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re: The Flat Tax
Posted on 4/9/15 at 7:49 am to GenesChin
Posted on 4/9/15 at 7:49 am to GenesChin
quote:Don't you think the person earning 200K/yr is more deserving to buy a bike for his kid than the person making 50K/yr? The bike for the kid is not a necessity. It is a luxury. Being able to afford more luxuries is one of the main incentives to be more productive. What is wrong with more productive people having greater ability to purchase luxuries?
The difference is that buying your kid say a bike for someone making 50k/yr is a higher % of income than for someone 200k/yr.
1
Posted on 4/9/15 at 7:59 am to Poodlebrain
A lot must be wrong with it, because the current tax code is extremely punitive for anyone who starts to make over $150K. If you take S Corp distributions conservatively, let's say based on the last year, and keep current distributions in the S Corp for cash flow, what good are retained earnings at that point. Try to write yourself a check for that.
There is the practical, and there is the theoretical. The current system ins't set up for moderately successful persons, persons who employ the largest percentage of the remainder of taxpayers, it is set up for extreme wealth, and on the other end, set to to perpetuate votes from the "poor." It is set up to perpetuate government, and less obviously a couple of tax related industries. No way ever should my tax return by 70 pages long for what I take home.
There is the practical, and there is the theoretical. The current system ins't set up for moderately successful persons, persons who employ the largest percentage of the remainder of taxpayers, it is set up for extreme wealth, and on the other end, set to to perpetuate votes from the "poor." It is set up to perpetuate government, and less obviously a couple of tax related industries. No way ever should my tax return by 70 pages long for what I take home.
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