Rental Home Owners Face New Tax Reporting Burdens

[Anonymous]

[quote=SD Realtor]I am in favor of a smimple flat tax[/quote]

Then why are are you saying it’s ok for the “little guy” to pay no taxes at all on some income? Not exactly a flat tax rate.

A flat tax rate isn’t simple. It’s simple-minded. A platitude that almost no one understands.

Are you sure you really want a “flat tax?” Have you thought through the numbers?

Because, under a flat tax system, you would pay more, and the small handyman would pay a lot more. Because someone has to make up for the difference for all the lost revenue that the very wealthy will no longer be paying.

Unless, of course, there were MASSIVE spending cuts in government.

So that’s the answer then! A flat tax AND a much smaller government. Great! So where should we start?

Tell me, what should we cut from the budget to make it all work?

[SD Realtor]

Ummm….

Can you point to my post that said it is ok for the little guy to pay no taxes at all?

Dont really think I said that. I think I said paying taxes on the 900 hurts him.

I don’t think that means I said it is okay for him not to pay his taxes.

************

Gosh those wealthy people sure are evil aren’t they? Not sure what they did to deserve your ire.

Also I am not so sure that some huge deficit would be created if they paid less but the tens of millions of people who pay nothing now had to pay some taxes. In short I don’t buy your claim.

Also we do need MASSIVE spending cuts no matter what.

***********

As far as what those cuts should be? Not sure, but they will hurt all of us pr.

Cant spend what you don’t have. We have been doing that far to long.

[SD Realtor]

Ummm….

Can you point to my post that said it is ok for the little guy to pay no taxes at all?

Dont really think I said that. I think I said paying taxes on the 900 hurts him.

I don’t think that means I said it is okay for him not to pay his taxes.

************

Gosh those wealthy people sure are evil aren’t they? Not sure what they did to deserve your ire.

Also I am not so sure that some huge deficit would be created if they paid less but the tens of millions of people who pay nothing now had to pay some taxes. In short I don’t buy your claim.

Also we do need MASSIVE spending cuts no matter what.

***********

As far as what those cuts should be? Not sure, but they will hurt all of us pr.

Cant spend what you don’t have. We have been doing that far to long.

[SD Realtor]

Ummm….

Can you point to my post that said it is ok for the little guy to pay no taxes at all?

Dont really think I said that. I think I said paying taxes on the 900 hurts him.

I don’t think that means I said it is okay for him not to pay his taxes.

************

Gosh those wealthy people sure are evil aren’t they? Not sure what they did to deserve your ire.

Also I am not so sure that some huge deficit would be created if they paid less but the tens of millions of people who pay nothing now had to pay some taxes. In short I don’t buy your claim.

Also we do need MASSIVE spending cuts no matter what.

***********

As far as what those cuts should be? Not sure, but they will hurt all of us pr.

Cant spend what you don’t have. We have been doing that far to long.

[SD Realtor]

Ummm….

Can you point to my post that said it is ok for the little guy to pay no taxes at all?

Dont really think I said that. I think I said paying taxes on the 900 hurts him.

I don’t think that means I said it is okay for him not to pay his taxes.

************

Gosh those wealthy people sure are evil aren’t they? Not sure what they did to deserve your ire.

Also I am not so sure that some huge deficit would be created if they paid less but the tens of millions of people who pay nothing now had to pay some taxes. In short I don’t buy your claim.

Also we do need MASSIVE spending cuts no matter what.

***********

As far as what those cuts should be? Not sure, but they will hurt all of us pr.

Cant spend what you don’t have. We have been doing that far to long.

[SD Realtor]

Ummm….

Can you point to my post that said it is ok for the little guy to pay no taxes at all?

Dont really think I said that. I think I said paying taxes on the 900 hurts him.

I don’t think that means I said it is okay for him not to pay his taxes.

************

Gosh those wealthy people sure are evil aren’t they? Not sure what they did to deserve your ire.

