For those in favor of tax increases....

[RowdyRedRam]

How about for both. 100,000 and 1,000,000

I don't know where the scale currently is but I at 35 to 40 percent a 100,000 individual could walk home with 75 to 60,000 dollars a year. Which is plenty of money to live without much discomfort. At 1,000,000 dollars a year I don't much issues with saying 50% because you have to go out of your way to figure out ways of spending 500,000 a year on your lifestyle.

[lynks66]

I don't know where the scale currently is but I at 35 to 40 percent a 100,000 individual could walk home with 75 to 60,000 dollars a year. Which is plenty of money to live without much discomfort. At 1,000,000 dollars a year I don't much issues with saying 50% because you have to go out of your way to figure out ways of spending 500,000 a year on your lifestyle.

 

What about those who make 10,000,000 or more? Should it be higher than 50%?

 

Also, how would the scale go down for someone who makes 40,000-60,000? or even 20,000?

[Jumper_Dad]

I appreciate you being willing to throw out some percentages for discussion. Where would you put the capital gains tax at? Just curious.

 

How about the Fair Tax? There would be no capital gains tax at all. There would be no Federal Tax and No State tax. Only a sales tax at roughly the same percentages mentioned above around 25%. The bill as it is written currently would give consumers a pre-bate every quarter to offset the taxes on the first $7,500 they spend. Basically you would pay no sales tax until you have spent over $30,000 a year. The tax is on new items only, a used car for example would not be taxed as the tax had already been paid on it when it was originally sold. There would also be no FICA or Soc Security taken out of your check. The only thing coming out of your check would be your deductions for insurance, retirement etc.

 

Under this plan, no one would escape paying taxes. Not the wealthy, not the unregistered immigrants that are being payed without paying any taxes. They have to eat and buy clothing therefore they would be taxed. I honestly trust Kroger, Wal-Mart, Target etc to collect taxes efficiently more than I do the IRS.

 

The only people that should be against this are CPAs, Tax Lawyers and H&R Block.

 

Fair Tax Link

[RowdyRedRam]

How about the Fair Tax? There would be no capital gains tax at all. There would be no Federal Tax and No State tax. Only a sales tax at roughly the same percentages mentioned above around 25%. The bill as it is written currently would give consumers a pre-bate every quarter to offset the taxes on the first $7,500 they spend. Basically you would pay no sales tax until you have spent over $30,000 a year. The tax is on new items only, a used car for example would not be taxed as the tax had already been paid on it when it was originally sold. There would also be no FICA or Soc Security taken out of your check. The only thing coming out of your check would be your deductions for insurance, retirement etc.

 

Under this plan, no one would escape paying taxes. Not the wealthy, not the unregistered immigrants that are being payed without paying any taxes. They have to eat and buy clothing therefore they would be taxed. I honestly trust Kroger, Wal-Mart, Target etc to collect taxes efficiently more than I do the IRS.

 

The only people that should be against this are CPAs, Tax Lawyers and H&R Block.

 

Fair Tax Link

I'm not against this, but I do have a concerns on how this would effect commerce. For example if every new item just took a 25% price increase wouldn't that reduce any new purchases. In some sense doesn't this hurt consumers who are the driving influence in the economy, as well as might it encourage out country purchases and create a massive black market even bigger than the current drug trade? Again I'm not saying there isn't merit in the idea but how are this issues addressed.

[Jumper_Dad]

I'm not against this, but I do have a concerns on how this would effect commerce. For example if every new item just took a 25% price increase wouldn't that reduce any new purchases. In some sense doesn't this hurt consumers who are the driving influence in the economy, as well as might it encourage out country purchases and create a massive black market even bigger than the current drug trade? Again I'm not saying there isn't merit in the idea but how are this issues addressed.

Well you have your entire check each week with no taxes taken out plus approximately $1,750 pre-bate check each quarter to offset the taxes you are going to pay that quarter. If these stimulus checks are supposed to be good for the country how about one every quarter. As far as the black market issue, well these items would have to be stolen to begin with to forgo the tax. Since used items are not taxed I think that alone would stimulate a whole new sector of our economy.

 

This is from the Fair Tax website:

ABOUT THE FAIRTAX

 

What is the FairTax plan?

The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.

 

The FairTax Act (HR 25, S 1025) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.

 

The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.

 

The FairTax:

 

• Enables workers to keep their entire paychecks:banana:
  
• Enables retirees to keep their entire pensions:thumb:
  
• Refunds in advance the tax on purchases of basic necessities:ylsuper:
  
• Allows American products to compete fairly :fight:
  
• Brings transparency and accountability to tax policy
  
• Ensures Social Security and Medicare funding
  
• Closes all loopholes and brings fairness to taxation
  
• Abolishes the IRS:dancingpa
  

[Mr.Fundamental]

Well you have your entire check each week with no taxes taken out plus approximately $1,750 pre-bate check each quarter to offset the taxes you are going to pay that quarter. If these stimulus checks are supposed to be good for the country how about one every quarter. As far as the black market issue, well these items would have to be stolen to begin with to forgo the tax. Since used items are not taxed I think that alone would stimulate a whole new sector of our economy.

 

This is from the Fair Tax website:

ABOUT THE FAIRTAX

 

What is the FairTax plan?

The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.

 

The FairTax Act (HR 25, S 1025) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.

 

The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.

 

The FairTax:

 

• Enables workers to keep their entire paychecks:banana:
  
• Enables retirees to keep their entire pensions:thumb:
  
• Refunds in advance the tax on purchases of basic necessities:ylsuper:
  
• Allows American products to compete fairly :fight:
  
• Brings transparency and accountability to tax policy
  
• Ensures Social Security and Medicare funding
  
• Closes all loopholes and brings fairness to taxation
  
• Abolishes the IRS:dancingpa
  

 

 

I love it, where do I sign???:dancingpa:dancingpa:dancingpa:dancingpa:jump::ylsuper::ylsuper::cool:

[Sting]

I think we should pass the Balanced Budget Amendment before we discuss any tax cuts or changes. Once Congress hands are tied on spending, then we can discuss tax changes.