

Income taxes on $9.7 trillion in income
So $1.48 trillion in taxes came from 15.2% of taxable income or: $9.7 trillion generated that tax!
Payroll of $7.5 trillion generates:
$1.07 trillion came from Medicare/SS which is 7.2% from employer and 7.2% from employee:
Total gross payroll: $7.5 trillion in payroll
Corporate income tax on $1.34 trillion
Dividing $341 billion by average of 25% corporate taxes on $1.34 trillion in gross revenue.

SO BECKY!!!!
If people pay 10% instead of 15.2% that means they would have $500 billion more to spend!
If corporate taxes were 10% instead of 25%.. that would leave. $204 billion more to spend!
Over $700 billion more in companies and people's pockets to spend!

Assume the GDP in 2014 was $18 trillion... which generated the $3.18 trillion in tax revenue.
Or 17% of GDP generates the $3.18 trillion in taxes.
Increase the GDP by 35% or $24.3 trillion.
Using 17% then Tax revenue would INCREASE $4.1 trillion!!!

If a rich person's tax rate is 38% or whatever it is , they'll get tax wizards to do their thing so they wind up paying next to nothing. Asks them for only 10% or even 15% and they'll have less incentive to go to the hassle.

"Can I have $38,000 Mom?"

"(laughing) No!"

"Well how about just $10,000?"

"Well, ok."

Plus socially, 10-15% is a lot harder to object to than 38%. "I oppose so and so for their upholding of an unfair amount of tax."

"Well it's now it's just 15%."

"Well that's ok then."

Plus if everyone pays the same percentage, that being the definition of fair, it becomes impossible to oppose.

Oh, the rich pay enormous amounts in taxes. The top 1% actually pay about half of all federal income taxes.

According to a projection from the non-partisan Tax Policy Center, the top 1 percent of Americans will pay 45.7 percent of the individual income taxes in 2014—up from 43 percent in 2013 and 40 percent in 2012 (the oldest period available).

Top 1% pay nearly half of federal income taxes

That's actual taxes paid. Not tax rates.

As we see with processed meat and cancer risks, can use real numbers in such a away as to misrepresent the reality. Wouldn't accept those figures automatically.

I'd stills say that half of all federal income taxes is hardly 'paying next to nothing'.

 

[blastoff]

The GOP has already caved and agreed to increase the debt limit and increase funding.......

Actually, 79 of 247 House Republicans voted with all the dimocrats for the increases, leaving 168 Republicans (68%) voting against them.

And some dopes still can't figure out why folks are rebelling against the establishment professional pols.

 

[Timmy]

What about fed gas taxes and various fees . Where does that money fit ?

Just cut the military 20% .

 

[danielpalos]

Why exactly do we want the government to take more revenue instead of simply cutting costs?

Because the Right won't start with our extra-Constitutional and non-specifically enumerated, War on Drugs.

 

[healthmyths]

What about fed gas taxes and various fees . Where does that money fit ?

Just cut the military 20% .

You know the ability to answer questions from the Internet is so much fun!
Why more people can't use the internet to find the answers to " What about fed gas taxes and various fees . Where does that money fit ?"
IS EASY!!!
What are the federal government's sources of revenue?
Other and excise taxes make up about 9% as you can see below....

 

[Skylar]

What about fed gas taxes and various fees . Where does that money fit ?

Just cut the military 20% .

You know the ability to answer questions from the Internet is so much fun!
Why more people can't use the internet to find the answers to " What about fed gas taxes and various fees . Where does that money fit ?"
IS EASY!!!
What are the federal government's sources of revenue?
Other and excise taxes make up about 9% as you can see below....
View attachment 53577

A 10% tax rate would result in huge budget deficits and its would be insufficient to cover expenditures.

 

[RoshawnMarkwees]

It comes down to 10% of what. 10% of an extremely expanded economy would generate more revenue than the current rate in a contracted economy.

 

[Skylar]

It comes down to 10% of what. 10% of an extremely expanded economy would generate more revenue than the current rate in a contracted economy.

Didn't work when Bush tried it. But this time is different?

