Budget headers

[Schurkey]

In MY world, the import tax would replace, or partially-replace the personal income tax; at least to the point of creating equal dollar value. If the import tax generated 100% of the current personal income tax, the personal income tax rate would be "0%". If the import tax generated 50% of the current personal income tax, the personal income tax rate would be set to generate 50% of what it is now.

There could be some biasing to decrease the personal income tax on lower-income people, and increase it on higher-income people.

 

[Erik the Awful]

people will be running around telling each other that millionaires that pay over a $100k a year in taxes aren't paying their fair share.

When I'm paying nearly 25% of my pay in taxes, a millionaire who's only paying $100k in taxes isn't paying his fair share. You can spout big numbers all you want, but I look at percentages. What you should also include is the cost of living. If it takes $40k to secure food, housing, and transportation, that means I'm paying 55% of my discretionary income in taxes, while a millionaire is still paying less than 11%. I'd be in favor of a flat tax rate on discretionary income, except that every time it's proposed, it always carves out capital gains, meaning that investors pay nothing.

You should also consider that 95% of the wealth is held by 1% of the population, and they aren't spending it. This stagnation is part of where our inflation is coming from. The government is having to print money just to keep circulation going, because without circulation money is meaningless.

 

[Hipster]

When I'm paying nearly 25% of my pay in taxes, a millionaire who's only paying $100k in taxes isn't paying his fair share. You can spout big numbers all you want, but I look at percentages. What you should also include is the cost of living. If it takes $40k to secure food, housing, and transportation, that means I'm paying 55% of my discretionary income in taxes, while a millionaire is still paying less than 11%. I'd be in favor of a flat tax rate on discretionary income, except that every time it's proposed, it always carves out capital gains, meaning that investors pay nothing.

You should also consider that 95% of the wealth is held by 1% of the population, and they aren't spending it. This stagnation is part of where our inflation is coming from. The government is having to print money just to keep circulation going, because without circulation money is meaningless.

How could you have a flat tax on discretionary income? People would bury themselves in more debt, housing costs etc. like they do now to avoid taxes. Rewarded for ill-conceived money moves. Capitol gains, unless an inheritance under a certain dollar amount, or a primary house sale that you roll the proceeds into the next primary dwelling are taxed at 30%. The same rules apply to everyone. Discretionary income is not the way to look at it. How much debt someone has themselves buried in is irrelevant. If someone finances their life into disaster it's not everyone else's fault.

Many reason for inflation, from printing money, wage increases, the way in which fractional banking and fiat currency works. There's way more to it than to blame millionaires for not spending money. It's not that cut and dry.

 

[Hipster]

In MY world, the import tax would replace, or partially-replace the personal income tax; at least to the point of creating equal dollar value. If the import tax generated 100% of the current personal income tax, the personal income tax rate would be "0%". If the import tax generated 50% of the current personal income tax, the personal income tax rate would be set to generate 50% of what it is now.

There could be some biasing to decrease the personal income tax on lower-income people, and increase it on higher-income people.

So if I spend more money on import crap, I would owe less in income tax? How does that incentivize to buy American. I can buy a multitude of imports built in the states or a Silverado built in Mexico. What's the best choice to help an American to get food on his table? If I'm not mistaken the Uaw took pays cuts as part of a tax payer funded bailout around '08 or they would have been jobless then.

 

[Scooterwrench]

The fair tax fixes it all. One flat rate for everyone and everything. The big man pays more because he makes more and the little guy gets a break. We get paid more for our exports and they get paid for theirs. Throw in socialized medicine(like England)and what more could you ask for. Even the big man gets his heart bypass for free,or for what he's paid in like the rest.
If things don't change civil unrest is coming if the newer generations have the kahonas to stand up for themselves.

 

[Hipster]

The fair tax fixes it all. One flat rate for everyone and everything. The big man pays more because he makes more and the little guy gets a break. We get paid more for our exports and they get paid for theirs. Throw in socialized medicine(like England)and what more could you ask for. Even the big man gets his heart bypass for free,or for what he's paid in like the rest.
If things don't change civil unrest is coming if the newer generations have the kahonas to stand up for themselves.

But we have more than that already in the tax code, increased tax rates for increased income levels and it's not enough for some. There are lots of people down to the self-employed contractor up the street that writes off dinner with his wife as a business expense not paying their fair share. If you're you are your own CEO it might be the company jet and a $10k vacation. Similar tax write offs, albeit neither is quite legit but easily explained. There's not single person in this country that wouldn't be looking for every single loophole available if they were on the hook for a couple hundred k in taxes. No need to be Jealous that another individual ended up in a better place. The guy I worked for(4 bodyshop's) S-Corp, basically a pass through corp, paid taxes on $6M last year, I'd like one of these guys get in his face and tell him he didnt pay his fair share @ 36% or whatever it is these days.

 

[Scooterwrench]

Oh,I'm not jelous. A man that works hard should be able to have more money and a nicer lifestyle. But that man should also pay the same tax for his $200 lobster as I'm paying for my $2 mullet and beans.

 

[GrimsterGMC]

The fair tax fixes it all. One flat rate for everyone and everything. The big man pays more because he makes more and the little guy gets a break. We get paid more for our exports and they get paid for theirs. Throw in socialized medicine(like England)and what more could you ask for. Even the big man gets his heart bypass for free,or for what he's paid in like the rest.
If things don't change civil unrest is coming if the newer generations have the kahonas to stand up for themselves.

We have the same socialized medicine as England and while everyone gets an operation for free you will probably have died before you got it as the waiting list is so long. That is why any of us who can afford it has private medical insurance like you do so we can be treated straight away.

 

[Erik the Awful]

We have privatized medicine, and you can still end up waiting, your doctor has to be on the "preferred" list, and you can be outright denied a life-saving operation if the insurance company thinks you can't afford a lawyer to fight them. I'd be for socialized medicine, but allowing private medicine if you're willing to pay for it without tax dollars.

 

[Schurkey]

So if I spend more money on import crap, I would owe less in income tax? How does that incentivize to buy American. I can buy a multitude of imports built in the states or a Silverado built in Mexico. What's the best choice to help an American to get food on his table? If I'm not mistaken the Uaw took pays cuts as part of a tax payer funded bailout around '08 or they would have been jobless then.

I was not figuring this based on individual purchase/individual tax returns.

I was expecting this to be based on USA combined import tax generation of one year, being offset by reduced or non-existent personal income tax rates the next year. I'd expect the first couple of years to generate enough income from the import tax so that the personal income tax would be outright cancelled; the Government might actually have MORE money to waste AND We the People wouldn't even have to file a personal tax return. (H&R Block and the rest of those criminals will scream bloody murder when they're no longer "needed" to fleece the population. I'd be HAPPY to put those workers and corporate criminals out-of-business.)

As imports reduce due to higher costs, there's more incentive to manufacture in the USA, to avoid the import tax. The import tax offsets the lower wage scale and reduced expense due to ignoring environmental and safety laws in foreign countries. USA companies don't have to compete against countries that pros_titute their workforce or their land/water/air. It's no longer a race-to-the-bottom.

Ideally, the import tax would be on a variable scale, with our border neighbors (Canada and Mexico) receiving the lowest tax rate (but some) and hostile or Communist countries receiving the highest tax rate.

Coupled to a refusal to allow trade deficits, enormously more money stays in the USA instead of being exported. Why are we exporting money?