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Thread: Tax rate

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    Default Tax rate

    I think this question got lost in another thread and rather than hijack a thread... I thought I would start it here....

    What does everyone view as a proper federal income tax rate? Percentage based, Alternative Minimum Tax, with or without deductions, based on income or flat tax?

    Very interested to hear from BOTH sides as I hold onto faith that everyone can have a good idea once in a while.
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    Senior Member Franco's Avatar
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    If we were able to restraint the government from wasting the tax payer's money we wouldn't have to pay a Federal Income Tax! The government could raise more than enough money to operate, keep citizens safe, protect The Constitution and other buisness with the money generated by royalties and business taxes. Even if we lowered buisness taxes to be competitve with the rest of the world, we would have more than enough to operate with.

    That won't happen because the Dems and Repubs love big government, just different flavors of it!

    If we are to pay taxes, the only fair solution is a flat tax for everyone! Somewhere around 2% of income and a balanced Budget Amendment to go with it. The more we pay in taxes, the more money that will be wasted by politicians.
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    Quote Originally Posted by ARay11 View Post
    I think this question got lost in another thread and rather than hijack a thread... I thought I would start it here....

    What does everyone view as a proper federal income tax rate? Percentage based, Alternative Minimum Tax, with or without deductions, based on income or flat tax?

    Very interested to hear from BOTH sides as I hold onto faith that everyone can have a good idea once in a while.
    Just about impossible to answer because of deductions. When ones income is say one million and they are opportunities to take $500,000 in deductions the middle class are not entitled to it makes the flat rate extremely slanted, same goes to low end who get by with paying next to nothing in income taxes.
    Last edited by mngundog; 06-18-2012 at 02:45 PM.

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    Senior Member Franco's Avatar
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    Quote Originally Posted by mngundog View Post
    Just about impossible to answer because of deductions. When ones income is say one million and they are opportunities to take $500,000 in deductions the middle class are not entitled to it makes the flat rate extremely slanted, same goes to low end who get by with paying next to nothing in income taxes.
    Then, just eliminate all deductions!
    Changing the Presidential Debates to allow Liberty on the stage will change America. You can help. Go to Our America's Debate Challenge to learn how you can help.

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    consumption tax. Those who use the most, pay the most. No deductions. No tax on food and drugs (tightly defined as to what constitutes "food" and "drugs").
    In the current system...no one should get money back that they didn't pay in. Giving "credits" to people who don't pay taxes is ludicrous.
    What really burns me is the capital gains taxes. If I invest post-tax dollars in something, and it does well, I am taxed again.
    I want to know the names of the 4 people I am supporting with my taxes so I can claim them as dependents.

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    Quote Originally Posted by hotel4dogs View Post
    What really burns me is the capital gains taxes. If I invest post-tax dollars in something, and it does well, I am taxed again.
    You are not taxed on the original principle invested, only the profit. Any loss is taken off your AGI, adjusted gross income.
    Kevin Entwistle

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    Quote Originally Posted by LokiMeister View Post
    You are not taxed on the original principle invested, only the profit. Any loss is taken off your AGI, adjusted gross income.

    That is not true. If I earn a paycheck and then invest part of it I already paid income taxes on the money.
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    Senior Member LokiMeister's Avatar
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    Flat tax with an exemption is the best way. A national sales tax takes too much money out of the pockets of the disadvantaged.
    Kevin Entwistle

    WGD (Worlds Greatest Dog) Cinci Redstocking "Loki", born: Jan. 22, 1999, RIP November 13, 2011
    "Lars" Chilian with the Rainmaker, born: Feb. 2, 2010


    "That which you manifest is before you" (The Art of Racing in the Rain)

    "Government big enough to supply everything you need is big enough to take everything you have ... The course of history shows that as a government grows, liberty decreases." Thomas Jefferson

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    Senior Member LokiMeister's Avatar
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    Quote Originally Posted by luvmylabs23139 View Post
    That is not true. If I earn a paycheck and then invest part of it I already paid income taxes on the money.
    Yes, you have paid taxes on that pay check but put $100 of that paycheck in an interest bearing account at a bank and earn $2 in interest. The Bank will give you a 1099 form (the income tax form) for $2, NOT $102.
    Last edited by LokiMeister; 06-18-2012 at 04:35 PM.
    Kevin Entwistle

    WGD (Worlds Greatest Dog) Cinci Redstocking "Loki", born: Jan. 22, 1999, RIP November 13, 2011
    "Lars" Chilian with the Rainmaker, born: Feb. 2, 2010


    "That which you manifest is before you" (The Art of Racing in the Rain)

    "Government big enough to supply everything you need is big enough to take everything you have ... The course of history shows that as a government grows, liberty decreases." Thomas Jefferson

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    Senior Member hotel4dogs's Avatar
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    I know that. And I don't think any gain I make on my investments should be taxed. My income is already taxed. My real estate is taxed. My business is taxed. My utilities are taxed. My gasoline is taxed. I pay sales taxes (almost 10%) on just about everything I buy. I am being taxed to death.
    Here's another way in which capital gains taxes are unfair, IMO.
    Let's say I build a very successful business from the ground up through many years of hard labor, working 80 hours a week. Not that far fetched for small business owners to put in that many hours, or more.
    Now I go to sell the business, and I have to pay capital gains tax on every penny I get for the business. The amount I owe the government is staggering.
    Why did I bother to work all those hours? Why didn't I just sit back and suck off the system? When I figure out what I made hourly, I would have been better off having kid after kid after kid and collecting welfare and tax credits, free health care, and now even free cell phones with 250 free minutes a month.
    Um yep, this is a real sore subject with me right now.
    I think they should stop withholding taxes from everyones' paychecks, and send everyone a bill for the entire amount once a year. I think that's the only way we'll ever see tax reform.

    Quote Originally Posted by LokiMeister View Post
    You are not taxed on the original principle invested, only the profit. Any loss is taken off your AGI, adjusted gross income.

    Barb Gibson
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    CH Rosewood Little Giant UDX VER RA SH MXP MJP OFP VCX WCX CCA CGC FFX-OG
    also UCH HR UUD UJJ URO1 UHIT
    (golden retriever) born 3-10-07
    a.k.a. "Tito", "The Tito Monster"
    www.GoTeamTito.com

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