Flat tax?

#1
NEO

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Eat at Joe's
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#1
I believe there should be a flat tax across the board. Everyone pays the same Federal tax rate. I do not believe that people making over $373,000 per year should have to pay 35% to the federal government alone. What do you think and why?
 
#3
#3
I couldn't afford the tax, regardless of the percent.

Student exemption? If not, I'd need another student loan.
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#5
#5
Ihatethebuckeyes said:
I believe there should be a flat tax across the board. Everyone pays the same Federal tax rate. I do not believe that people making over $373,000 per year should have to pay 35% to the federal government alone. What do you think and why?
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I like the Fair Tax idea much better but anything that simplifies the system is better than what we have. Our current system wastes 100's of billions on admin/collection/legal costs.
 
#6
#6
rmsmith said:
There's an easy way to avoid paying 35%. Make less than $373,650
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IOW's, all pigs are equal... just some pigs are more equal than others, right?

One's success in life should not be subject to the arbitrary whims of politicians and bureaucrats.
 
#7
#7
sjt18 said:
I like the Fair Tax idea much better but anything that simplifies the system is better than what we have. Our current system wastes 100's of billions on admin/collection/legal costs.
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You're right, fairtax is much better. IMO
Although it would still raise my tax considering my effective tax rate is approx 3%
 
#8
#8
The Fair Tax is actually protects lower income people better than the current system and collects more from the genuinely wealthy... which is why it will probably never see the light of day.
 
#9
#9
The Fair Tax is also supportive of conservation and environmental protection. It rewards those who buy used, fix things rather than buying new, and generally preserve/conserve what they have.
 
#10
#10
sjt18 said:
The Fair Tax is also supportive of conservation and environmental protection. It rewards those who buy used, fix things rather than buying new, and generally preserve/conserve what they have.
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Your factoring in write offs and other deductions though. Alot of those loop holes have been closed. Plus you can no longer claim as much on charities.
 
#15
#15
The Fair Tax would not apply to purchases of existing homes or used cars IIRC. It would only apply to the purchase of new goods and services.

As far as I know, there would not be any "loop holes". It would apply to all new goods and services.
 
#16
#16
BeecherVol said:
Im all for a donation program.
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I have thought about that too. Why don't they allow for true democracy? Just give us a form and allow us to contribute to the things we believe in and not to everything else. Silly dream I know.
 
#17
#17
I'm becoming more and more of a proponent of a flat tax and cutting the capital gains rate to about 5%.
 
#19
#19
Exempt the first 20K or so from taxes and then put a flat tax on all other income. No deductions. Period.
 
#22
#22
As far as the 35 percent tax brack for over 393 goes no you would not probably pay out a total of 35% for fed alone. At the end though if you lived in a state that had state income tax and city tax you would still end up around the 35% mark total. In TN you'd end up around the 28% mark. And yes, if you're a business owner you probably have an office in your house which you can write off. Also write off all of your gas. If you have amandatory work outfit at work you can write off all your own clothes. You can put your wife and kids on the payroll and I write their clothes off too. Car is under the business you can write that off. You can also write off one meal a month as a board members meeting. You can write off more not listed here but my accountant tells me a flat tax would still save me quite alot. I am not an accountant though and do not pretend to be one. That is his job. I can only say that he has advised me that it would be to my best interest for multiple reasons.

The capital gains tax needs to be lower too, not higher.
 
#24
#24
Ihatethebuckeyes said:
Very hard to dodge taxes if your a W2 corp ex on a payroll who is driving a company car the company he works for owns. Not alot of wiggle room.
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That's what I'm saying. Depends on your income stream.

If your income comes from earned income, there isn't much you can do about it. If it's from investing....that's a completely different ball game.
 
#25
#25
tigervol9802 said:
That's what I'm saying. Depends on your income stream.

If your income comes from earned income, there isn't much you can do about it. If it's from investing....that's a completely different ball game.
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I was just agreeing with you. I know you're a CPA. You know your stuff.:)
 
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