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originally posted by: ReadLeader
Taxes cannot be lower for everyone and still raise the same amount of money. For every dollar that your taxes are low/lower, someone else’s has got be a dollar higher.
Yup, we know the argument "cutting taxes may cause people to work harder and thus substantially increase government revenue".
originally posted by: AugustusMasonicus
originally posted by: ReadLeader
Taxes cannot be lower for everyone and still raise the same amount of money. For every dollar that your taxes are low/lower, someone else’s has got be a dollar higher.
Yup, we know the argument "cutting taxes may cause people to work harder and thus substantially increase government revenue".
Not if it attracts foreign capital and investiture or compels domestic companies to invest here instead of abroad.
originally posted by: Krazysh0t
So is this income tax, real estate tax, capital gains tax, investment tax? Because a 14% flat income tax would see the rich paying next to nothing since most of their income comes from investment, stocks, and real estate.
originally posted by: Southern Guardian
a reply to: peskyhumans
Really, a flat tax? How is this a new idea? How many GOP candidates have proposed a flat tax over the years? It's not a new idea at all.
And, the idea that a flat tax works out for the lower and middle classes is nonsense. It's a tax scheme that benefits the wealthy, it's another trickle down system. Currently the wealthiest pay up to 39% in taxes while the lowest tax rate is 10%. Those who ear between $9000 to $37,000 a year pay a 15% tax rate. They will not see a tax deduction in their taxes from Carsons plan. However the CEO earning $1 million a year will see his taxes cut by 60%.
How is this a fair tax system? The wealthy get a reduction of up to 60% but those earning less than $37,000 see no change to their taxes? How does this work out? Is the wealth supposed to trickle down again?
A "fair" tax you say? No.
originally posted by: Krazysh0t
a reply to: Edumakated
Well that may be tricky. Part of the appeal of getting people to invest in real estate, stocks, or another business is the tax rates you get for your return on investment.
originally posted by: MystikMushroom
a reply to: peskyhumans
If I make $25,000, under that plan I'd pay $3,725 leaving me with $21,275 to live off of.
If I make $500,000 under than plan I'd pay $74,500, leaving me with $425,500 to live off of.
It's a helluva lot easier to live off of $425,000 than it is $21,000.
A gallon of milk or a loaf of bread costs the same to both people. The basic necessities for life don't become cheaper if you're poor or more expensive as you get rich.
Flat taxes hurt the lower income people the most.