| Author |
Topic:
Tax Reform?
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Sima_Sith
Registered:
Jun '05
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Date Posted:
7/10/07 11:03am
Subject:
Tax Reform?
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So I think its kind of obvious that the American tax system is a little outdated. Neal Bortz is a support of a thing called the "Fair Tax" (or flat tax?).
"The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment."
Fairtax website
Although there might be some issues getting this system due to the fact that it will dissolve the IRS.
If I'm not mistaken, doesn't Ireland have this system?
Thoughts?
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CitizenKane
Registered:
Aug '04
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Date Posted:
7/10/07 11:40am
Subject:
RE: Tax Reform?
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I completely support the dissolution of the IRS, the elimination of the income tax, and an implementation of a national flat sales tax.
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Jediflyer
Registered:
Dec '01
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Date Posted:
7/10/07 2:41pm
Subject:
RE: Tax Reform?
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To quote Kevin Drum of the Washington Monthly Blog, if people make their income in complex ways, shouldn't the tax code be complex as well?
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Ender_Sai
Title: Manager Emeritus
Registered:
Feb '01
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Date Posted:
7/10/07 3:51pm
Subject:
RE: Tax Reform?
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From looking into it, and talking to people about it, I have to say your tax code is ridiculous. It's too complex, too layered and frankly too cumbersome.
I can't help but recall that in Taiwan, there was a flat tax rate of 10% (20% if you were a foreigner in your first six months in Taiwan or if you earned over a certain amount per month). Taiwan not only had public transport that shamed ours in the West, it had a comprehensive medical insurance scheme for all residents and a high per-capita GDP, factored in for PPP.
The bill outlined above makes perfect sense, which is why it's undoubtedly going to fail.
E_S
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Lord_Vivec
Registered:
Apr '06
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Date Posted:
7/10/07 4:22pm
Subject:
RE: Tax Reform?
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Jediflyer posted:
To quote Kevin Drum of the Washington Monthly Blog, if people make their income in complex ways, shouldn't the tax code be complex as well?
tell that to the people who have to figure out the amount *coughtaxpayerscough*
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Lowbacca_1977
Title: Senate Moderator
Registered:
Jun '06
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Date Posted:
7/10/07 6:12pm
Subject:
RE: Tax Reform?
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Ender_Sai posted:
The bill outlined above makes perfect sense, which is why it's undoubtedly going to fail.
Bingo.
That and i think it'll be talked about how it benefits the rich and is another way to steal money from the poor.
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Ender_Sai
Title: Manager Emeritus
Registered:
Feb '01
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Date Posted:
7/10/07 6:18pm
Subject:
RE: Tax Reform?
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Well if nothing else you could follow the Taiwanese example and have 2 tax rates; 10% for below US$50,000 a year and 20% for those above.
E_S
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Lowbacca_1977
Title: Senate Moderator
Registered:
Jun '06
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Date Posted:
7/10/07 6:24pm
Subject:
RE: Tax Reform?
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Ender, you're not aware of American Tax Rule 34. If a change in tax doesn't clearly state that it will take more money only from the rich, it is the rich trying to steal more money from the poor so they can be richer. This isn't debatable.
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Ender_Sai
Title: Manager Emeritus
Registered:
Feb '01
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Date Posted:
7/10/07 6:27pm
Subject:
RE: Tax Reform?
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It bothers me that that's more or less true. Leftists with zero economic knowledge should be banned by UN resolution (because they will actually adhere to it) from talking about economics. Period.
ES
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DeathStar1977
Registered:
Jan '03
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Date Posted:
7/10/07 7:47pm
Subject:
RE: Tax Reform?
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As a Leftist with sound economic training and knowledge, I won't be abiding by such a rule. 
Regarding Taiwan, here is what I found regarding their tax structure:
http://www.prctaxman.com.cn/taiwan.htm
Quick question...didn't we discus economics recently in another thread? If you recall the name of that thread, a link would be much appreciated. 
If a change in tax doesn't clearly state that it will take more money only from the rich, it is the rich trying to steal more money from the poor so they can be richer. This isn't debatable.
Or if it doesn't change, then it is the fault of Hollywood elitists, or San Francisco liberals...ya know actual cornerstones of our economy. 
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J-Rod
Registered:
Jul '04
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Date Posted:
7/10/07 7:51pm
Subject:
RE: Tax Reform?
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Or if it doesn't change, then it is the fault of Hollywood elitists, or San Francisco liberals...ya know actual cornerstones of our economy.
Who very often make a crap load of money without having to actually understand economics. 
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Ender_Sai
Title: Manager Emeritus
Registered:
Feb '01
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Date Posted:
7/10/07 7:55pm
Subject:
RE: Tax Reform?
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Ah, ok, so foreigners had a flat tax rate, progressive tax was scaled from 6% to 40%.
Hmm.
Well I know HKSAR has a flat tax rate - 16%? - and one of the highest per capita GDPs in the world.
Don't you find your current tax structure needlessly burdensome, DS?
E_S
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J-Rod
Registered:
Jul '04
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Date Posted:
7/10/07 8:03pm
Subject:
RE: Tax Reform?
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On a serious note, I love the idea of a flat tax based on a national sales tax. It let's me choose how much I want to pay in taxes. It would no longer be "How much do I make?" It would be,"How much will I spend?"
Of course I gotta imagine that corporations won't like it.
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DeathStar1977
Registered:
Jan '03
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Date Posted:
7/10/07 8:56pm
Subject:
RE: Tax Reform?
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Actually I think corporations would like the flat tax a lot, my understanding being that it simplifies the code for them and makes the environment more 'business-friendly'.
Who very often make a crap load of money without having to actually understand economics.
Yea, I often find myself calling Alabama for economic advice.
ES
Well I know HKSAR has a flat tax rate - 16%? - and one of the highest per capita GDPs in the world.
And, as I believe I pointed out in another thread, New York City's per capita GDP dwarfs Hong Kongs (roughly 56k to 36k) despite no flat rate, and I am fairly certain, higher taxes.
Don't you find your current tax structure needlessly burdensome, DS?
Oh definitely. First off, too many tax credits designed by politicians influenced by some lobby rather than what may benefit the overall tax code and of course, our economy as a whole. I am not necessarily against a 'flat tax' rather I am not nearly convinced that it is the best solution.
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J-Rod
Registered:
Jul '04
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Date Posted:
7/10/07 9:04pm
Subject:
RE: Tax Reform?
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Yea, I often find myself calling Alabama for economic advice.
Yeeeaaahhhhh....or Nichol Richie...or...Rosie O'Donnell...or...Brad Pitt...or...Mike Tyson...or...Micheal Jackson or...
Don't miss my point; You don't have to know anything about money to be rich...at least in Hollywood or professional sports.
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Ender_Sai
Title: Manager Emeritus
Registered:
Feb '01
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Date Posted:
7/10/07 9:10pm
Subject:
RE: Tax Reform?
- Date Edited:
7/10/07 9:11pm (1 edits total)
Edited By:
Ender_Sai
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Sure DS, but NY's per capita GPD is also mitigated by the tax structure of the rest of the country.
It's equally worth noting that New York is 2nd in the world for billionaires living there after Moscow (31 in NY, 32 in Moscow).
You really think a two tiered flat tax rate would be unfair? Why?
E_S
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