GeminiCoog
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RE: Trump announces at Arizona rally, "No taxes on overtime"
(09-13-2024 01:12 PM)WKUYG Wrote: (09-13-2024 12:39 PM)GeminiCoog Wrote: (09-13-2024 12:13 PM)WKUYG Wrote: (09-13-2024 11:56 AM)DaSaintFan Wrote: (09-12-2024 10:45 PM)GeminiCoog Wrote: How about no federal income tax, period? We can fund the government with either a fair tax (aka a national sales tax) or tariffs.
i'd take this in a heartbeat (fair tax or a VAT) (and i do agree active military should NEVER be taxed, while in service)
What would you say was a "fair tax rate"? Also what you think a VAT should be?
Can you name me a first world country that has a VAT that doesn't also have a income tax? There's a few but MOST is in over 90% have both. The above question where I asked you what a fair VAT for American should be you need to take what I wrote about over 90% of the first world countries needing both into what just a VAT should be
How about Sr's that are no longer worker but paid into the system with income tax. Should they now pay a VAT?
What should be exempted for all in a VAT?
How about resell....you selling me something should a VAT be put on that?
While its a guess I believe for a VAT to work alone in America it will need to be in the 30 to 35% range. With very few exemptions and that includes resell.
I would bet anyone whatever they wanted to that is making under 100k....
they would be paying more in this tax than income tax which is a tax rate of10/11% if you have no children. And 3 to 5% if you do
Have you read The Fair Tax Book by John Linder and Neal Boortz? What's outlined in that is how I would do it. They answer every single question you've put forth. First, the rate would be around twenty-two percent on every single non-essential item (essentials being food and clothing) on the market today, which would basically be similar to how prices are today. (I forget how they did the math in the book, but they insist that prices would largely be the same.) Also, any and all goods resold would not have a sales tax on it. It would only apply to brand new items. I should furthermore emphasize that the point of this is to have EVERYBODY in the country pay to fund the government since around half of the country doesn't even pay income taxes due to tax minimum thresholds, tax exemptions, and tax loopholes.
Another option would be a flat income tax of ten percent. Now this would only work without having any tax exemptions or loopholes. I admit this part wouldn't be very popular. But considering that the vast majority of taxes are paid by the richest twenty-five percent of the population, I think this would be fair, too. Again, the point is to have everybody pay so they'd have some "skin in the game."
Well, those are two ways I'd do it, anyway.
Can you give me an example of those theories in a working practice? Where VATs are in place in all 23 European countries and the average is 21.6 percent and each one of those countries also have a INCOME TAX rate that is higher than what the average American family making $100,000 pays.
Below is a example of UK MAKING $100,000 a year and keep in mind this does not include the VAT of 20%. I know the UK is no longer in the EU but it still applies for this in the same way.
Yearly
Gross salary £100,000
Income Tax £27,432
Insurance £4,764.60
Take home pay £67,803.40
What is exempt
Quote: What is exempt from VAT in the EU?
Supplies that must be exempt include activities in the public interest such as medical care and social services, as well as most financial and insurance services and certain supplies of land and buildings.
As I pointed to above and I didn't just take the numbers out of thin air. I used a tax calculator and only used the very basics for a family making $100,000 in America. I'm not going to scroll up to get the numbers so these might be off by 1% or so
with 2 children a tax rate of 4%
without any children a tax rate of 11%
66% of American families make under 100k
So in a real world not a theory in countries that are not spend over 50% of their budget on defense. Not only do they need to charge a VAT of at the very least 20% but also a income tax rate that is higher than at least 66% of American families pay.
80% of American household make under $150,000 and their effective tax rate (150k) is only 13% without any children and under 10% with 2.
Need to be very careful what we wish for or think we really want because with the American defense a VAT would need to be 30 to 35% if no income tax
a new $65,000 truck with a 30% VAT then cost you $84,500 before you add in state taxes and dont think state taxes are going anywhere.
No, but not because I don't want to. Believe me, I do. I just haven't found one yet, unfortunately. It doesn't seem like any government entity wants to be an experiment, which is a real shame, too, because I honestly believe it would be worthwhile to see what would happen. I personally think that state or country's economy would skyrocket in a year's time, but I'm sure others would disagree. (I can't say for certain because I'm not an economist.) I also have to reiterate that the Fair Tax would include getting rid of the national income tax and therefore the IRS and would not be a VAT because, at least the way I understand it, a VAT is a tax that's added at each stage of production. I could be wrong on that though, and if that's the case, please feel free to correct me on it. I mean that. A true exchange of ideas includes each one of us educating each other so we can all come away from civil discourse being better informed.
Anyway, as soon as I find one, though, I'll cite it. 
(This post was last modified: 09-13-2024 01:38 PM by GeminiCoog.)
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Trump announces at Arizona rally, "No taxes on overtime"
