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+---- Thread: Holy Flat Tax Batman (/thread-215394.html)
- DrTorch - 03-03-2005 10:39 AM
<a href='http://news.yahoo.com/news?tmpl=story&u=/ap/20050303/ap_on_bi_ge/greenspan_20' target='_blank'>http://news.yahoo.com/news?tmpl=story&u=/a...ge/greenspan_20</a>
Could it be?
- blah - 03-03-2005 04:22 PM
Quote: "A simpler tax code would reduce the considerable resources devoted to complying with current tax laws, and the freed up resources could be used for more productive purposes," Greenspan said.
Amen to that. If we just had a flat tax, there wouldn't be loophole for anyone. No need for an IRS or the accountants who figure out the taxes.
I am still trying to figure out how a flat tax would be a burden on the poor. If they are not buying anything or making any money, there is nothing to tax. Maybe he was referring to the welfare people who live better than me with all the food stamps they need, 32" T.V.sto watch and all the cigarettes they can smoke.
- fsquid - 03-03-2005 06:42 PM
I'm in favor of this.
- JTiger - 03-04-2005 08:58 AM
I'm interested in how this will impact charitable donations. It makes it easier to write the check if it's tax deductable. We all know that shouldn't be the reason, but in some cases it is.
- Fanatical - 03-04-2005 03:22 PM
blah Wrote:I am still trying to figure out how a flat tax would be a burden on the poor. If they are not buying anything or making any money, there is nothing to tax.Just because one is poor doesn't mean he or she doesn't spend any money. I'm planning on grad school next year and I'll probably be poor. I'll still need to eat and sleep and wear clothes to stay alive.
Most people considered poor recieve most of their income taxes back. This wouldn't be the case with a sales tax. That is why this plan would in effect raise taxes on poor americans.
- DrTorch - 03-04-2005 04:14 PM
Fanatical Wrote:Most people considered poor recieve most of their income taxes back. This wouldn't be the case with a sales tax.You obviously haven't read the plan.
1. There is no income tax to pay...so there's nothing to get back.
2. There is a minimum cost-of-living allowance. Thus your basic needs aren't taxed (or you get this back.) Here is where it really benefits the poor, b/c the rich spend far beyond their basic needs.
- Fanatical - 03-05-2005 10:02 AM
DrTorch Wrote:1. There is no income tax to pay...so there's nothing to get back.That's my point. In a progressive income tax plan the poor generally get all their income tax returned; leaving them with the same amount of cash if they did not have an income tax. A sales tax increases the price of goods which all will buy. This in effect raises the cost of living over everyone meaning the poor will have to spend more money to buy goods than in the progressive income tax plan. Thus in effect the poor will pay more than they had to earlier. Which leads us to......
Quote:2. There is a minimum cost-of-living allowance. Thus your basic needs aren't taxed (or you get this back.) Here is where it really benefits the poor, b/c the rich spend far beyond their basic needs.
The refund! This is obviously going to be a set amount per household and personal dependants much like deductions are now on our income taxes. You're right I didn't read the plan only the article. In effect if this plan would pass we would be recieving a check to work in the United States.
which is nice