Also I am not so sure that some huge deficit would be created if they paid less but the tens of millions of people who pay nothing now had to pay some taxes. In short I don’t buy your claim.

Also we do need MASSIVE spending cuts no matter what.

***********

As far as what those cuts should be? Not sure, but they will hurt all of us pr.

Cant spend what you don’t have. We have been doing that far to long.

[Anonymous]

[quote=SD Realtor]Can you point to my post that said it is ok for the little guy to pay no taxes at all?[/quote]

It’s highlighted in ED’s post above. In bold.

[quote]Gosh those wealthy people sure are evil aren’t they? Not sure what they did to deserve your ire.[/quote]

Lots of assumptions piled up in that response. Can you point to the “ire” in my post?

Sorry, but you don’t get to call “class warfare” on this one.

It is simple arithmetic, nothing more.

[quote]Also I am not so sure that some huge deficit would be created if they paid less but the tens of millions of people who pay nothing now had to pay some taxes.
[/quote]

I’ll help you to be sure. Let’s do some math:

Tens of millions don’t pay any taxes?

So let’s make all those people pay $1,000 more in taxes….let’s see here … say 30 million people times 1000 equals 30 billion dollars.

That’s about 2% of the projected 2011 federal deficit.

So maybe we’d better tax them more: How about $10,000 each? (probably about 1/3 their total income toward federal taxes…much more than 99% of the population pays now)

Now we’ve reduced the deficit by almost 20%. (Remember, we are talking about a single-year deficit, not total debt)

Still a ways to go…better go back to the stone to get more blood.

“Tax the poor” is not exactly a feasible debt reduction strategy, is it?

[Anonymous]

[quote=SD Realtor]Can you point to my post that said it is ok for the little guy to pay no taxes at all?[/quote]

It’s highlighted in ED’s post above. In bold.

[quote]Gosh those wealthy people sure are evil aren’t they? Not sure what they did to deserve your ire.[/quote]

Lots of assumptions piled up in that response. Can you point to the “ire” in my post?

Sorry, but you don’t get to call “class warfare” on this one.

It is simple arithmetic, nothing more.

[quote]Also I am not so sure that some huge deficit would be created if they paid less but the tens of millions of people who pay nothing now had to pay some taxes.
[/quote]

I’ll help you to be sure. Let’s do some math:

Tens of millions don’t pay any taxes?

So let’s make all those people pay $1,000 more in taxes….let’s see here … say 30 million people times 1000 equals 30 billion dollars.

That’s about 2% of the projected 2011 federal deficit.

So maybe we’d better tax them more: How about $10,000 each? (probably about 1/3 their total income toward federal taxes…much more than 99% of the population pays now)

Now we’ve reduced the deficit by almost 20%. (Remember, we are talking about a single-year deficit, not total debt)

Still a ways to go…better go back to the stone to get more blood.

“Tax the poor” is not exactly a feasible debt reduction strategy, is it?

[Anonymous]

[quote=SD Realtor]Can you point to my post that said it is ok for the little guy to pay no taxes at all?[/quote]

It’s highlighted in ED’s post above. In bold.

[quote]Gosh those wealthy people sure are evil aren’t they? Not sure what they did to deserve your ire.[/quote]

Lots of assumptions piled up in that response. Can you point to the “ire” in my post?

Sorry, but you don’t get to call “class warfare” on this one.

It is simple arithmetic, nothing more.

[quote]Also I am not so sure that some huge deficit would be created if they paid less but the tens of millions of people who pay nothing now had to pay some taxes.
[/quote]

I’ll help you to be sure. Let’s do some math:

Tens of millions don’t pay any taxes?

So let’s make all those people pay $1,000 more in taxes….let’s see here … say 30 million people times 1000 equals 30 billion dollars.

That’s about 2% of the projected 2011 federal deficit.

