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originally posted by: Aazadan
originally posted by: carewemust
a reply to: Masterjaden
RE: www.wsj.com...
If the top 20% of income earners pay 84% of all Federal Taxes, who will make up for the loss of revenue when those top 20% aren't paying any more than the Middle Class?
Will the people who earn less than $12,000 be required to START paying taxes? Get ready... a whopping 65% of working Americans make less than $12,000 a year, according to: www.usatoday.com... . A flat-tax imposed upon their meager income MIGHT compensate for the loss of revenue from the top 20%, since there are so many Americans in this income range.
65% of the 138 million working americans is 89.7 million people. 12,000/year is 1,076,400,000,000 or just over 1 trillion dollars. Just how much are you trying to make up? A 10% tax is only 100 billion which comes to about 2% of federal spending. Putting aside any issues of morality, or that they need money to support themselves... there simply isn't usable amounts of money in that demographic to tax.
The poor aren't some massive untapped revenue stream. You could tax that entire 65% of working people, 100% of their income and you would still only cover 20% of federal spending. Leaving the other 35% to cover the remaining 80%.
originally posted by: carewemust
OK. That's why I posed my post as a question vs. a statement. I guess there's no way Single-Payer healthcare could be squeezed out of that turnip.
I don't think Congress is prepared to end the insurance industry and deal with causing the unemployment of millions of people in order to bring in single payer though.
originally posted by: Aazadan
Single payer is doable, but that's not where the funding for it would come from. It would basically come from redirecting current Medicare/Medicaid dollars, as well as parts of what people are paying in health insurance premiums (it wouldn't require the full thing)
If they modeled it after Medicare, there is a huge market for supplemental policies.
Medicare doesn't cover everything....and dental, vision and hearing are not included.
You could make a plan similar to Medicare, have it cover 70%....it could be affordable, with small deductibles by unACA standards....and those who are interested....likely the 40+ crowd...could go and pick up an very reasonable supplemental policy from Humana or Blue Cross....or whoever.
WHOA!!!! Do you really think seniors are going to quietly stand by and have their healthcare dismantled? To have their premiums possibly raised?
Model Medicare.....don't steal more from it!!
originally posted by: Edumakated
originally posted by: Wayfarer
a reply to: Edumakated
For sure. Corporations are paying way too much and are suffering horrendously because of it (only 2,000% executive profit growth instead of 10,000%). Let the Lower/Middle class fat-cats finally pay their fair share!
Corporations don't pay taxes...
The tax is just passed on to consumers in the form of higher prices. Sooner or later, corporations will choose to locate to more tax favorable countries. Capital is fluid and will always seek to reduce expenses.
originally posted by: bigfatfurrytexan
a reply to: Aazadan
Taxes should be collected at the point of transaction. If this were to happen, the IRS would be a staff of maybe 1000 people max, with little to not public facing function.
Less bureaucracy, less touching the public, less friction. Its a win in my view.
originally posted by: DontTreadOnMe
a reply to: enlightenedservant
I hope it would be different plans.
Because Medicare is NOT free. And it should not cost anywhere near what an employed person making $60,000 pays.
Same with the poor and working poor on Medicaid.
originally posted by: Krazysh0t
originally posted by: Edumakated
originally posted by: Wayfarer
a reply to: Edumakated
For sure. Corporations are paying way too much and are suffering horrendously because of it (only 2,000% executive profit growth instead of 10,000%). Let the Lower/Middle class fat-cats finally pay their fair share!
Corporations don't pay taxes...
The tax is just passed on to consumers in the form of higher prices. Sooner or later, corporations will choose to locate to more tax favorable countries. Capital is fluid and will always seek to reduce expenses.
This is just straight up untrue. It's just a conservative talking point. If you feel otherwise, explain why it is easier to get a corporate job in high tax New York City but near impossible in low tax Wisconsin? But hey, here are some studies on it too.
Studies: Rich Don't Flee High-Tax States. No company in its right mind would leave this country for a lower tax rate in Somalia. Plus tax rates are higher in Europe than they are here.
Though, if you think about it you are being hypocritical. At first you say that corporations don't pay taxes then suggest that these same corporations that aren't paying taxes will flee high tax areas. Why? If they aren't paying them like you suggest then there is no need for them to leave.
Connecticut's coffers are feeling the pinch of the state's super-rich no longer paying what they used to in personal income taxes. New figures released last week show tax revenue from the state's top 100 highest-paying taxpayers declined 45 percent from 2015 to 2016. The drop adds up to a $200 million revenue loss for the state
Sullivan acknowledged part of revenue decline can also be attributed to "a handful" of wealthy individuals who moved to more tax-friendly states — an issue frequently raised by legislative Republicans, who argue Connecticut's tax policies encourage the state's super-rich to move out. In contrast with some of his fellow Democrats, Gov. Dannel P. Malloy has urged the General Assembly to steer clear of legislation that targets the state's wealthiest taxpayers, including a proposed 19.5 percent tax on hedge funds. The "mere discussion of it in our state, year after year," he said, is harmful to Connecticut's commerce and reputation
originally posted by: Krazysh0t
originally posted by: Edumakated
originally posted by: Wayfarer
a reply to: Edumakated
For sure. Corporations are paying way too much and are suffering horrendously because of it (only 2,000% executive profit growth instead of 10,000%). Let the Lower/Middle class fat-cats finally pay their fair share!
Corporations don't pay taxes...
The tax is just passed on to consumers in the form of higher prices. Sooner or later, corporations will choose to locate to more tax favorable countries. Capital is fluid and will always seek to reduce expenses.
This is just straight up untrue. It's just a conservative talking point. If you feel otherwise, explain why it is easier to get a corporate job in high tax New York City but near impossible in low tax Wisconsin? But hey, here are some studies on it too.
Studies: Rich Don't Flee High-Tax States. No company in its right mind would leave this country for a lower tax rate in Somalia. Plus tax rates are higher in Europe than they are here.
Though, if you think about it you are being hypocritical. At first you say that corporations don't pay taxes then suggest that these same corporations that aren't paying taxes will flee high tax areas. Why? If they aren't paying them like you suggest then there is no need for them to leave.