Pure Capitalism

[menmon]

Sambo, in your opinion, what is a proper tax rate for someone making $250,000?

39.6% before the tax cuts

[menmon]

I'm for a consumtion tax (sales tax)....buy something you pay taxes...don't buy anything don't pay...rich people buy more, companies buy more so they pay more.

Flat income is not fair Example: guy making $100,000 pays 20% or $20,000 leaving him with $80,000...guy making $1,000,000 pays $200,000 leaving him with $800,000...guy making $1,000,000,000 pays $200,000,000 leaving him with $800,000,000....now the guy making $10,000 pays $2000 leaving him with $8000.

Now the guy making $10,000 and the guy making $100,000 don't use much of what the federal government funds so in essence they are paying for what the folks making $1,000,000 and $1,000,000,000 use.

[luvmylabs23139]

39.6% before the tax cuts

What are they using to demand that amount of money???

Let us just start with the Dept of ED???
How are they even using that service which is not in the contitution?

[luvmylabs23139]

I'm for a consumtion tax (sales tax)....buy something you pay taxes...don't buy anything don't pay...rich people buy more, companies buy more so they pay more.

Flat income is not fair Example: guy making $100,000 pays 20% or $20,000 leaving him with $80,000...guy making $1,000,000 pays $200,000 leaving him with $800,000...guy making $1,000,000,000 pays $200,000,000 leaving him with $800,000,000....now the guy making $10,000 pays $2000 leaving him with $8000.

Now the guy making $10,000 and the guy making $100,000 don't use much of what the federal government funds so in essence they are paying for what the folks making $1,000,000 and $1,000,000,000 use.

Sart with the dept of ED. WHO uses that crudd? Those that steal money from taxpayers!
Waste of my money and I want it back.

[luvmylabs23139]

I'm for a consumtion tax (sales tax)....buy something you pay taxes...don't buy anything don't pay...rich people buy more, companies buy more so they pay more.

Flat income is not fair Example: guy making $100,000 pays 20% or $20,000 leaving him with $80,000...guy making $1,000,000 pays $200,000 leaving him with $800,000...guy making $1,000,000,000 pays $200,000,000 leaving him with $800,000,000....now the guy making $10,000 pays $2000 leaving him with $8000.

Now the guy making $10,000 and the guy making $100,000 don't use much of what the federal government funds so in essence they are paying for what the folks making $1,000,000 and $1,000,000,000 use.

Why should people not pay for what they use????? I mean if you want to have 6 kids shouldn't you pay for them ?
Why should my hard earned money pay for that?????
BREED IT FEED IT!!!!

[Gerry Clinchy]

39.6% before the tax cuts

Do you mean 39.6% after removing all deductions that we now have in the tax code?

That leaves the earner with $151,000.

Where I live, there are also state and local taxes that then take a bit over 4% (no significant deductions. That makes the total income tax for that person 43.6%. That takes another $10,000, Leaving $141,000.

I'm not sure what the computation would be for SS & Medicare (due to the income caps), but lets say it works out to another 4% of gross. That's another $10,000. Now leaving $131,000.

Someone earning that much probably owns a home and pays property taxes. Around here that would probably be around $8000/year. Just as an aside, in my school district they spend $14,000/year per student, so if this earner has 2 kids in school, they're getting a veritable "bargain", while I haven't had a kid in school in the 20 years I've lived in this location. I'm kicking in about $3300 a year to make up his deficit. However, I digress. That earner is left with $123,000 of "disposable" income.

So ultimately that person is paying more than 1/2 their income in some form of taxes.

That is one reason why health & disability insurance became an attractive perk for employers to offer ... since it was non-taxable for income tax purposes.

Now, suppose this person is self-employed? All the taxes remain the same, but additionally they must pay for their own health and/or disability insurance; and only that amount over 7.5% of AGI is deductible. That is an inequity in the current tax code.

If we remove all the tax loopholes that those with more income can use, it might not be such a bad idea to have a flat tax that is lower. Franco cited 2%, but I'd guess it would have to be 5 or 10%.

[menmon]

State income and property taxes are deductable under current law..these are the only loopholes a working man has so don't remove them.

[menmon]

I'm not arguing that you are paying for others mistakes but you are focused on the smallest piece of the pie. The spin doctors want to make you mad and keep you focused on the individual wellfare receipants when they are a drop in the bucket to what is given to corporations. Those gifts are what you should be raising hell about...not the peanuts being given to the poor or lazy.

[ARay11]

39.6% before the tax cuts

are you serious? a guy making $250,000 a year needs to pay in $99,000 in taxes?

are you aware of what "tax cuts" ARE NOT AVAILABLE in that tax bracket?

[ARay11]

I'm for a consumtion tax (sales tax)....buy something you pay taxes...don't buy anything don't pay...rich people buy more, companies buy more so they pay more.

Flat income is not fair Example: guy making $100,000 pays 20% or $20,000 leaving him with $80,000...guy making $1,000,000 pays $200,000 leaving him with $800,000...guy making $1,000,000,000 pays $200,000,000 leaving him with $800,000,000....now the guy making $10,000 pays $2000 leaving him with $8000.

Now the guy making $10,000 and the guy making $100,000 don't use much of what the federal government funds so in essence they are paying for what the folks making $1,000,000 and $1,000,000,000 use.

I take it you are okay with the current system in which the guy making $10,000 has an effective tax rate of
-18%. (depending on how many rug rats he's claiming)