I would pay more with a flat tax, and I am for the flat tax. We need a simplified code to make it easier to comply. We need a law where everybody pays something so they stop thinking government services are free.
I lived in a flat-tax "country" (Hong Kong). I paid 15%. Deductions only for immediate dependents, nothing else. It was only on income earned in the territory. Fantastically simple. Made earning, saving and building wealth, even in such an expensive city, relatively easy and desirable. On the Government side, made tax collection very easy. Nearly every citizen (except the most poor) paid something, so the tax base was very broad. The simplicity prevented special interests from lobbying the government to hide benefits in a complex code.
I will always be proponent of flat tax.
Bingo. look at last years tax return then take out the property tax and mortgage interest rate deduction as well as your $2,500 personal deduction. Then tax your full gross income at 20% which is what they want to do. You will pay more everytime.
“•“Look at Romney paying less taxes”
•“I think the wealthy should pay as much as the poor percentage-wise equally”
•“I heard too many stories of loopholes that the wealthy figure out how to get out of taxes”
•“Fair share—same percentage”
Most people don’t realize that Romney and most rich people are taxed at the capital gains rate of 15% since they don’t W-2 themselves. They take interest and dividends and pay the capital gains rate. They get this rate because they are job creators and business entrepenuers who invest their money and take chances to build and run business’s. The average Joe does not do that.
This flat tax is a really good idea for Paul Ryan and the tax collectors. A really bad idea for you and me. What we really need is a Fair Tax. Everybody pays it and your lifestyle dictates how much tax you pay. Your choice.
Depends on what they call income. We know we have millions who are receiving their payment in all cash. Millions of others are living entirely on funds from EBT, WICK, housing subsistance, etc. These people would still end up paying nothing.
IMO if we are going to push for changes in taxes all current Federal taxes and fees should be abolished and use a consumption tax on everything but groceries. That would hit everyone.
“We need a simplified code to make it easier to comply.
Yes. The fact that many of us need to hire an accountant to make sense of this mess is another substantial expense.
At 15% flat tax, $20,000 income would mean a $3000 flat tax. That's $250 a month. It's enough to have everyone have everyone invested in keeping government spending in check, and a flat tax would create a sense of "we're in this together".
And a lot of people would not have the headache of having to pay someone to do their taxes. There is no downside to a flat tax.
I too am for a flat tax although I prefer the Fair Tax twist that refunds a fixed amount per person to reflect the cost of basic sustenance. Rich or poor, the same return to them. The welfare industry instantly eliminated. Reduce the IRS to collecting post cards. Nothing. Else. Everyone has pretty much the same stake in assuring effective usage of our pooled funding of federal (and state, local) resources.
I am damn cranky this year since my unique situation involving foreign plus USA income resulted in 60% of my income going to one country or another for one category or another. No one deserves this BS from our (USA) or any government. No one.