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Started By
Message
No loophole tax system
Posted on 3/27/14 at 11:43 am
Posted on 3/27/14 at 11:43 am
How many here would be for a "no loophole" tax system for individuals and for corps?
7
Posted on 3/27/14 at 11:43 am to darkhorse
I am for a simple tax system
A tax system that can be filled out on one page
A tax system that can be filled out on one page
Posted on 3/27/14 at 11:44 am to darkhorse
Pf course. It's called the Fair Tax Act. look it up
Posted on 3/27/14 at 11:45 am to darkhorse
quote:Define "loophole."
How many here would be for a "no loophole" tax system for individuals and for corps?
Posted on 3/27/14 at 11:49 am to LSURussian
quote:
Define "loophole."
Yeah, will never happen
It's the only thing the government has to control corporations and citizens, to the point where many corporations would suffer greatly because of it....Posted on 3/27/14 at 11:51 am to darkhorse
Yes. Yes. Yes.
Posted on 3/27/14 at 11:51 am to LSURussian
quote:
Define "loophole."
No tax breaks for anything.
Corps... say 5% for those under a million. 6% for those between a million and 5 million. 7% for above 5 million to 10 million. etc etc...
Individuals.. 7% across the board.
Posted on 3/27/14 at 11:52 am to ironsides
Some people consider depreciation of a capital asset for a business as a loophole. The same for business development expenses for a company, such as entertaining a prospective customer to get his business.
For individuals, the home mortgage interest deduction is considered a loophole by many people as well as charitable contributions.
So, again, what is a loophole?
For individuals, the home mortgage interest deduction is considered a loophole by many people as well as charitable contributions.
So, again, what is a loophole?
Posted on 3/27/14 at 11:55 am to darkhorse
quote:This tells me nothing. What is a "tax break"?
No tax breaks for anything.
quote:Under a "million" of what? Sales revenue?? Net income? If it's net income, what expenses are allowed to be deducted and not considered a loophole?
Corps... say 5% for those under a million.
quote:7% of what???
Individuals.. 7% across the board.
Posted on 3/27/14 at 11:56 am to LSURussian
quote:
So, again, what is a loophole?
Again.. NO tax deductions. The code would read simply this: All citizens shall pay 7% on income.
All corps will pay x% up to this amount made. x% in this range. etc etc.
quote:
7% of what???
Your income. You make 10K a year. You pay 7%. You make 10 million a year... you pay 7%
This post was edited on 3/27/14 at 12:00 pm
Posted on 3/27/14 at 11:58 am to LSURussian
quote:
Under a "million" of what? Sales revenue?? Net income? If it's net income, what expenses are allowed to be deducted and not considered a loophole?
There ARE NO deductions. All income.
Posted on 3/27/14 at 12:00 pm to darkhorse
I am for X% across the board no deductions no exemptions. I think the capital gains rate of 15% is good. the problem is the govt. will always claim it isn't enough and want to raise it.
Posted on 3/27/14 at 12:00 pm to darkhorse
quote:What is "amount made"???
All corps will pay x% up to this amount made. x% in this range. etc etc.
quote:What is income? If I give my kid $1,000 for his birthday, is that income to the kid?
All citizens shall pay 7% on income.
Posted on 3/27/14 at 12:01 pm to darkhorse
quote:Then no, I would not be in favor of that.
There ARE NO deductions. All income.
ETA: And that is not "income." That is sales revenue you are taxing, not income. That is why I would be opposed to the idea.
This post was edited on 3/27/14 at 12:04 pm
Posted on 3/27/14 at 12:05 pm to LSURussian
quote:
What is income?
Wages earned.
Posted on 3/27/14 at 12:05 pm to goldennugget
quote:
A tax system that can be filled out on one page
3"x5" index card should be sufficient.
17% flat tax on all income above $50,000.
You make $100,000 you pay $8,500.
But that's too easy.
Posted on 3/27/14 at 12:06 pm to darkhorse
quote:
Wages earned.
How does a corporation "earn" "wages"?
This post was edited on 3/27/14 at 12:07 pm
Posted on 3/27/14 at 12:06 pm to LSURussian
quote:
ETA: And that is not "income." That is sales revenue you are taxing, not income. That is why I would be opposed to the idea.
fair enough. Tweak it. What would be acceptable for you.
Posted on 3/27/14 at 12:07 pm to Y.A. Tittle
quote:
How does a corporation "earn" "wages"?
That's for individuals.
Posted on 3/27/14 at 12:09 pm to darkhorse
quote:Self employed individuals, like me, don't earn wages. So, again, what is "income"?
What is income?
Wages earned.
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