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  • January 19, 2011 at 2:19 PM #657043
    UCGal
    Participant

    [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.

    January 19, 2011 at 4:29 PM #656011
    SD Realtor
    Participant

    pr I did some research and now do agree that a flat tax will not provide a matching revenue that the current progressive tax supplies. I am also not in the camp of a VAT or fair tax so with that said, I do agree with you that the progressive tax rate is the most beneficial methodology to date.

    With that said I also believe we need to cut spending pretty substantially.

    January 19, 2011 at 4:29 PM #656072
    SD Realtor
    Participant

    pr I did some research and now do agree that a flat tax will not provide a matching revenue that the current progressive tax supplies. I am also not in the camp of a VAT or fair tax so with that said, I do agree with you that the progressive tax rate is the most beneficial methodology to date.

    With that said I also believe we need to cut spending pretty substantially.

    January 19, 2011 at 4:29 PM #656670
    SD Realtor
    Participant

    pr I did some research and now do agree that a flat tax will not provide a matching revenue that the current progressive tax supplies. I am also not in the camp of a VAT or fair tax so with that said, I do agree with you that the progressive tax rate is the most beneficial methodology to date.

    With that said I also believe we need to cut spending pretty substantially.

    January 19, 2011 at 4:29 PM #656808
    SD Realtor
    Participant

    pr I did some research and now do agree that a flat tax will not provide a matching revenue that the current progressive tax supplies. I am also not in the camp of a VAT or fair tax so with that said, I do agree with you that the progressive tax rate is the most beneficial methodology to date.

    With that said I also believe we need to cut spending pretty substantially.

    January 19, 2011 at 4:29 PM #657138
    SD Realtor
    Participant

    pr I did some research and now do agree that a flat tax will not provide a matching revenue that the current progressive tax supplies. I am also not in the camp of a VAT or fair tax so with that said, I do agree with you that the progressive tax rate is the most beneficial methodology to date.

    With that said I also believe we need to cut spending pretty substantially.

    January 19, 2011 at 4:35 PM #656026
    Anonymous
    Guest

    Agree with that. The spending has to be slashed.

    There is some level-headed planning going on that provides a glimmer of hope that we may see progress. But first, Congress has to get out of this hyper-partisan mindset if any progress is to be made.

    January 19, 2011 at 4:35 PM #656087
    Anonymous
    Guest

    Agree with that. The spending has to be slashed.

    There is some level-headed planning going on that provides a glimmer of hope that we may see progress. But first, Congress has to get out of this hyper-partisan mindset if any progress is to be made.

    January 19, 2011 at 4:35 PM #656685
    Anonymous
    Guest

    Agree with that. The spending has to be slashed.

    There is some level-headed planning going on that provides a glimmer of hope that we may see progress. But first, Congress has to get out of this hyper-partisan mindset if any progress is to be made.

    January 19, 2011 at 4:35 PM #656823
    Anonymous
    Guest

    Agree with that. The spending has to be slashed.

    There is some level-headed planning going on that provides a glimmer of hope that we may see progress. But first, Congress has to get out of this hyper-partisan mindset if any progress is to be made.

    January 19, 2011 at 4:35 PM #657153
    Anonymous
    Guest

    Agree with that. The spending has to be slashed.

    There is some level-headed planning going on that provides a glimmer of hope that we may see progress. But first, Congress has to get out of this hyper-partisan mindset if any progress is to be made.

    January 19, 2011 at 5:00 PM #656041
    Raybyrnes
    Participant

    Safe Harbor I have not fully investigated this but worth a read.

    Will you ever sell your house?

    Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?
    That’s $3,800 on a $100,000 home etc.
    When did this happen? It’s in the health care bill. Just thought you should know.
    SALES TAX TO GO INTO EFFECT 2013 (Part of HC Bill) Why 2013? Could it be to come to light AFTER the 2012 elections?
    REAL ESTATE SALES TAX
    So, this is “change you can believe in”?
    Under the new health care bill – did you know that all real estate transactions will be subject to a 3.8% Sales Tax? The bulk of these new taxes don’t kick in until 2013 If you sell your $400,000 home, there will be a $15,200 tax. This bill is set to screw the retiring generation who often downsize their homes. Does this stuff make your November and 2012 vote more important?
    Oh, you weren’t aware this was in the obamacare bill? Guess what, you aren’t alone. There are more than a few members of Congress that aren’t aware of it either
    http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home

    January 19, 2011 at 5:00 PM #656102
    Raybyrnes
    Participant

    Safe Harbor I have not fully investigated this but worth a read.

    Will you ever sell your house?

    Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?
    That’s $3,800 on a $100,000 home etc.
    When did this happen? It’s in the health care bill. Just thought you should know.
    SALES TAX TO GO INTO EFFECT 2013 (Part of HC Bill) Why 2013? Could it be to come to light AFTER the 2012 elections?
    REAL ESTATE SALES TAX
    So, this is “change you can believe in”?
    Under the new health care bill – did you know that all real estate transactions will be subject to a 3.8% Sales Tax? The bulk of these new taxes don’t kick in until 2013 If you sell your $400,000 home, there will be a $15,200 tax. This bill is set to screw the retiring generation who often downsize their homes. Does this stuff make your November and 2012 vote more important?
    Oh, you weren’t aware this was in the obamacare bill? Guess what, you aren’t alone. There are more than a few members of Congress that aren’t aware of it either
    http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home

    January 19, 2011 at 5:00 PM #656700
    Raybyrnes
    Participant

    Safe Harbor I have not fully investigated this but worth a read.

    Will you ever sell your house?

    Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?
    That’s $3,800 on a $100,000 home etc.
    When did this happen? It’s in the health care bill. Just thought you should know.
    SALES TAX TO GO INTO EFFECT 2013 (Part of HC Bill) Why 2013? Could it be to come to light AFTER the 2012 elections?
    REAL ESTATE SALES TAX
    So, this is “change you can believe in”?
    Under the new health care bill – did you know that all real estate transactions will be subject to a 3.8% Sales Tax? The bulk of these new taxes don’t kick in until 2013 If you sell your $400,000 home, there will be a $15,200 tax. This bill is set to screw the retiring generation who often downsize their homes. Does this stuff make your November and 2012 vote more important?
    Oh, you weren’t aware this was in the obamacare bill? Guess what, you aren’t alone. There are more than a few members of Congress that aren’t aware of it either
    http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home

    January 19, 2011 at 5:00 PM #656838
    Raybyrnes
    Participant

    Safe Harbor I have not fully investigated this but worth a read.

    Will you ever sell your house?

    Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?
    That’s $3,800 on a $100,000 home etc.
    When did this happen? It’s in the health care bill. Just thought you should know.
    SALES TAX TO GO INTO EFFECT 2013 (Part of HC Bill) Why 2013? Could it be to come to light AFTER the 2012 elections?
    REAL ESTATE SALES TAX
    So, this is “change you can believe in”?
    Under the new health care bill – did you know that all real estate transactions will be subject to a 3.8% Sales Tax? The bulk of these new taxes don’t kick in until 2013 If you sell your $400,000 home, there will be a $15,200 tax. This bill is set to screw the retiring generation who often downsize their homes. Does this stuff make your November and 2012 vote more important?
    Oh, you weren’t aware this was in the obamacare bill? Guess what, you aren’t alone. There are more than a few members of Congress that aren’t aware of it either
    http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home

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