Saturday, September 22, 2012 3:18:45 PM
HG: Actually 15% would sustain the government. Forbes did a study and figured it out. Of course he was talking about eliminating income tax completely and instituting the 'flat tax` as a federal sales tax (with an exception for foodstuffs).
"Look up 'capital gains` on wikipedia to learn more."
I know how capital gains works. My family was relatively wealthy. But I don`t see how that changes my statement.
I think there should be a set tax rate for the amount of money you take in whether it is investment, payroll, or lemonade stands.
If you make under $50,000 you pay no income taxes. If you make over $30 million you pay 30%. In between it is on a sliding scale.
That would vastly lower the tax burden on the lower and middle class while sustaining the operating of the government, eliminating budget deficits, and paying down the national debt.
I think getting to pay taxes should be a privilege that people strive for because it means you have reached a level of success where you can take care of your family, assist your country, and still have plenty left over.
Saturday, September 22, 2012 2:19:11 PM
@CrakrJak: I hear ya, that's why there should be a flat tax. everyone (except the poor) paying the same rate regardless of the source of that income.
Damn, it`s a banner day--I agree with that entirely (although I`d add a caveat about no loopholes, no exemptions)! I do think there should be one exception, as you say, too, for those making less than whatever minimum is decided (i.e. the minimum required to survive plus 10%, or something like that), but, otherwise, I`m all for it, CrakrJak.