Whats the best plan?
https://www.splitwise.com/taxes
No taxes, taxation is theft
Income tax doesn't even make sense
>>74925899
>you made money now let me take it away from you
It's literally theft it shouldn't exist
the sad reality is it won't change, if anything payroll and income tax are going up to keep social security and disability going
>>74925791
>>74925986
Not an argmuent stef
>>74924275
Taxationistheft.jpg > Flat Tax >FairTax (22% national sales tax) > 'progressive' taxes > Gingrich-esque 'flat' taxes where the middle class pays 15% and the rich pay nothinv
>>74926199
Can you fuck off?
Tax is literally being extorted by the poor thieves of the world.
>>74926237
FairTax sounds pretty good
I had an Econ professor say that an effective tax on all spending is the most fair tax plan, but it is impossible to implement due to untraceable transactions.
>>74926803
I wonder if we can set up a transition from a progressive income to a fairtax, rather than an instant switch.
Cut income tax rates by half and make up the difference with a national sales tax.
>>74926771
It's actually one of the better plans. My only real gripe is that it would discourage spending, which could have a negative effect on the GDP.
33% for anything under 100k
66% for anything above 100k
1.5 billion in new revenue
0>20k annual earnings - not tax
Everyone else - 20% of earnings, no loopholes or deductions
Businesses - 20% of earnings, no loopholes or deductions
>>74927683
not taxed*
>>74926237
>>74926771
>>74927257
One thing that people always forget to mention is that, according to some proposals, every adult citizen gets a "pre-bate" i.e. a check from the government to cover the expected cost of taxes that people would pay for things like food, clothing, and other necessities so that it has minimal impact on poorer people. Ultimately, I think it's the best way to go.
However, as far as current tax schemes go, there are two types that I would consider more fair than others. One is property taxes on homes where the tax is based on square footage. This means that people with kids have to actually contribute to the school system more than someone like myself who is happier in a smaller home since i don't want kids. The second is the gas tax which makes sense in that if you are using public roads and high ways, you are contributing to long term damage based, so if you drive more, you pay more. Fine by me since i take rail and buses and it's based on how much you choose to drive.
>>74926771
>>74927257
sales taxes are awful and should be entirely abolished
the primary taxpayer should be the corporation, not the individual
>>74928044
The biggest issue I have with property taxes is that sometimes unpaid taxes means the government takers over the property and then auctions it off for bottom barrel prices
Indeed, the prebate is nice as well. Though I wonder if it prepares America for a transition into basic income.
>>74928266
Individuals would pay taxes one way or another, taxing corporations solely would just mean lower wages and higher prices.
Interesting enough, Cruz has also suggested a solely business orientated tax.
http://taxfoundation.org/blog/ted-cruz-s-business-flat-tax-primer
>What Is Ted Cruz’s Business Flat Tax?
>Ted Cruz’s “Business Flat Tax” is what most tax policy experts would call a “tax-inclusive subtraction-method value-added tax” (VAT) or a “business transfer tax” (BTT). These terms are pretty technical, so I’ll try to distill them down into something a little bit easier.
>What this means, in plainer terms, is that it’s a broad tax on all kinds of income, levied on businesses and organizations. You, personally, wouldn’t have to file it for yourself. Instead, it would be taken care of at the organizational level.
>That does not, of course, mean it’s free. When businesses pay taxes on people’s behalf, it still ultimately means that the government gets some money that otherwise would have gone to people. Further on, we’ll talk about who would end up losing money from the existence of this tax.
>>74928609
You skip lower wages by paying people indirectly via basic income.
People can still work for the corporations if they want.
fair tax plan seems most legit, there would be just as much incentive to spend as any other and actual easier tax filing
more importantly then the plan we need to ban the automatic payroll withholdings.
if people could actual touch and feel all of there money before taxes and physically have to write a check or send a payment on line 4 times a year the whole country would demand a better rates/plan bc they could actually see how much the gov takes
I'm thinking of the idea of a hybrid tax, that make's Cruz's income tax two tiered only at very higher earner 150k+. So would make up for the shortfall
http://taxfoundation.org/article/details-and-analysis-senator-ted-cruz-s-tax-plan
>Senator Cruz’s (R-TX) tax plan would enact a 10 percent flat tax on individual income and replace the corporate income tax and all payroll taxes with a 16 percent “Business Transfer Tax,” or subtraction method value-added tax. In addition, his plan would repeal a number of complex features of the current tax code.
