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Originally posted by A Wolf Among Sheep
reply to post by Quazga
The wealthy already do foot the major portion of the tax burden, how much more would you like them to pay?
Originally posted by mopusvindictus
You know the principals Obama has are decent and Biden too
But the problem is when you simplify the tax code and put it on the wealthy you drive the system to a place where it "defines wealthy"
and that definition will fall upon people who really aren't wealthy.
To BECOME wealthy you need to be able to accumulate enough money for your money to make money and what I am seeing as the definition of wealthy factors in the 12 G a year crowd so a person who achieves that 100 G a year, will find himself, utterly screwed because he will go to loosing half probably on some simple inanne system that has no loopholes like a flat tax
That Joe average dope, can figure out
and what does that actually do...
It relieves a guy making 25 G of paying 400.00 a year
But prevents him when he breacjes a hundred G for example of having anything left but 50 G (as a fictional example) because he is defined as "wealthy" long before being wealthy
What Is a Flat Tax?
Unlike the current system, a flat tax is simple, fair, and good for growth. Instead of the 893 forms required by the current system, a flat tax would use only two postcard-sized forms: one for labor income and the other for business and capital income. Unlike the current system, which discriminates based on the source, use, and level of income, a flat tax treats all taxpayers equally, fulfilling the “equal justice under law” principle etched above the main entrance to the U.S. Supreme Court building. And unlike the current system, which punishes people for contributing to the nation’s wealth, a flat tax would lower marginal tax rates and eliminate the tax bias against saving and investment, thus ensuring better economic performance in a competitive global economy.
There have been several flat tax proposals over the years, all of them based on the pathbreaking proposal developed by two Hoover Institution economists. While no two plans are identical, they all share common features that fix the major flaws of the current Internal Revenue Code. Simplicity and fairness are also natural consequences of these component features of tax reform.
These major features of a flat tax are:
A Single Flat Rate. All flat tax proposals have a single rate, usually less than 20 percent. The low, flat rate solves the problem of high marginal tax rates by reducing penalties against productive behavior, such as work, risk taking, and entrepreneurship.
Taxed on items you buy (other than food) sure! That puts the power of the lower tax in the hands of the frugal.