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Flat Income Tax? Yes or No?
I was listening to an "expert" talk on NPR radio last week. He said that "the people" do not want a flat tax. They want their deductions, thank you very much.
Is the expert correct? I'm going to ask you, the "real" people, what you think of a flat income tax for everyone.
Just Jill.......
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I strongly prefer the flat tax. I think the "people" oppose it because they're constantly told it would be catastrophic for this country, but would really be better.
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Forty seven percent of households pay no Federal Income Tax, I sure they will all be for a flat tax.
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Anything has to be better than what we have now. Lately, I've been thinking about a national sales tax replacing the income tax. The more you earn, the more you buy. The less you earn, the less you buy, and taxes paid proportionately. Food, clothing and toilet paper would be exluded.
ETA: It would also force people earning money illegally to pay taxes.
Last edited by Scar; 01-18-2011 at 03:35 PM.
Reason: add
Jeff
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Does a "Flat Tax" imply that everyone pays the same PERCENTAGE of tax on earned income? If so, I think THAT is fair. If not, then no.
Natalie
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Originally Posted by BrerGnat
Does a "Flat Tax" imply that everyone pays the same PERCENTAGE of tax on earned income? If so, I think THAT is fair. If not, then no.
Everyone would pay the same RATE - say 10% on ALL earnings. No loopholes, no hiding the money in Switzerland.
Just Jill.......
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I could still see a number of possible exceptions - what counts as "income" and what gets "excluded" from income? Would there be a minimum amount that needed to be earned before taxes are due or would it be owed on every dollar - including the first dollar earned?
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Originally Posted by Granny Jill A
Everyone would pay the same RATE - say 10% on ALL earnings. No loopholes, no hiding the money in Switzerland.
I think that's fair. Everyone should have to pay tax, and imposing a flat percentage would be the most fair way. If you make less, you pay less. If you make more, you pay more. Should be how it works. There really should be no difference if you are married or not, have kids or not, etc.
Natalie
INTERCOT Staff: Disneyland Resort-California, The Water Cooler
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I've heard the Federal Income Tax idea a lot, and overall it's probably one of the better ideas. As long as it's "loophole" free. That's the problem with deductions.
Much like the legal system (where the one with the best lawyer wins) those with the best accountants pay less.
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I think a flat tax is a great idea. But as mentioned, there are loopholes that would have to be addressed, such as interest income, dividends, ect... But it does make one think. For those lucky ones who make $200,000 yearly, 10% would be a hefty $20,000. But 10% is far less than I pay now and would gladly pay that.
But I, like one of the above mentioned posters would like to know how those who are paid in cash or make money illegally would pay their share of taxes...
Such a corupt system we're expected to support.
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I'm okay with the flat tax...
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I have to say that I'm honestly not really sure. I would have to know what the percentage would be and see how it affected me and my family before I could decide. It sounds good in theory but how it works in the real world would probably not be what we all would expect.
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Vince
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I love the idea of a Flat income Tax but the only draw back that I see is, it can become too easy for Congress to change the percentage almost at will. And fanakly, I do not trust Congress at all!!!
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Originally Posted by comicguy
... it can become too easy for Congress to change the percentage almost at will. And fanakly, I do not trust Congress at all!!!
Didn't you vote them in?
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Originally Posted by princessjojo
I think a flat tax is a great idea. But as mentioned, there are loopholes that would have to be addressed, such as interest income, dividends, ect... But it does make one think. For those lucky ones who make $200,000 yearly, 10% would be a hefty $20,000. But 10% is far less than I pay now and would gladly pay that.
I ran the numbers on my measly paycheck, and I currently fork over 23% of my earnings for Fed/State/Local taxes. And that's with my medical insurance and parking fees "sheltered" from the tax bite.
For the flat tax to work out fairly, ALL income from ALL sources would have to be taxed, and there would have to be no ceiling. Right now, well-to-do folks stop paying into Medicare after a certain dollar amount is reached.
Just Jill.......
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Whether a person makes $10,000 dollars a year or $10,000,000 a year, it is my opinion they should pay taxes.
As a matter of fact, I think it is more important the the lower end pay taxes so that they understand that all government programs have a cost and that way there is an incentive for them to keep costs down as well instead of thinking that "someone else will pay for it."
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I will try to be an adult.
I would love a flat tax. I would also love an increased sales tax. Let's let the people that are spending all the money pay. After all, a drug dealer or "professional lady" will not be paying income tax but will be buying things.
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