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Started By
Message
Tax Policy and Opinions
Posted on 4/19/17 at 10:50 am
Posted on 4/19/17 at 10:50 am
Tax Policy is easily the most annoying political subject I encounter and it has been so for my whole adult life because frankly, too fricking many people have opinions on tax policy that don't actually know what tax policy exists or how taxes work.
ON BOTH SIDES!
So. With that in mind.
1)If you don't know how marginal rates work....shut the frick up until you do
2)If you don't know what AGI is and why it matters....shut the frick up until you do
3)If you consider deductions of REAL expenses is a "loop hole", shut the frick up until you know why this is dumb
4)If you think the only thing that matters when looking at historical rates is the rate and don't think to look at where the cut lines are......shut the frick up and learn.
5)If you ARE going to cite "loop holes" and other such language, AT LEAST have a fricking example of one that bothers you rather than speaking in nebulous terms...........and, if you're going to have one..........try actually learning how it works.
The tax code is in SEVERE need of change but frankly, 99% of the reason it never gets changed is most of you have no fricking idea what you're actually talking about.
Rant complete
ON BOTH SIDES!
So. With that in mind.
1)If you don't know how marginal rates work....shut the frick up until you do
2)If you don't know what AGI is and why it matters....shut the frick up until you do
3)If you consider deductions of REAL expenses is a "loop hole", shut the frick up until you know why this is dumb
4)If you think the only thing that matters when looking at historical rates is the rate and don't think to look at where the cut lines are......shut the frick up and learn.
5)If you ARE going to cite "loop holes" and other such language, AT LEAST have a fricking example of one that bothers you rather than speaking in nebulous terms...........and, if you're going to have one..........try actually learning how it works.
The tax code is in SEVERE need of change but frankly, 99% of the reason it never gets changed is most of you have no fricking idea what you're actually talking about.
Rant complete
11
Posted on 4/19/17 at 10:52 am to ShortyRob
quote:
3)If you consider deductions of REAL expenses is a "loop hole", shut the frick up until you know why this is dumb
My pet peeve.
A loophole is an unintended flaw in the rules that allows someone to get away with something.
It's not a loophole to use a specifically stated deduction.
Posted on 4/19/17 at 11:09 am to ShortyRob
quote:
"loop hole"
Does not exist.
Posted on 4/19/17 at 11:21 am to ShortyRob
quote:
Rant complete
Preach on brother!
Posted on 4/19/17 at 11:21 am to ShortyRob
quote:
Opinions
Postcard Plan:
17% on all incomes after $25,000. No other credits or deductions
17% on all Capital Gains after $5,000. Reinvested profits from sale of primary residence are exempt so long as there are reinvested in the next primary residence.
17% on all corporate gross revenue after $10,000.
This post was edited on 4/19/17 at 11:31 am
Posted on 4/19/17 at 11:26 am to Antonio Moss
Why is corporate network and not total income like personal?
Posted on 4/19/17 at 11:30 am to tigeralum06
quote:
Why is corporate network and not total income like personal?
Should be gross. Typing too fast to think
Posted on 4/19/17 at 11:36 am to Antonio Moss
quote:
Should be gross.
Good. Otherwise, I see a loop hole...
Posted on 4/19/17 at 11:41 am to ShortyRob
The "guts" of udtiger's tax proposal:
1) Abolish all current income and payroll taxes
2) Institute a "flat tax" (no deductions/exemptions/etc.) applicable to all "persons" (individual and corporate) on any and all INCOME (from whatever source) of 18% that will apply to:
a) All income above $12,500.00 per individual in a household (indexed to inflation) - so if a person is married with two kids, no tax on any income until you go over $50,000.00. If that household makes $200k, then the TOTAL TAX would be $36,000.00 (including SS & FICA). However, every taxpayer will have to pay at least $1,200.00/year with NO refundable tax credits.
b) All income for a "corporate" entity above the total employment expenses paid to all employees of said entity. So, if Exxon had gross profit of $100 billion in a given year, but had $5 billion in employment related expenses, then its taxes for that year will be $17.1 billion.
