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re: If America were to implement a flat income tax what would it need to be?
Posted on 2/12/19 at 5:03 pm to 3morereps
Posted on 2/12/19 at 5:03 pm to 3morereps
Same rate on what? In other words, what is income? Is rent different from a dividend? Is a long term gain different than a short term gain? Is passive income different than active income? If a manufacturer has a large capital investment, are they still allowed to take depreciation?
When flat taxers start talking about taxing gross income, or even net income in some instances, a rate of 23% is astronomical. Because no one ever wants to define how we get to taxable income, as opposed to income.
Mostly flat taxers talk about taxing income. That's pretty scary. Folks that's a tax increase except in rare instances. Because they keep saying income. Not net income. Not taxable income. Not adjusted gross income. Not modified adjusted gross income. They keep saying tax income.
When flat taxers start talking about taxing gross income, or even net income in some instances, a rate of 23% is astronomical. Because no one ever wants to define how we get to taxable income, as opposed to income.
Mostly flat taxers talk about taxing income. That's pretty scary. Folks that's a tax increase except in rare instances. Because they keep saying income. Not net income. Not taxable income. Not adjusted gross income. Not modified adjusted gross income. They keep saying tax income.
This post was edited on 2/12/19 at 5:05 pm
Posted on 2/12/19 at 5:07 pm to Iowa Golfer
quote:
Because no one ever wants to define how we get to taxable income, as opposed to income.
not my ox.
Posted on 2/12/19 at 6:30 pm to Iowa Golfer
quote:
When flat taxers start talking about taxing gross income, or even net income in some instances, a rate of 23% is astronomical. Because no one ever wants to define how we get to taxable income, as opposed to income.
Also, tax payers don't understand the difference between tax bracket, and tax rate. They may be in the 28% bracket and think a 17% flat tax is a great deal, when their effective tax rate is probably around 13%.
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