This man is a nuts

[SentToStud]

Originally Posted by Rupert Pupkin

I think a combination of some type of flat tax and national sales tax could work.

Here is what my idea would be. We could have a national sales tax of around 5%. There would be no income tax for people in low tax brackets. So if you only make $30,000 a year, you would pay no income tax. The only tax you would pay would be the sales tax. So even if that person spent the entire $30,000 that they made, that means that they would only be paying a 5% tax on that. That's not too bad.

For people making $100,000 a year, you could make them pay a 10% flat income tax in addition to the 5% sales tax. For anyone who makes over $200,000 a year, you could give them a flat-tax of about 20%.

The most important thing would be to get rid of all of these tax right-offs. I've read some stories about some really rich people that pay practically no taxes because of all kinds of tax right-offs and tax shelters. We could have a flat-tax where you can't write anything off. If a person makes $1 million, they would have to pay $200,000(20%) in income tax and there would be no way to get around it.

Sounds good to me. It also sounded good when Forbes used it as a policy platform a dozen or so years ago.

Problem is, the tax code is incredibly huge. How do you turn around a ship that big? I wish it would happen, but there's way too much top heavy interest group clout to let it happen. Besides the rich there are attorneys, accountants, banks, insurance companies, none of which would stand to benefit by massive tax reform.

It sounds great but unfortunately i think it's empty rehtoric.

[timmgirvan]

Originally Posted by SentToStud

Sounds good to me. It also sounded good when Forbes used it as a policy platform a dozen or so years ago.

Problem is, the tax code is incredibly huge. How do you turn around a ship that big? I wish it would happen, but there's way too much top heavy interest group clout to let it happen. Besides the rich there are attorneys, accountants, banks, insurance companies, none of which would stand to benefit by massive tax reform.

It sounds great but unfortunately i think it's empty rehtoric.

Yeah...just think of the jobless rate going from 4% to 10% with all those people outta work. The IRS codes weigh like 35lbs....burn the damn thing and start over!

[Rupert Pupkin]

Originally Posted by SentToStud

Sounds good to me. It also sounded good when Forbes used it as a policy platform a dozen or so years ago.

Problem is, the tax code is incredibly huge. How do you turn around a ship that big? I wish it would happen, but there's way too much top heavy interest group clout to let it happen. Besides the rich there are attorneys, accountants, banks, insurance companies, none of which would stand to benefit by massive tax reform.

It sounds great but unfortunately i think it's empty rehtoric.

Yes, there would certainly be ton of people lobbying against it. The accountants and tax attorneys would certainly be against it. I'm sure that all the big corporations would be against it too. Alot of these big corporations don't pay much in taxes with all the loopholes in the current system.

[Downthestretch55]

Originally Posted by Rupert Pupkin

Yes, there would certainly be ton of people lobbying against it. The accountants and tax attorneys would certainly be against it. I'm sure that all the big corporations would be against it too. Alot of these big corporations don't pay much in taxes with all the loopholes in the current system.

Rupert,
You seem to know a lot more about this tax stuff than I do. I admit, I really don't know much about it. My accountant handles it.
So, just a question...aren't the "loopholes in the current system" there for EVERYONE??? What are these people complaining about?
They must be whiners.
Loopholes are for all!

[skippy3481]

Gr,
I have to respectfully disagree. I mind being taxed on my modest investments. What I don't like is the 90% of people on welfare who choose not to work. Yes, some people need it, and I'm all for that, but the majority don't need it and just abuse it. You should see some of these checks every month that these people get, its absolutely atrocious. Yes, some people get lucky and get born with money. But, some work their ass off for it as well. I'm not wealthy, but completely resent the fact that everyones solution to everything is to tax the rich more. And GR, you are more then welcome to voice your opinion, thats why america is great, but without being in the highest income bracket it just dosen't mean much to me. Not if you wanted to tax your income bracket more, It would carry much more weight, because it directly affects you. It's always easier to take someone elses money then your own. Just my opinion

[Rupert Pupkin]

Originally Posted by Downthestretch55

Rupert,
You seem to know a lot more about this tax stuff than I do. I admit, I really don't know much about it. My accountant handles it.
So, just a question...aren't the "loopholes in the current system" there for EVERYONE??? What are these people complaining about?
They must be whiners.
Loopholes are for all!

If you're just a regular guy that makes a salary, I don't think think there are too many loopholes. Even if you make a good salary of $150,000-$200,000, I still don't think there's much you can do. But if a person has their own company, there is all kinds of creative accounting that a person can do. And the more money a person makes, the more they can afford to spend on the best accountants and tax attorneys that know all the loopholes.

I am far from an expert on the subject, but I know that there is all kinds of creative accounting that goes on.