3) Changing of income tax laws will require 2/3 vote
4) All taxpayers will have to pay monthly estimated taxes (automatic withholding will be illegal).
1) Abolish all current income and payroll taxes
2) Institute a "flat tax" (no deductions/exemptions/etc.) applicable to all "persons" (individual and corporate) on any and all INCOME (from whatever source) of 18% that will apply to:
a) All income above $12,500.00 per individual in a household (indexed to inflation) - so if a person is married with two kids, no tax on any income until you go over $50,000.00. If that household makes $200k, then the TOTAL TAX would be $36,000.00 (including SS & FICA). However, every taxpayer will have to pay at least $1,200.00/year with NO refundable tax credits.
b) All income for a "corporate" entity above the total employment expenses paid to all employees of said entity. So, if Exxon had gross profit of $100 billion in a given year, but had $5 billion in employment related expenses, then its taxes for that year will be $17.1 billion.
3) Changing of income tax laws will require 2/3 vote
4) All taxpayers will have to pay monthly estimated taxes (automatic withholding will be illegal).
Posted on 4/19/17 at 11:45 am to ShortyRob
Everyone pay a higher flat sales tax rate and an extremely low flat income tax rate. Simple. No income tax is preferred, but if sales tax is too high then it discourages spending which would be bad for the economy. Higher sales tax means illegal immigrants and tourists are paying taxes. Lower income tax means Americans can save more of their money before Uncle Sam takes his cut. Everyone has to spend money. Tax there instead of on my paycheck.
This post was edited on 4/19/17 at 11:46 am
Posted on 4/19/17 at 11:50 am to Antonio Moss
quote:
17% on all Capital Gains after $5,000. Reinvested profits from sale of primary residence are exempt so long as there are reinvested in the next primary residence.
At $5,000??? Can we compromise at, say, $50k or $100k? That's way too low for my tastes.
Posted on 4/19/17 at 11:52 am to AggieDub14
quote:
Tax there instead of on my paycheck.
The unfortunate thing about sales tax is that they end up being regressive in nature. Poor folks spend a lot higher percentage of their money than the non-poor. Their effective rate, relative to their income, would be higher than someone bringing in $150k.
Posted on 4/19/17 at 11:53 am to Antonio Moss
quote:Define "Income" as used in your sentence? Do you mean "revenue" or, do you more correctly mean "net income" or "AGI"?
17% on all incomes after $25,000. No other credits or deductions
Just seeking clarity
Posted on 4/19/17 at 11:55 am to Antonio Moss
quote:Gross revenue?
17% on all corporate gross revenue after $10,000.
Um...........no
If I own a restaurant that has 1 million in revenue and you charge me 17% on that, you just created a loss if I had $850K in food/employee/building/etc costs.
Posted on 4/19/17 at 11:56 am to udtiger
quote:So, by rent doesn't matter?
b) All income for a "corporate" entity above the total employment expenses paid to all employees of said entity.
Maintenance?
Required new equipment?
Posted on 4/19/17 at 11:57 am to AggieDub14
quote:
No income tax is preferred
Correct
Posted on 4/19/17 at 11:58 am to ShortyRob
quote:
The tax code is in SEVERE need of change but frankly, 99% of the reason it never gets changed is most of you have no fricking idea what you're actually talking about.
Telling people to shut the frick up isn't the answer.
The reason that people don't know what they're talking about is because the tax code is too complicated - that's the problem, not that people don't understand an insanely complicated tax system. It's designed for average people not to understand. That's why it needs to be changed.
Until you understand that, STFU until you do.
Posted on 4/19/17 at 12:01 pm to ShortyRob
Gross income
Posted on 4/19/17 at 12:10 pm to Antonio Moss
quote:
Gross income
Posted on 4/19/17 at 12:11 pm to ShortyRob
quote:
Tax Policy is easily the most annoying political subject I encounter and it has been so for my whole adult life because frankly, too fricking many people have opinions on tax policy that don't actually know what tax policy exists or how taxes work.
I feel like this is a personal attack.
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