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-   -   Flat Tax! (https://www.talkofthevillages.com/forums/villages-florida-political-talk-88/flat-tax-9022/)

Guest 07-31-2007 10:49 AM

Flat Tax!
 
I would like to discuss an old subject, everyone pay a "Flat Tax." I believe it works like this: Everyone, no matter how much they make, pay a flat tax on their earnings. Example: 10%! No loopholes, no deductions or anything that would shield the very wealthy, the middleclass, and the poor from paying their fair share.

I realize this idea has gone round & round but so far no one has put teeth into it. Is there anyone out there who represents us, "The People", that would and can put this up for a vote of "The People?"

Thanks for your input!

Guest 07-31-2007 10:52 AM

Re: Flat Tax!
 
My screen is blurry. A Fat tax would bring in lots of dough. Everyone is FAT!

Guest 07-31-2007 11:59 AM

Re: Flat Tax!
 
I'm all for a change in the current tax system. I'm not sure a flat tax is the way to go though. Neal Boortz suggests a "fair tax" system by using a national sales tax. http://www.fairtaxblog.com/cat/vs-flat-tax/. This might work. Anything is better than what we have now. Only an expert knows the current tax rules and keeps up to date with all the changes year to year. There's a lot of potential for mischief with the current system. Just think of what it costs to maintain the IRS.

Guest 07-31-2007 02:48 PM

Sounds Like A Good Idea To Me, But...
 
...any new plan which simplifies the Tax Code will bear the brunt of the lobbyists representing the tax lawyers and CPA's. They all like the complicated, unfair system as it currently exists. So who do you think your Congressman and Senators will listen to...you and your wife with two measly votes, or those lobbyists waving fistsful of $100 bills? That's an easy answer.

Guest 07-31-2007 08:05 PM

Re: Flat Tax!
 
yes, and that is another sore spot with most people-Lobbyists! I know what they do but don't quite understand how they have unrestricted access to our Congressmen and Senators to pass out the handfuls of $100. dollar bills.

You are right, though, our Representatives aren't looking out for us but themselves and the tax preparation folks like things just like they are, complicated! What to do?

I would like to think that we make educated decisions about who we vote for but the past few years it seems we have to vote for the lesser of two evils!

Guest 07-31-2007 09:55 PM

Re: Flat Tax!
 
Read the book "The Fair Tax" by Congressman John Linder and Neal Boortz. If enough pressure by the voters was placed on the elected officials, they'd eventually cave in. Their number one priority above all else is re-election.

Guest 08-04-2007 10:48 AM

Re: Flat Tax!
 
I Like the Flat Tax based on what you earn... not a sales tax on what you spend. ( Got to think of us retirees )

BUT..what are we going to do with the tens of thousands of IRS employees being unemployed!!!! :joke:

Guest 08-04-2007 11:33 AM

Re: Flat Tax!
 
You may want to pick up a copy of the book FAIR TAX. It made sense to me. It's simple and eliminates many of the problems and unfairness of our existing system. I noted that afew of the Republican candidates have stated they support it and none of the Democrat candidates have come out in support.

The Fair Tax is not on earnings but on purchases of new items only.

Guest 08-06-2007 11:44 AM

Re: Flat Tax!
 
Quote:

Posted by Guest
You may want to pick up a copy of the book FAIR TAX. It made sense to me. It's simple and eliminates many of the problems and unfairness of our existing system. I noted that a few of the Republican candidates have stated they support it and none of the Democrat candidates have come out in support.

The Fair Tax is not on earnings but on purchases of new items only.

So how is this a fair tax.... The CEO that makes $25 Million a year and spends $5 Million -- verses the guy that makes $35000 a year and spends $40000. THE LOWER AND MIDDLE CLASS take the brunt. :redface: A flat tax on income makes the CEO pay a heck of lot more taxes than they do today.. and equal for all.. I would take one step further, and it should be taxed on you gross income not net :beer3:

Guest 08-06-2007 12:15 PM

Re: Flat Tax!
 
Quote:

Posted by Guest
So how is this a fair tax.... The CEO that makes $25 Million a year and spends $5 Million -- verses the guy that makes $35000 a year and spends $40000. THE LOWER AND MIDDLE CLASS take the brunt. :redface: A flat tax on income makes the CEO pay a heck of lot more taxes than they do today.. and equal for all.. I would take one step further, and it should be taxed on you gross income not net :beer3:

I'm sorry but you are wrong in your understanding of the fair tax! The more you make the more you spend, therefore the guy making 5 million a year pays more taxes. It is the only way to tax fairly. The taxes on basic items IE food, housing, etc would be rebated to all based on the size of your household, not your income, base on the poverty level for example if the national poverty level for family of 4 is $20,000 the taxes collected on that @ 23% would be $4600 per year which would be rebated to everyone on a monthly basis. Does that mean that all the prices would rise 23%? No under the present system in everything we buy is an embedded tax( what it cost to make that project) is about 23%. Someone earlier said something about thinking about the retiree. At the present time we have to pay taxes on our 401-k's will we take money out, under the fair tax this is eliminated. If you still are working wouldn't it be nice to receive your full paycheck! I don't do justice to explaining the fair tax. Please get the book or at the minimum go www.fairtax.org This would be great for everyone!

Guest 08-06-2007 12:31 PM

Re: Flat Tax!
 
Would a combination of flat tax and current tax laws work? Let the individual choose which method they would file under.

Guest 08-06-2007 02:50 PM

Re: Flat Tax!
 
The fair tax proposal shouldn't be criticized without reading the book.

Guest 08-09-2007 08:10 AM

Interesting Tax Question- from Neil Boortz's Page
 
PITY THE FOOL

The fool I'm referring to here is the poor sap from New York who caught that Barry Bonds home run ball in San Francisco earlier this week. The ball is reputed to be worth in the neighborhood of a half-million dollars.

Here's the rub. Accountants certainly aren't in agreement on this, but some are saying that this character owes the IRS about $200,000.

Think about it. If someone gives you a car worth $500,000, you must include that car as income on your tax return. The extra income shoves you into a higher bracket, and you're going to fork over at least $200,000. Well, what's the big difference between someone giving you a half-million dollar car and a half-million dollar baseball?

New York tax lawyer John Barrie says: "It's an expensive catch. Once he took possession of the ball and it was his ball, it was income to him based on its value as of yesterday."

Some tax experts say that no, you don't have to pay the tax until you actually sell the ball. Sell, that's not the way it would work for the car, so why would the government treat that ball any differently?

Isn't this just grand? Our wonderful tax system at work. Does anyone out there have any suggestions as to how we might change things?


Guest 08-09-2007 04:25 PM

Re: Flat Tax!
 
Do away with the IRS and go to the fair tax.

Guest 08-27-2007 07:50 PM

Re: Flat Tax!
 
Neil Boortz devoted some time to The Fair Tax on his program. Seems like the Wall Street Journal had a column that distorted the facts. Article said this concept started with The Church of Scientology. Boortz was really ticked of as this erroneous claim, will now work itself into the debate as a "fact" reported by The WSJ. Also said George Will, who should know better, was quoted as saying you buy a million dollar home and with the Fair Tax it will cost 1.3 million, end of discussion. It's time for folks to get their hands on the book and if it's not already too late, make it part of the Presidential and Congressional Debates. The Fair Tax makes sense and there should be increased discussion about implementing it as a reasonable alternative to the mess we currently have now.


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