Get rid of the Income tax?

HB of CJ wrote:Not sure if I am Libertarian or perhaps just an anarchist. Government is the problem, not the solution. Just try to read the US Constitution. Then read the 10th amendment. Pretty straight forward.

About 90% of what the USA Federal government does is not legal. The income tax amendment was never ratified, thus illegal. Our country is no longer a nation of law, but a nation of mob rule.

Too many non deserving non august non intelligent welfare types vote and they vote for their own $self interest$. Even Thomas Jefferson said that if this happens, the nation is doomed. Smart guy.

But ... in spite of all the problems, our nation, the USA, is in my opinion the best place to be right now. Many close second place finishers. Too many people vote. But ... that is the way it is.

The USA high water mark was just before WW1. My opinion only. Since then we have been on a long slippery slope down to oblivion. But ... over 220 years in the sun is a very long time indeed.

HB of CJ (old coot) Cm. I love this Forum. That aught to fetch them out!

TN4994 wrote:In Us.
I would raise the cutoff to $40000 Federal. Reason - Annual cost to keep a single prisoner.
Do away with sales tax on basic items like food, clothing, and heating.
Luxury tax keep.
Property tax is state and county nightmare. Welfare people in HUD housing projects don't pay tax, so we should look at that as a baseline.
Do away with corporate tax.
Income tax flat 10% for anything over the $40,000 baseline.
No deductions.

fallsfromtrees wrote:

TN4994 wrote:In Us.
I would raise the cutoff to $40000 Federal. Reason - Annual cost to keep a single prisoner.
Do away with sales tax on basic items like food, clothing, and heating.
Luxury tax keep.
Property tax is state and county nightmare. Welfare people in HUD housing projects don't pay tax, so we should look at that as a baseline.
Do away with corporate tax.
Income tax flat 10% for anything over the $40,000 baseline.
No deductions.

Almost agree with this. I agree on a flat rate tax after the first $40K. But corporations should be subject to the same rate (after the same $40K exemption). No deductions, the 10% tax is just another business expense. This allows be to fire about 95% of the IRS, since most of their effort is base on trying to track illegal deductions, not income.

fallsfromtrees wrote:

TN4994 wrote:In Us.
I would raise the cutoff to $40000 Federal. Reason - Annual cost to keep a single prisoner.
Do away with sales tax on basic items like food, clothing, and heating.
Luxury tax keep.
Property tax is state and county nightmare. Welfare people in HUD housing projects don't pay tax, so we should look at that as a baseline.
Do away with corporate tax.
Income tax flat 10% for anything over the $40,000 baseline.
No deductions.

Almost agree with this. I agree on a flat rate tax after the first $40K. But corporations should be subject to the same rate (after the same $40K exemption). No deductions, the 10% tax is just another business expense. This allows be to fire about 95% of the IRS, since most of their effort is base on trying to track illegal deductions, not income.

TN4994 wrote:In Us.
I would raise the cutoff to $40000 Federal. Reason - Annual cost to keep a single prisoner.
Do away with sales tax on basic items like food, clothing, and heating.
Luxury tax keep.
Property tax is state and county nightmare. Welfare people in HUD housing projects don't pay tax, so we should look at that as a baseline.
Do away with corporate tax.
Income tax flat 10% for anything over the $40,000 baseline.
No deductions.

fallsfromtrees wrote:Almost agree with this. I agree on a flat rate tax after the first $40K. But corporations should be subject to the same rate (after the same $40K exemption). No deductions, the 10% tax is just another business expense. This allows be to fire about 95% of the IRS, since most of their effort is base on trying to track illegal deductions, not income.

TN4994 wrote:Corporations don't pay corporate taxes, consumers do.

Daryl wrote:I can't quite follow the logic regarding 10% tax on income over $40k. So someone on $30k pays 30%, but someone on $200k only pays 10%? Doesn't seem fair. I personally am self funded retired, still paying some tax, but in my last year of employment paid about $100k tax. That was fair as it still left me with quite sufficient to live.

Statistically here the rich pay very little tax. Leaks from the tax office show billionaires paying less than a thousand. No logic in stopping welfare as incarceration costs much more, and people will steal to eat.

During the GFC our then progressive government copped criticism for spending on stimulus packages, but without that spending our unemployment rate would have gone up costing more welfare and reducing income tax.

fallsfromtrees wrote:
Your right, they also pay salaries, raw material costs, and all of the other expenses of the corporation. The idea behind having the corporations pay the 10% tax is to stop the tactic a lot of Japanese car companies use of selling the cars to the US subsidiary at an inflated price, so that the US subsidiary makes no profit, and therefore pays no tax, exporting all of the profit back to Japan. If you are worried about the double taxation of things like salaries and dividends, you could make deductible for the corporation payments made to individuals with a valid W9 on file with the corp.