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Flat Tax Question

Posted on 4/15/09 at 12:51 pm
Posted by shawtiger
Baton Rouge, LA.
Member since Jan 2004
433 posts
Posted on 4/15/09 at 12:51 pm
Lets just suppose that this Flat Tax thing were ever to happen, would you like this or dislike it. Also wondering what % would the Guv start out assessing? Seems like it wouldn't be to hard to figure after returns how much Taxes were actually collected against total reported income.
Posted by LSUwag
Florida man
Member since Jan 2007
18046 posts
Posted on 4/15/09 at 1:09 pm to
Isn't is supposed to be at 17% or so.

I think of it this way, I tip a waitress 20% for serving me dinner. I see it as money well spent.
Posted by tom
Baton Rouge
Member since Jun 2007
8724 posts
Posted on 4/15/09 at 1:20 pm to
quote:

I think of it this way, I tip a waitress 20% for serving me dinner. I see it as money well spent.


I'm far more satisfied with the average restaurant service than I am with the gov't.
Posted by Bard
Definitely NOT an admin
Member since Oct 2008
58457 posts
Posted on 4/15/09 at 1:35 pm to
I've always heard it would be around 22-23%.

I am all for it as long as Congress also removes all other taxation (income, property, inheritance/death, etc).
Posted by LSUwag
Florida man
Member since Jan 2007
18046 posts
Posted on 4/15/09 at 2:24 pm to
Proprerty taxes are state and local so they will stay for sure.
Posted by Zach
Gizmonic Institute
Member since May 2005
117070 posts
Posted on 4/15/09 at 2:59 pm to
I'm for it. Read the book. It's in paperback and it's cheap. By Boortz.
Posted by SanFranTiger
Santa Fe, NM
Member since Sep 2003
5038 posts
Posted on 4/15/09 at 3:09 pm to
all the tax lobbyist will make sure it doesn't happen. Job losses would occur from this as well.

That being said, I suppose people will support or oppose based it on if it's an increase or decrease in their tax.
Posted by Cold Cous Cous
Bucktown, La.
Member since Oct 2003
15346 posts
Posted on 4/15/09 at 3:23 pm to
quote:

That being said, I suppose people will support or oppose based it on if it's an increase or decrease in their tax.

Right. a lot of Internet people seem to assume that flat tax means their own rate will go down. A lot of them will be quite surprised to discover that their bill actually goes up.
Posted by Tiger n Miami AU83
Miami
Member since Oct 2007
45656 posts
Posted on 4/15/09 at 3:45 pm to
The flat tax will never, ever happen. Period. End of story. I wrote a long paper and gave a presentation on this back in grad school many years ago. The US tax code serves many interests. Everything from social programs, to subsidies, to small businesses, to home ownership, to charities, and on, and on, and on. The tax code has evolved over the years to become the complex behometh it is due to desired social or economic reasons and to prevent abuse. Not to mention the progressive nature of the code. Most would see an increase in their tax bill with a flat tax. The lower class and poor would be absolutely in total shock. Right now, only about 10% of Americans pay an effective rate over 15%. Around 45% pay no tax at all. ZERO. With a true flat tax, the effects on the middle class and poor would be significant. The wealthy would be happy as they would no longer be providing subsidy though.

The flat tax will never happen. The current code is WAY too much of the fabric of the United States, socially and economically. End of story.
This post was edited on 4/15/09 at 3:48 pm
Posted by Tigah in the ATL
Atlanta
Member since Feb 2005
27539 posts
Posted on 4/15/09 at 4:45 pm to
quote:

Around 45% pay no tax at all. ZERO.
You mean no income tax at all.
Posted by themachinist
Baton Rouge
Member since Jun 2008
50 posts
Posted on 4/15/09 at 4:50 pm to
GOD ONLY ASKS FOR 10%. IF THAT'S GOOD ENOUGH FOR
HIM, WHY SHOULD THE GOVT. GET MORE.
MAKE THEM LIVE WITHIN OUR MEANS.
Posted by ForeLSU
The Corner of Sanity and Madness
Member since Sep 2003
41525 posts
Posted on 4/15/09 at 8:28 pm to
quote:

The tax code has evolved over the years to become the complex behometh it is due to desired social or economic reasons and to prevent abuse.


it has become the behemoth due to politicians wielding control, buying votes and doling out favors. Politicians don't give a rat's arse about social reasons or preventing abuse.
Posted by ForeLSU
The Corner of Sanity and Madness
Member since Sep 2003
41525 posts
Posted on 4/15/09 at 8:30 pm to
quote:

Job losses would occur from this as well.


how do you figure this...from the studies from Fair Tax groups, corporate investment would boom in the US.
Posted by Cold Cous Cous
Bucktown, La.
Member since Oct 2003
15346 posts
Posted on 4/15/09 at 9:01 pm to
Accountants and IRS dudes would lose jobs. But that's what I call the "blacksmith" argument - this concept that inventing the car was bad because people stopped buying horseshoes.
Posted by Tiger n Miami AU83
Miami
Member since Oct 2007
45656 posts
Posted on 4/15/09 at 9:24 pm to
Like I said though, irrelevant because it will never happen.
Posted by Cold Cous Cous
Bucktown, La.
Member since Oct 2003
15346 posts
Posted on 4/15/09 at 9:32 pm to
I doubt it, but stranger things have happened. BLACK SWAN!
Posted by foshizzle
Washington DC metro
Member since Mar 2008
40599 posts
Posted on 4/16/09 at 8:38 pm to
I started to say it depends on what the tax rate is, but income taxes aren't that hard to do now and the government will figure out some other way to get the money it wants. In the meantime such a wholesale change would cause enormous disruption, not sure it is worth the trouble.

Besides, it would put all the LSU CPA's out of work, wouldn't it?
Posted by ShermanTxTiger
Broussard, La
Member since Oct 2007
11344 posts
Posted on 4/17/09 at 1:08 am to
I would love it... No exemptions or forms to complete if you are an employee. 17% and your done. Self employed would have to pay quarterly. If we did it I have heard there would be no need for any capital gains taxation. The lower and middle class would hate this because they pay little if any taxes now.
Posted by sportsinfogeauxlsu
Louisiana
Member since Dec 2006
6300 posts
Posted on 4/17/09 at 2:15 am to
quote:

Job losses would occur from this as well
i dont see this being accurate, please elaborate
Posted by LSUtoOmaha
Nashville
Member since Apr 2004
26725 posts
Posted on 4/17/09 at 2:40 am to
quote:

i dont see this being accurate, please elaborate


Possibly IRS jobs
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