Posted on 09/15/2015 9:59:37 PM PDT by entropy12
Well, yeah, there is that..
May be Americans like socialism. Why do you think they elected Obama twice? Everybody knew he was for re-distribution of wealth!
Eh? Cruz has said put a moratorium on H1-B's until the situation comes back to a more reasonable equilibrium?
I hear that a lot. So, let us say there was a flat consumption tax of 14%.
A family of 4 making $50,000 spends most of their money on buying necessities of life. They would be taxed $7000.
That is a huge burden for a family barely making ends meet.
A family making %500,000 buys property and stocks worth $200,000. If they spent all of the remaining $300,000 on consumption, which is unlikely, they would pay $42,000 tax. Which amounts to 8.4% tax on gross income.
So you are making the $50,0000 family pay 14%, while the $500,000 family pays 8.4%. Seems unfair to me.
What is it then? It is an income tax on the first $105K of income.
FICA is worse than income tax. There are NO deductions in FICA tax. It is on gross earned income! Whereas income tax is on “adjusted gross income minus deductions”.
Something really has to be done about it. It has so thoroughly abused the trust and power we gave it.
Obviously there are some functions it is suited for, but the thing it has become really cannot coexist with freedom.
Your analysis is correct and prescient.
America First?
It’s about time!
Trump’s plan that he worked on with Sessions says that the H1B program will have the Salary limit increased to make sure American workers have a fair shot at the jobs.
I saw nothing in his posted plan that said anything about a moratorium on those, other immigration yes, but not those.
Trump said the other day (paraphrasing) that too many people here on student visas were leaving the US after graduation, and we needed to keep those people here.
Doesn’t sound like a halt in H-1B to me.
Repealing the income tax would not require any amendment.
But making sure it can’t come back would require repealing the 16th Amendment.
That’s a sucky plan. It’s not a flat tax, and one of the reasons it sucks is it will take about 15 minutes after its passage for the criminals in Washington to start tampering with the system for personal gain.
If we reduced the size of the Federal Government by 55% we could simply eliminate income taxes all together.
My single most important reason for supporting Trump over others is...AMERICA FIRST! No other candidate has ever said that.
Both are needed, reduced spending AND a flat tax with 3 or 4 brackets which makes it fair to all income levels.
The $500,000 family could have bought stuff and paid higher taxes. They chose to forgo short term for long term.
Should they pay more what they did buy than someone who bought the same stuff? Because they chose to invest? Punishing investment and savings is not a good result of tax policy.
Also, in terms of the economic activity, what happens to the stocks of $200,000?
FIrst it ends up in some measure resulting a consumption tax when the companies’s consume. And if the family’s investment ends up being good (they are taking a risk), and they get return, they can consume more and pay more tax. If they choose to.
Savings and investment are good for the economy, they result in greater economic activity and more taxes in the future.
Most important objective in any tax system should be...
Get rid of influence of lobbyists and special interests. That will reduce corruption by orders of magnitude.
Any type of flat tax, with or without multiple brackets, and with no deductions except perhaps family size, will accomplish that.
Buying stocks does not put any money in the corporation’s pocket. Only the initial stock issue does that. After that it is one seller selling to one buyer.
Not in a while that I can recall.
Hunter in 2008 said a lot of the things Trump is saying.
But he was marginalized by the media and the GOP and couldn’t get any traction.
At least Trump can’t be ignored. :)
I think everybody paying the same for the same stuff is the fairest.. but:
Another objection I have to the 3 or 4 brackets is - even if you came up with something 'fair' - you can't set them in stone. We will continue the class-warfare politics of "vote for me, I'll raise taxes on the other guy and lower yours."
A single tax for all puts us all in the same bracket and all eager to decrease that tax and government spending.
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