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Started By
Message
re: .
Posted on 4/21/17 at 1:14 pm to wfallstiger
Posted on 4/21/17 at 1:14 pm to wfallstiger
quote:
Can you imagine the monies saved by abolishing the IRS
around $12 billion
quote:
simplifying taxes
You would eliminate the tax preparation industry but I don't think that saves the fed gov any money. It would actually cost the fed gov revenues.
Posted on 4/21/17 at 1:16 pm to cahoots
quote:
The payroll tax is just the percentage of your income that goes straight to the federal governement to pay for SS and Medicare. 7.65%.
It is actually double that....that is what your employer withholds and remits from your salary. You are paying 15.3% out of your pocket...your employer does not "give" or "donate" anything to you unless of course they are an idiot....
Posted on 4/21/17 at 1:16 pm to cahoots
quote:Needed. And inevitable. That's where the money is.
Seems like the middle class is going to get a pretty substantial tax increase
Posted on 4/21/17 at 1:19 pm to cahoots
Why not keep it very simple and eliminate deductions. Everyone pays 9% for example. Now the family of 4 making 100k pays $9000 in taxes. So simple we can eliminate or significantly reduce the size of the IRS and save money.
Posted on 4/21/17 at 1:20 pm to germandawg
quote:
It is actually double that....that is what your employer withholds and remits from your salary. You are paying 15.3% out of your pocket...your employer does not "give" or "donate" anything to you unless of course they are an idiot....
Look at your paycheck. You only pay 7.65%. Your employer pays the same amount but it doesn't come out of your earnings.
Posted on 4/21/17 at 1:27 pm to cahoots
quote:
AGI = $100,000
Standard deduction = 12,700
Exemptions = 8,100
Taxable income = 79,200
Child credits = 2,000
Net tax liability = $9,278 or 9.278%
your numbers are wrong.
first household income is not AGI, AGI would be income after a 401k and employee contribution for benefits.
lets assume 8k and 6k fair enough?
that means your AGI is $86,000.
for dependents you're not counting yourself and your wife. you have 4 total dependents not 2 and the standard deduction is $12,600 not 12.7k meaning total adjustments to income would be $28,800.00 and the amount they would pay tax on line 43 of your 1040 is $57,200.00. your taxes owed would be $7,656.00 subtract from that $2,000.00 for the child tax credit for a total tax liability of $5,656.00 or an effective tax rate of 5%.
5% on a hundred grand and let's be clear that's a maximum number, if this couple itemizes deducting state and property tax and mortgage interest it's more likely that their effective rate is closer to 3%.
by the way your example family pays more in social security tax than they do in income tax.
This post was edited on 4/21/17 at 1:28 pm
Posted on 4/21/17 at 1:29 pm to Taxing Authority
quote:
Needed. And inevitable. That's where the money is.
Oh I'm well aware. That's what I was trying to demonstrate in this thread. A flat tax will shift the tax burden to the middle class.
Posted on 4/21/17 at 1:31 pm to cahoots
quote:
Doesn't that kinda defeat the purpose of a flat tax?
No
quote:.
huge percentage of Americans would pay $0 income taxes if you exempted the first $30,000
So?
And I'd set the rate at 17%
Posted on 4/21/17 at 1:31 pm to dantes69
quote:
not if you make the first $30,000 every person makes tax free.
Everyone should pay something.
Posted on 4/21/17 at 1:34 pm to tedmarkuson
quote:
first household income is not AGI, AGI would be income after a 401k and employee contribution for benefits.
lets assume 8k and 6k fair enough?
that means your AGI is $86,000.
Yep I know. I was being conservative by not counting 401Ks and stuff.
You're right, a family of 4 making 100K could easily pay less than 5%.
This post was edited on 4/21/17 at 1:35 pm
Posted on 4/21/17 at 1:37 pm to alphaandomega
quote:
Everyone should pay something.
This is the right's version of "fair share." It's basically hollow, not thought out, and all about using the tax code in a punitive manner
Posted on 4/21/17 at 1:37 pm to Antonio Moss
quote:
.
So?
And I'd set the rate at 17%
Fine. I'm just pointing out that a lot of middle income Americans are going to pay even more under a flat tax system. Depending on how you structure it, they are definitely taking on a larger tax burden.
Posted on 4/21/17 at 1:39 pm to cahoots
quote:
I'm just pointing out that a lot of middle income Americans are going to pay even more under a flat tax system.
Nope. With a standard deduction of 25K or 30K and the elimination of payroll taxes, effective rates drop for the middle class
Posted on 4/21/17 at 1:40 pm to cahoots
It would be an improvement over what we have now, but we really should do away with the income tax all together.
Posted on 4/21/17 at 1:40 pm to cahoots
quote:
Are yall sure you want to do this?
I am...bout time you frickers start footing some more of the bill.
Posted on 4/21/17 at 1:40 pm to cahoots
abolish the income tax, eliminate corporate loopholes.
problem solved
problem solved
Posted on 4/21/17 at 1:43 pm to Machine
quote:
abolish the income tax, eliminate corporate loopholes.
I agree that ideally we have no income tax. The idea of it makes my skin crawl but are there any good studies that back up your idea?
Can shielded corporate profits really fill the void of the income tax?
Posted on 4/21/17 at 1:43 pm to Antonio Moss
quote:
Nope. With a standard deduction of 25K or 30K and the elimination of payroll taxes, effective rates drop for the middle class
Some of the middle class.
If your household of 4 made $100K and 70K is taxable at 17%, that family is going to pay more than they currently do.
Posted on 4/21/17 at 1:57 pm to cahoots
What if you make 100k and have no kids.
I guess were just expected to bend over right?
I guess were just expected to bend over right?
Posted on 4/21/17 at 1:58 pm to cahoots
quote:
If your household of 4 made $100K and 70K is taxable at 17%, that family is going to pay more than they currently do.
The average total federal effective rate for 100K incomes fell between 13.3% and 16.8%.
Under this plan it's 12.75%
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