>Senator Cruz’s plan would cut taxes by $3.6 trillion over the next decade on a static basis. However, the plan would end up reducing tax revenues by $768 billion over the next decade when accounting for economic growth from increases in the supply of labor and capital and the much broader tax base due to the new value-added tax.
>According to the Tax Foundation’s Taxes and Growth Model, the plan would significantly reduce marginal tax rates and the cost of capital, which would lead to a 13.9 percent higher GDP over the long term, provided that the tax cut could be appropriately financed.
>The plan would also lead to a 43.9 percent larger capital stock, 12.2 percent higher wages, and 4.8 million more full-time equivalent jobs.
>On a static basis, the plan would cut taxes by 9.2 percent, on average, for all taxpayers.
Accounting for economic growth, all taxpayers would see an increase in after-tax income of at least 14 percent at the end of the decade.
>>74929639
>more importantly then the plan we need to ban the automatic payroll withholdings.
Haha yeah, it's like a secret tax. It's also a real bitch if you're a freelancer or self-employed and have to pay the full rate.
Also cuts to government spending
>>74930103
why such a large increase why not 10 and 15%?
also 150K is middle class my man, if your talking two tiers i think 300-350 would be a good point if youre going that route
>>74930239
>It's also a real bitch if you're a freelancer or self-employed and have to pay the full rate.
even more the reason, i didnt think about them at first. it would change things so fast
>>74930490
absofuckinglutely, i think the best way to go about that is just setting a budget that way there is automatically a limit. the US gov always ask for money every year without a doubt and they actually count increasing less then they did before as savings, its fucked.
Taxing earnings from real estate at far, far higher rates.
Income tax greatly reduced.
>>74928436
I have no problem with basic income as long as it is a replacement for, and not a supplement to, the current welfare state. Even Milton Friedman backed the idea because he believed that the welfare system was manipulating people into staying poor.
In fact, former senator Daniel Patrick Moynihan (D) looked into the implementation of such a plan and discovered that it was impossible because of the bureaucrats and government workers in DC. He wrote a book about it called
>"The Politics of a Guaranteed Income: The Nixon Administration and the Family Assistance Plan"
Look it up if you are interested.
I don't get how this thing is supposed to work.
How the fuck can someone making this amount of money, getting taxed at this rate, pay absolutely no income tax at all?
And why does the effective tax rate begin to fall at a certain income level?
>why such a large increase why not 10 and 15%?
>also 150K is middle class my man, if your talking two tiers i think >300-350 would be a good point if youre going that route
Well, the effective tax rate would be 15% at around $340,000.
>>74930629
We should nationalize the federal reserve, right now we actually have the federal reserve print money and then loan it to us with their government granted monopoly on printing money. This would get rid of the interest payments we pay to the federal reserve.
Ideally, if we reform the tax system properly the economy will expand and provide enough revenue to make us have a surplus again, and from that we just need to not pull a Bush and waste it.
>>74924275
>Whats the best plan?
Depends on the development stage of the country.
>>74926199
To be fair, the US DID operate well via other taxes pre-prohibition, at least that's how I've read it.
>>74931114
Yeah, I'm not sure it must be taking into account other deductions, kinda stupid desu
>>74931114
>And why does the effective tax rate begin to fall at a certain income level?
I think it's because at a certain level people primarily make their income through capital gains.
>>74931427
>Well, the effective tax rate would be 15% at around $340,000.
oh so its not just a straight cut at a certain amount
>We should nationalize the federal reserve,
if only each dollar has a 6% interest due on it to the investors of the fed, but they dont want to tell us who they are
>>74929065
>The cuckold tax plan
Take this thread to /biz/, it'd be more successful there.