So maybe we’d better tax them more: How about $10,000 each? (probably about 1/3 their total income toward federal taxes…much more than 99% of the population pays now)

Now we’ve reduced the deficit by almost 20%. (Remember, we are talking about a single-year deficit, not total debt)

Still a ways to go…better go back to the stone to get more blood.

“Tax the poor” is not exactly a feasible debt reduction strategy, is it?

[Anonymous]

[quote=SD Realtor]Can you point to my post that said it is ok for the little guy to pay no taxes at all?[/quote]

It’s highlighted in ED’s post above. In bold.

[quote]Gosh those wealthy people sure are evil aren’t they? Not sure what they did to deserve your ire.[/quote]

Lots of assumptions piled up in that response. Can you point to the “ire” in my post?

Sorry, but you don’t get to call “class warfare” on this one.

It is simple arithmetic, nothing more.

[quote]Also I am not so sure that some huge deficit would be created if they paid less but the tens of millions of people who pay nothing now had to pay some taxes.
[/quote]

I’ll help you to be sure. Let’s do some math:

Tens of millions don’t pay any taxes?

So let’s make all those people pay $1,000 more in taxes….let’s see here … say 30 million people times 1000 equals 30 billion dollars.

That’s about 2% of the projected 2011 federal deficit.

So maybe we’d better tax them more: How about $10,000 each? (probably about 1/3 their total income toward federal taxes…much more than 99% of the population pays now)

Now we’ve reduced the deficit by almost 20%. (Remember, we are talking about a single-year deficit, not total debt)

Still a ways to go…better go back to the stone to get more blood.

“Tax the poor” is not exactly a feasible debt reduction strategy, is it?

[Anonymous]

[quote=SD Realtor]Can you point to my post that said it is ok for the little guy to pay no taxes at all?[/quote]

It’s highlighted in ED’s post above. In bold.

[quote]Gosh those wealthy people sure are evil aren’t they? Not sure what they did to deserve your ire.[/quote]

Lots of assumptions piled up in that response. Can you point to the “ire” in my post?

Sorry, but you don’t get to call “class warfare” on this one.

It is simple arithmetic, nothing more.

[quote]Also I am not so sure that some huge deficit would be created if they paid less but the tens of millions of people who pay nothing now had to pay some taxes.
[/quote]

I’ll help you to be sure. Let’s do some math:

Tens of millions don’t pay any taxes?

So let’s make all those people pay $1,000 more in taxes….let’s see here … say 30 million people times 1000 equals 30 billion dollars.

That’s about 2% of the projected 2011 federal deficit.

So maybe we’d better tax them more: How about $10,000 each? (probably about 1/3 their total income toward federal taxes…much more than 99% of the population pays now)

Now we’ve reduced the deficit by almost 20%. (Remember, we are talking about a single-year deficit, not total debt)

Still a ways to go…better go back to the stone to get more blood.

“Tax the poor” is not exactly a feasible debt reduction strategy, is it?

[UCGal]

[quote=pri_dk]
A flat tax rate isn’t simple. It’s simple-minded. A platitude that almost no one understands.
[/quote]

I agree with this.
I hear a lot of people argue for and against a flat tax without stopping to consider how it works.

A true flat tax means No Deductions. No mortgage interest rate deductions, no deductions for kids, childcare, etc. No deductions. No sheltering earnings by contributing to a 401k. FLAT tax means that you pay tax on every dollar of income. No more adjusted gross…

This is pretty straight forward for wage earners. Less so for corporations and self employed.

Is it net income? – what constitutes an expense? Do you allow businesses to deduct expenses when you do not allow individuals to make deductions? Is that fair? Do you allow depreciation of assets? How do you write off inventory?

It sounds simple but the reality is that there are teams of lobbyists ready to go to battle to protect their specific deduction.

Now if you’re talking about a marginal flat tax – that allows deductions – and we’re back in the same mess we have now. Just a variation of it. Who decides what deductions apply? How does it work with corporations?

