[rjw3000]

Let's hear your opinions on this fun topic

[dmead]

what about fair tax?

FairTax - Wikipedia, the free encyclopedia

[kjjb0204]

no problem with the fair tax. no sales tax in my state! (i know, that would change....)

[Dawg]

Im all about the fair tax

[test54]

flat tax or fair tax would be better then what we have today.

[HHOTEK]

Flat tax is a term that has been used loosely for years
flat income tax would be a devastating thing for many businesses but a flat sales tax at say 15% would be the most ideal solution (it will never happen)
The benefit of this tax would be that tha average joe would spend less on taxes but the gazillionaire that pays what i do on taxes will actually contribute his share just as you and i do. When he buys a 850k ferrari Enzo he pays his part and when the drug dealer in miami that makes millions per year that is untaxable will get to contribute also. if you factor all these variables in, the middle class could stop being the largest percentage of the tax money. does it make sense that the top 1% of the country have 80% of the money and the middle class are the largest payers of taxes?

[rjw3000]

I think the flat or fair tax would work best for individual taxpayers with different rules for businesses.

I personally would be for a hybrid type flat tax, it would have a progressive structure i.e. 0-50k would be x%, 50k-100k would be a little higher percentage, etc..., but would be flat in that that is it, no deductions and all that other stuff. Haven't really decided how the income part would be handled, but I would want something to encompass the different types of income and not just wage pay so it is simplified across the board.

Businesses would be a little more complicated of course, but at least in this regard all the focus of taxes by the government could be applied more towards businesses.

Maybe they could have a combination of the two, a flat tax to go with a fair tax. I think anything to simplify the taxpayer side of things should be done, not this overly complicated system we have now.

[bigolsparky]

I like the Fair Tax, but prefer NO tax.

[kjjb0204]

Originally Posted by HHOTEK

does it make sense that the top 1% of the country have 80% of the money and the middle class are the largest payers of taxes?

That's only because the number of people in middle class is so huge compared to the wealthy. I don't think it's fair that high wage earners should pay more as a percentage of their income just because they have achieved greater financial success.

[HHOTEK]

Originally Posted by kjjb0204

That's only because the number of people in middle class is so huge compared to the wealthy. I don't think it's fair that high wage earners should pay more as a percentage of their income just because they have achieved greater financial success.

your right but they should not pay less because they are rich. When i used to work on the road installing signs i worked 80 hours a week. If i brought home 2k i would see 1100 or so i was paying nearly 45% but if i was making 2 mill a week id only pay 3% how is that fair?
You are right about the middle class being the larger percentage but they only have say 20% of the money and they pay 50% (i dont remember the exact number but it is higher than 50%) of the taxes dont you think that if that was broke down into a pie chart it would look much better if the amount of taxes you paid was relative to how much money you have? Not a higher percentage but the same.

this is why the flat sales would hit everyone the same no matter who you are. We could easily go to a flat sales tax which would increase the amount of money paid in which means we could have a healthcare system like canada france or hell even cuba has a better healthcare system then we do (seriously)

[kjjb0204]

Wirelessly posted

Uh, higher earners pay a hihger tax.

[test54]

Originally Posted by kjjb0204

Wirelessly posted

Uh, higher earners pay a hihger tax.

that would be a nice change.

[kjjb0204]

Wirelessly posted

Originally Posted by test54

that would be a nice change.

That's not how it is now? Tax bracket is higher the higher your income.

[HHOTEK]

Originally Posted by kjjb0204

Wirelessly posted



That's not how it is now? Tax bracket is higher the higher your income.

that is true to a certain extent but the super rich fall into a different bracket

[test54]

"Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year, without trying to avoid paying higher taxes, while his secretary, who earned $60,000, was taxed at 30 per cent. Mr Buffett told his audience, which included John Mack, the chairman of Morgan Stanley, and Alan Patricof, the founder of the US branch of Apax Partners, that US government policy had accentuated a disparity of wealth that hurt the economy by stifling opportunity and motivation."

the basic brackets do go up as you earn more but there are far more loopholes and shelters for those at the top. Warren Buffet's example above is an example of that. fyi, that is from a speech he made and his point was that there needs to be tax reform because thats not fair.

[kjjb0204]

It's possible I don't know enough about that since I'm not in the higher tax brackets!

[test54]

me either, sucks. any resident millionaires on BBF?

[kjjb0204]

I'll put this out there - If I ever win the lottery, I'll still come to BBF. Can't forget all the little people!

[rjw3000]

Originally Posted by test54

"Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year, without trying to avoid paying higher taxes, while his secretary, who earned $60,000, was taxed at 30 per cent. Mr Buffett told his audience, which included John Mack, the chairman of Morgan Stanley, and Alan Patricof, the founder of the US branch of Apax Partners, that US government policy had accentuated a disparity of wealth that hurt the economy by stifling opportunity and motivation."

the basic brackets do go up as you earn more but there are far more loopholes and shelters for those at the top. Warren Buffet's example above is an example of that. fyi, that is from a speech he made and his point was that there needs to be tax reform because thats not fair.

He always talks a good game when it comes to this subject, but I don't ever see him backing it up. If he's so concerned with this, he could lead by example and skip all his writeoffs and putting income in non-taxable vehicles and pay the full amount in taxes. Guy is a total hypocrite on this subject in my opinion.

[test54]

ok, yeah the guy who give most of his fortune to charity is certainly the bad guy here.