 

[g5000]

Look at this question from last night's debate.
QUICK: Dr. Carson, let's talk about taxes.
You have a flat tax plan of 10 percent flat taxes, and -- I've looked at it -- and this is something that is very appealing to a lot of voters, but I've had a really tough time trying to make the math work on this.
If you were to took a 10 percent tax, with the numbers right now in total personal income, you're gonna come in with bring in $1.5 trillion. That is less than half of what we bring in right now. And by the way, it's gonna leave us in a $2 trillion hole."

She had a "tough time making the math work"!

WOW....
What a f...king idiotic STATEMENT!

Hey Becky!!!
In 2015, total federal revenues in fiscal year 2015 are expected to be $3.18 trillion.2 These revenues come from three major sources:

1. Income taxes paid by individuals: $1.48 trillion, or 47% of all tax revenues.
2. Payroll taxes paid jointly by workers and employers: $1.07 trillion, 34% of all tax revenues.
3. Corporate income taxes paid by businesses: $341.7 billion, or 11% of all tax revenues.

Federal Revenue: Where Does the Money Come From

So what gross revenue generates this $3.18 trillion?
1. Assuming overall tax rate for all tax payers is 15.2%
View attachment 53555
Taxes - Just Facts

Income taxes on $9.7 trillion in income
So $1.48 trillion in taxes came from 15.2% of taxable income or: $9.7 trillion generated that tax!
Payroll of $7.5 trillion generates:
$1.07 trillion came from Medicare/SS which is 7.2% from employer and 7.2% from employee:
Total gross payroll: $7.5 trillion in payroll
Corporate income tax on $1.34 trillion
Dividing $341 billion by average of 25% corporate taxes on $1.34 trillion in gross revenue.

SO BECKY!!!!
If people pay 10% instead of 15.2% that means they would have $500 billion more to spend!
If corporate taxes were 10% instead of 25%.. that would leave. $204 billion more to spend!
Over $700 billion more in companies and people's pockets to spend!

Assume the GDP in 2014 was $18 trillion... which generated the $3.18 trillion in tax revenue.
Or 17% of GDP generates the $3.18 trillion in taxes.
Increase the GDP by 35% or $24.3 trillion.
Using 17% then Tax revenue would INCREASE $4.1 trillion!!!

Your math and your assumptions suck.

And I notice you did not post Carson's response to that question. He said the 10 percent figure attributed to him is "total propaganda".

 

[rdean]

Look at this question from last night's debate.
QUICK: Dr. Carson, let's talk about taxes.
You have a flat tax plan of 10 percent flat taxes, and -- I've looked at it -- and this is something that is very appealing to a lot of voters, but I've had a really tough time trying to make the math work on this.
If you were to took a 10 percent tax, with the numbers right now in total personal income, you're gonna come in with bring in $1.5 trillion. That is less than half of what we bring in right now. And by the way, it's gonna leave us in a $2 trillion hole."

She had a "tough time making the math work"!

WOW....
What a f...king idiotic STATEMENT!

Hey Becky!!!
In 2015, total federal revenues in fiscal year 2015 are expected to be $3.18 trillion.2 These revenues come from three major sources:

1. Income taxes paid by individuals: $1.48 trillion, or 47% of all tax revenues.
2. Payroll taxes paid jointly by workers and employers: $1.07 trillion, 34% of all tax revenues.
3. Corporate income taxes paid by businesses: $341.7 billion, or 11% of all tax revenues.

Federal Revenue: Where Does the Money Come From

So what gross revenue generates this $3.18 trillion?
1. Assuming overall tax rate for all tax payers is 15.2%
View attachment 53555
Taxes - Just Facts

Income taxes on $9.7 trillion in income
So $1.48 trillion in taxes came from 15.2% of taxable income or: $9.7 trillion generated that tax!
Payroll of $7.5 trillion generates:
$1.07 trillion came from Medicare/SS which is 7.2% from employer and 7.2% from employee:
Total gross payroll: $7.5 trillion in payroll
Corporate income tax on $1.34 trillion
Dividing $341 billion by average of 25% corporate taxes on $1.34 trillion in gross revenue.