Or we could go with a consumption flat tax – a VAT. That’s what Forbes proposed. That would just push entire sections of the economy under the table. (As it is in Europe.)

Flat tax sounds good until you look at how it would actually work.

[UCGal]

[quote=pri_dk]
A flat tax rate isn’t simple. It’s simple-minded. A platitude that almost no one understands.
[/quote]

I agree with this.
I hear a lot of people argue for and against a flat tax without stopping to consider how it works.

A true flat tax means No Deductions. No mortgage interest rate deductions, no deductions for kids, childcare, etc. No deductions. No sheltering earnings by contributing to a 401k. FLAT tax means that you pay tax on every dollar of income. No more adjusted gross…

This is pretty straight forward for wage earners. Less so for corporations and self employed.

Is it net income? – what constitutes an expense? Do you allow businesses to deduct expenses when you do not allow individuals to make deductions? Is that fair? Do you allow depreciation of assets? How do you write off inventory?

It sounds simple but the reality is that there are teams of lobbyists ready to go to battle to protect their specific deduction.

Now if you’re talking about a marginal flat tax – that allows deductions – and we’re back in the same mess we have now. Just a variation of it. Who decides what deductions apply? How does it work with corporations?

Or we could go with a consumption flat tax – a VAT. That’s what Forbes proposed. That would just push entire sections of the economy under the table. (As it is in Europe.)

Flat tax sounds good until you look at how it would actually work.

[UCGal]

[quote=pri_dk]
A flat tax rate isn’t simple. It’s simple-minded. A platitude that almost no one understands.
[/quote]

I agree with this.
I hear a lot of people argue for and against a flat tax without stopping to consider how it works.

A true flat tax means No Deductions. No mortgage interest rate deductions, no deductions for kids, childcare, etc. No deductions. No sheltering earnings by contributing to a 401k. FLAT tax means that you pay tax on every dollar of income. No more adjusted gross…

This is pretty straight forward for wage earners. Less so for corporations and self employed.

Is it net income? – what constitutes an expense? Do you allow businesses to deduct expenses when you do not allow individuals to make deductions? Is that fair? Do you allow depreciation of assets? How do you write off inventory?

It sounds simple but the reality is that there are teams of lobbyists ready to go to battle to protect their specific deduction.

Now if you’re talking about a marginal flat tax – that allows deductions – and we’re back in the same mess we have now. Just a variation of it. Who decides what deductions apply? How does it work with corporations?

Or we could go with a consumption flat tax – a VAT. That’s what Forbes proposed. That would just push entire sections of the economy under the table. (As it is in Europe.)

Flat tax sounds good until you look at how it would actually work.

[UCGal]

[quote=pri_dk]
A flat tax rate isn’t simple. It’s simple-minded. A platitude that almost no one understands.
[/quote]

I agree with this.
I hear a lot of people argue for and against a flat tax without stopping to consider how it works.

A true flat tax means No Deductions. No mortgage interest rate deductions, no deductions for kids, childcare, etc. No deductions. No sheltering earnings by contributing to a 401k. FLAT tax means that you pay tax on every dollar of income. No more adjusted gross…

This is pretty straight forward for wage earners. Less so for corporations and self employed.

Is it net income? – what constitutes an expense? Do you allow businesses to deduct expenses when you do not allow individuals to make deductions? Is that fair? Do you allow depreciation of assets? How do you write off inventory?

It sounds simple but the reality is that there are teams of lobbyists ready to go to battle to protect their specific deduction.

Now if you’re talking about a marginal flat tax – that allows deductions – and we’re back in the same mess we have now. Just a variation of it. Who decides what deductions apply? How does it work with corporations?

Or we could go with a consumption flat tax – a VAT. That’s what Forbes proposed. That would just push entire sections of the economy under the table. (As it is in Europe.)

Flat tax sounds good until you look at how it would actually work.

[Author]

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