(09-13-2024 07:38 AM)Eldonabe Wrote: (09-13-2024 07:28 AM)miko33 Wrote: Not a good idea IMHO. Reducing the rates is better IF we're to stick with the income tax structure. IMHO, national and state sales taxes are a much better way to collect taxes from regular people. Saving and investment should not be penalized - for poor and middle class people at least.
Agreed, consumption takes should all but replace income taxes.
and/or
A very simple to understand Flat tax - with graduated increases with increased income.
Virtually nobody pays the actual tax rate for their income bracket. Calculate a real rate and apply. Your tax rate is based on your projected annual rate of pay. If you get a new job with a raise, you are taxed at the new rate on the new job only, not aggregate where there is a clawback on the other job's earnings.
If you are a full time student and working (not NIL income stuff though) you do not pay taxes.
A little more complicated with commercial, but it can be done applying a rate based on projected revenues OR they pay some kind of consumption adjunct rate on their sales.
Enough with a 9,000 page tax code. You can do the whole thing in about 20 pages.
Why do you think a VAT can replace the income tax and at what rate? Do you not realize all of Europe has a VAT of 20 to 25%...plus a income tax?
What in the world would make anyone believe it wouldn't take the same in America? Plus any VAT is just a starting rate and I guess people think it's not going up.....
most of you people are paying a income tax rate of under 10% when it's all said and done. A family with 2 children making $100,000 a year and each putting 5% into retirement has a....
Effective Tax Rate
4.87%
That same family making $150,000 and their only deductions is the standard, with a retirement of 5% has a....
Effective Tax Rate
11.06%
Same family making $80,000 a year....
Effective Tax Rate
2.81%
If that couple making $80,000 a year has ZERO children....
Effective Tax Rate
11.09%
Be very careful of what you ask for because very very few countries have NO INCOME tax. Most if not all of those that have a VAT also have a income tax rate and a total tax rate of....
close to if not over 50%
With America's defense budget you think we will be that one country without both taxes? If so it wont be long before a VAT that starts out at 20% will be 25% and then 30%
American families making 100,000 to 149,999 16.4%