re: Trump wants to eliminate income tax on those earning less than 200k a year. OT is fricked

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A flat % set tax for all, and get people off the govt cheese is the best for society long term imo.

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So what is the number? Folks have been tossing this idea around for at least 50 years and the number is usually somewhere in the neighborhood of 15%... a number that would woefully underfund the military alone AND would raise federal income taxes on about 2/3s of American households. At 15% most families would have less disposable income because their tax burden is higher and the only federal government spending would be a major cut to military spending...nothing else could be funded at 15%. The number is probably somewhere in the neighborhood of 30-35% which is 3 and 4 times higher than most households pay today....this is why it has never been taken seriously....it is the most regressive plan to ever be put forth. This is just income tax...not payroll taxes, not state taxes simply federal income tax.

The thing we need to do immediately is eliminate all corporate taxes. Corporations who pay taxes out of their pocket do not stay in business long...those who pass their tax burden off to consumers are what is known as "profitable" businesses...they pass the entire cost of production onto customers. In exchange for that ALL public assistance should be income based (It is today) except in cases where the recipient is unable to work at all. Couple this with a requirement that ALL employees foot their cost of production out of their revenue and not relying on government subsidy of their labor costs and all of a sudden people are working, far fewer are on the dole and corporations can't wine and bitch about taxes and politicians can't be bribed into picking and choosing winners. This will never happen though because too many Americans suffer from the delusion that a human life has a market value.....like a pig or a cow....and a person is only worth as much as their market value. Never mind that pigs and cows won't knock people in the head and take their shite, we fully expect people to live on nothing and not commit crime and when they do we spend more on them than we would had we simply given them an income....

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So what is the number? Folks have been tossing this idea around for at least 50 years and the number is usually somewhere in the neighborhood of 15%...

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I’m guessing you have never actually read the fair tax plan.

It would be 23-24%.

And it’s been pushed really since 2000. So not 50 years.

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is the most regressive plan to ever be put forth.

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Prebate Mechanism: To offset regressivity, every household receives a monthly “prebate” to cover taxes on spending up to the poverty level (e.g., $6,383 annually for a family of four in 2022). This aims to make the tax progressive on consumption.

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I feel like people should actually know the plan before commenting.

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For more details, check fairtax.org or congress.gov for H.R. 25.

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A bunch of rich mofos are about to be “making” $199k per year.

Not gonna happen

That's awesome. That way 90% of the population will have no skin in the game and vote on how to spend the other 10%'s money.

It's like that now, but more like 50/50.

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Would be a lot of unemployed CPAs

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At that level families are using TurboTax or a similar service. CPAs are for complex returns, usually with heavy investment or business income.