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(9) comments

CapsGuy

When I look at a list of the nations using a national flat income tax, I am not overwhelmed either by their economic prosperity or their levels of social support.

Chupacabra

Then discuss options you think are better.

Blackhorsegirl

I am not wealthy and I don’t envy or criticize those that are. They worked hard and grabbed opportunities that came their way.

We, too, can work hard. We can manage our finances better, and grab those opportunities when they come our way.

I heard of a man who started his financial climb by buying unclaimed luggage at airports and reselling the items. Who knew!

Now, on to politics: I do believe in fair taxes on this wealth and taxes that are fair to all.

Chupacabra

Flat tax rate then? I'd go for that.

Blackhorsegirl

Actually, I lean in that direction, too.

CapsGuy

A flat tax is not as simple as the right would like you to believe. A tax on income or a tax on wealth? Does it apply to corporations? Will there be tax breaks allowed as an economic incentive to encourage changes or policies (e.g. install clean energy or relocate your corporation to this state, not that state). Does it apply to capital gains? Part of the challenge is the accumulated wealth already that gives 3 people in the United States as much wealth as the bottom 50 percent of the population. Nowhere in any economic theory--including capitalism--is that rational. Fixing wealth inequity must also be a part of the solution when considering tax equity.

Blackhorsegirl

Caps, I’m well aware of how complicated it is. It’s a nice “thought” but likely not manageable.

Chupacabra

A flat tax on income. Period. Also, remove the cap on payments into Social Security. Those folks who rake in millions of dollars every year pay the same amount into Social Security as those who make around $135,000 per year. That's wrong. Tax capital gains differently to encourage investment. Don't agree with taxing people on the wealth they've built up over the years, paying taxes on that income. That is akin to penalizing someone for their success. The flat tax should be paid by those who are above the poverty rate with regards to their income and number of dependents. Get rid of the ridiculous loopholes and simplify the tax code.

BryanLNuri

Flat tax rates are regressive by their nature.

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