[quote]pittbulll wrote:
[quote]usmccds423 wrote:
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
[quote]countingbeans wrote:
[quote]usmccds423 wrote:
Not sure how you’d tier a flat tax, [/quote]
You would do it however you could and we would end up right back at the progressive system we have. [/quote]
That’s basically what I was getting at :)[/quote]
I agree , but we could simplify the code , I do know it would not be good for business:)
I personally think a progressive flat tax would do society the most fairess. Everybody’s first $30,000 isn tax free then from (30 to 50 k @ %10 )50 to 100 k %20 and so on
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Pitt, that’s basically how it is, unless you mean you pay that % without any deduction, is that it?
Look at page 4, the annual table. It goes 0%, 10, 15, 25, 28, 33, 35, and 39.5%. So for example, if you make $90,050 you pay 0% on the first $2,200, 10% on the next $8,925, 15% on the next $27,325, and 25% on the next $51,600.
Total earnings (2,200 + 8,925, 27,325, 51,600) = 90,050.
Tax liability (892.5 + 4098.75 + 12,900) = $17,891.25, which equals the base for the 28% bracket. That’s roughly 20% of your income.
That’s basically what you’re saying just with different steps.
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I might even buy keeping our present system and doing away with ((((ALL DEDUCTIONS))))Our code should be able to be understood by anyone that has to pay them . We should not have to go to bean counters to cover our asses .
They would have to change the laws gradually . In the 80s you could buy an investment property , run it in the red and still make a profit because of the way the tax laws were worded.
When they changed that law it caught Bill Clinton and Fife Symington and I am sure many more . It probably percipitated the S and L collapse
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You say the code should be, “understood by anyone that has to pay them . We should not have to go to bean counters to cover our asses,” but then bring up business tax code. They are two completely different things.
For most people, work/middle class, the tax code is not that complicated. The tables are easy enough to read and there aren’t even that many deductions we can take. Most people can fill out a couple of forms and they’re done. All of the instructions are online.
For example, I have to think about 6 things for 2012:
- My ordinary income
- Interest on house
- Charitable deductions
- Education credit
- Accumulated interest on various instruments (savings for example)
- A traditional IRA conversion to a Roth IRA
You might also have kids to worry about. Most people won’t have any more than this and probably will have less.
It might take a few hours, but it can be figured out.