SO BECKY!!!!
If people pay 10% instead of 15.2% that means they would have $500 billion more to spend!
If corporate taxes were 10% instead of 25%.. that would leave. $204 billion more to spend!
Over $700 billion more in companies and people's pockets to spend!

Assume the GDP in 2014 was $18 trillion... which generated the $3.18 trillion in tax revenue.
Or 17% of GDP generates the $3.18 trillion in taxes.
Increase the GDP by 35% or $24.3 trillion.
Using 17% then Tax revenue would INCREASE $4.1 trillion!!!

10% would increase revenue if the top 2% actually paid that amount. Remember, Mitt Romney paid 14% on 22 million dollars earned. And he turned down tax write offs so he could show at least one tax return where he actually paid something.

 

[Timmy]

What about fed gas taxes and various fees . Where does that money fit ?

Just cut the military 20% .

You know the ability to answer questions from the Internet is so much fun!
Why more people can't use the internet to find the answers to " What about fed gas taxes and various fees . Where does that money fit ?"
IS EASY!!!
What are the federal government's sources of revenue?
Other and excise taxes make up about 9% as you can see below....
View attachment 53577

Don't be such a snot . You left that info out of your OP. Just saying .

 

[amrchaos]

Carson suggested 15 % and a quick estimate on a 18 trillion dollar GDP yiels 2.7 trillion in revenue

The current budget is at 4 trillion. Current tax revenue is around 3 trillion.

See the problem?
You have to cut spending a lot more under the15% plan than the current tax system to balance the budget.

Healthmyth is correct if he wants to return to the amount of revenue the government generate. That is the 17% range. But he is still stuck having to cut spending to balance the Budget.

 

[Rustic]

Look at this question from last night's debate.
QUICK: Dr. Carson, let's talk about taxes.
You have a flat tax plan of 10 percent flat taxes, and -- I've looked at it -- and this is something that is very appealing to a lot of voters, but I've had a really tough time trying to make the math work on this.
If you were to took a 10 percent tax, with the numbers right now in total personal income, you're gonna come in with bring in $1.5 trillion. That is less than half of what we bring in right now. And by the way, it's gonna leave us in a $2 trillion hole."

She had a "tough time making the math work"!

WOW....
What a f...king idiotic STATEMENT!

Hey Becky!!!
In 2015, total federal revenues in fiscal year 2015 are expected to be $3.18 trillion.2 These revenues come from three major sources:

1. Income taxes paid by individuals: $1.48 trillion, or 47% of all tax revenues.
2. Payroll taxes paid jointly by workers and employers: $1.07 trillion, 34% of all tax revenues.
3. Corporate income taxes paid by businesses: $341.7 billion, or 11% of all tax revenues.

Federal Revenue: Where Does the Money Come From

So what gross revenue generates this $3.18 trillion?
1. Assuming overall tax rate for all tax payers is 15.2%
View attachment 53555
Taxes - Just Facts

Income taxes on $9.7 trillion in income
So $1.48 trillion in taxes came from 15.2% of taxable income or: $9.7 trillion generated that tax!
Payroll of $7.5 trillion generates:
$1.07 trillion came from Medicare/SS which is 7.2% from employer and 7.2% from employee:
Total gross payroll: $7.5 trillion in payroll
Corporate income tax on $1.34 trillion
Dividing $341 billion by average of 25% corporate taxes on $1.34 trillion in gross revenue.

SO BECKY!!!!
If people pay 10% instead of 15.2% that means they would have $500 billion more to spend!
If corporate taxes were 10% instead of 25%.. that would leave. $204 billion more to spend!
Over $700 billion more in companies and people's pockets to spend!

Assume the GDP in 2014 was $18 trillion... which generated the $3.18 trillion in tax revenue.
Or 17% of GDP generates the $3.18 trillion in taxes.
Increase the GDP by 35% or $24.3 trillion.
Using 17% then Tax revenue would INCREASE $4.1 trillion!!!

Well, the country probably should not be spending more than 10% can cover, easy.