exirsman
 |
I support a 15% flat tax with $10,000 exemptions per adult and $2,000 per child. However, we will never get a flat tax because special interests have claws into our government at every level. Realtors want the mortgage deduction. State governments want the sales and property tax deduction. Colleges want the education credit and charities want the charity deduction etc.
A sales tax would be awful as it would be just as easy for people to cheat and it would cripple the poor. It would discourage consumption and thus slow the economy.
I'd love to see a flat income tax, but we have the government we deserve. Everyone wants a hand from Uncle Sam.
Just because one may have worked for the government (as I did) does not mean you have to support the bloated Internal Revenue Code or the bloated Federal bureaucracy that feeds off of it. I care about the poor, that is why I am against the Flat Sales Tax plan. The Flat Income Tax with a large personal exemption would be fair to all. |
|
Judy1
 |
The downside is that it's regressive, with low income people paying a much higher percentage than they do now, middle income probably paying somewhat more, and high income paying less. This would be the case even with the rebated amount for each household that's in some fairtax proposals - and defining "household" still leaves room for substantial cheating.
The upside is that "under the table" income earners end up paying tax along with people who are working legally. And that's not a shot at illegal aliens - much of the "under the table" income is earned by legal citizens. |
|
Dan V
|
Because paying 15% to a person making 10k a year is taking a way a lot more then the same percent to a richer person making 100k a year. |
|
bostonianinmo
|
The working poor depend upon the EITC to keep themselves off the streets. Take that away from them and hit them with a 27% tax bill and you'll dump them all into the streets.
The ONLY folks who will benefit from a "flat tax" will be the wealthy. A flat tax would have to be assessed at around 27% to equal the revenue from our current system. The wealthy pay tax at 35% on their last dollar; they'd get a HECK of a tax break. The middle class ($40k - $90k) are looking at a net tax rate of around 17% - 20% so their taxes would go up significantly. The working poor ($10k - $20k) pay little or no tax. They would be devestated by a 27% levy.
The flat tax would be a great deal for Bill Gates but a LOUSY deal for the rest of the counrty. No thanks!
Note to exirsman: Unfortunately a 15% flat tax would not raise enough money to replace the current system. If you're really Ex-IRS you'd already know that. How do you intend to deal with the single parent raising 2 kids on $16k a year as a bank teller who will see their income drop 30% - 50% under a flat tax systetm? |
|
mr_lb_usa
 |
Does a "flat tax" mean most of us will be able to do their own tax returns if any ?
I just paid $1,800 to have a joint-returns plus an S-corp. returns.
Do you think the money could have been used for a better use? |
|
STEVEN F
 |
The downside is that congress could no longer use the tax code to hide welfare (EIC) and manipulate behavior (every deduction and credit). Now that I actually typed it, the only downside is it is still and income tax. I prefer the "Fair Tax" plan. If is essentially a national SALES tax. |
|
Jeff
 |
depends on your tax bracket today and if you are employed as a tax preparer.
If you are in a low tax bracket you'd have to pay more, but in reality they would actually not pay as much as low income would pay nothing.
if you are in high tax bracket, you'd pay much less,,
if you work for IRS or filing out tax returns,, you would be out of a job.
Jeff is all for it,, |
|
Thomas K
|
We have a substantially flat tax now within + or - 5%.
The downside is that the poor would pay what they cannot afford and the middle class ($150,000/year) would not pay more to support them. |
|
blameless7
 |
There is no downside... If the government went to a flat tax, the flat tax rate would be lower than the current rate, which is essentially 15% for most people and much more for other types of businesses.
The poor would pay more, and the rich would pay less. It is a good thing. If the tax was less and withheld as you go, like they do now then there should be no problems.
Giving the poor a huge tax refund at the end of the year which is equivalent to 33% of their entire yearly income is absolutely retarted. They commonly do not know how to manage that kind of money. If it was a flat tax then there probably would not be any need to do tax returns at all. It would all be covered by the pay as you go system, accept for businesses.
It would be so good. |
|
Frank F
|
There is no down side except to the upper income population. They would have to pay more and with no loop holes. |
|
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
