Should The Rich Be Required To Pay Higher Taxes In the US?

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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby spacemonkey » Mon Aug 17, 2015 1:14 pm

Some piles of wealth are so absurdly large, 90% could be removed, and they would remain absurdly large.
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby Indy » Tue Aug 18, 2015 9:55 am

spacemonkey wrote:Some piles of wealth are so absurdly large, 90% could be removed, and they would remain absurdly large.


Exactly the point. But even something way more reasonable than that, and the 1% start screeching that you're killing job creation and, repeat after me, engaging in "class warfare" perpetrated by... cue scary music... "socialists," of course.
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby Saz » Tue Aug 18, 2015 10:54 am

John Galt wrote:VAT is a money making machine, and for that reason i am troubled supporting it (we should starve the beast) however, if e could phase out income taxes for all money under $100,000 while having a resaonable VAT (I've read about 12.5% would cover this) it would address issues of non-reporting, except for black market purchases. remove the drug war and that's most of the black market aside from like, stolen art, which is going to exist with or without VAT. and somewhere along the line that theif is going to buy a cheeseburger from mcdonalds and be hit with VAT anyway, whereas with income taxes that income is never reported

for those making over 100K, rates of today would be alright (remember, they also are paying the VAT), and capital gains should apply the same as any income

i think a lot of the problem with the tax system, regardles sif income tax stays (which it will) or a vat implemented (which it won't be) is that it's way too complex. winchester shouldn't be employed. yeah, maybe some person making a million or more needs a damn accountant to figure everything out for tax purposes, but no one under than should. it should be simple forms to understand


No, it shouldn't. The purpose of taxation should be to maximize revenue while minimizing economic distortions, not to make it convenient for the tax filer. Taxes are extremely simple for most people anyway, check the standard deduction on turbotax and get on with your life. The sort of people who spend tons of money and time figuring out their taxes are the sort of people you seem to think should still be paying an income tax anyway.

A VAT would also be a huge infringement on the rights of the states. Right now, that is how states and local municipalities raise much of their revenue, along with property taxation. Slap a nationwide vat on everything and states will have more trouble adjusting their taxes to meet revenue or economic needs. It would take away a ton of control from the states.
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby John Galt » Tue Aug 18, 2015 11:19 am

why would it be an infringement? jsut because thats what states do? if there is no income taxes for people under 100k, then people have more money, and so more money to spend on things. i would think retailers would be the ones most opposed to VAT, since they can't say something is 4.99 and then be all "oh yeah and there's 35 cents of tax on that" but rather have to say things are 5.34 to begin with. so yeah, a VAT would raise prices but there could also be a sales tax on top of that. so 5.35 (with VAT) plus the state's cut, which is now possibly not acting VAT-ty but sales taxy and so taxes all of it at 7%... raising even more for the state than before

or states could just get in on the VAT

i don't make over 100K and i have to spend a day figuring it all out. i use software that walks me through it but it should just be a page at most. my point here is that there is too many loopholes. it should be clean and simple. lower the tax, close the loopholes, end winchester's employment
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby Saz » Tue Aug 18, 2015 11:23 am

John Galt wrote:why would it be an infringement? jsut because thats what states do? if there is no income taxes for people under 100k, then people have more money, and so more money to spend on things. i would think retailers would be the ones most opposed to VAT, since they can't say something is 4.99 and then be all "oh yeah and there's 35 cents of tax on that" but rather have to say things are 5.34 to begin with.


People won't have more money. There is no way that math works. For the government to collect the necessary amount of revenue, it will have to tax it somewhere. Yea, your income tax is lower, but everything is 20% more expensive because of the taxes. The consumer actually isn't any wealthier. And it would be a massive drag on the economy. When you tax consumption you discourage consumption, the very lifeblood of the american economy.

And it wouldn't be a constitutional infringement, it would be a de facto transfer of power from the state to the federal level. Right now the states have broad leeway in terms of slapping a VAT on, and in addition to property taxes, this is how they raise much of their revenue. Tax that revenue stream and bump it up to a federal level and there really is no policy space for states on taxation issues.

I do agree taxes should be included right in the price, but reptiles hate this because they (rightfully) assume that poors are too dumb to realize how much they are being taxed if it's baked into the price.
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby Ben Huh » Tue Aug 18, 2015 6:50 pm

Yes, but in order to afford some of the things being proposed by certain candidates (nationalized healthcare, public secondary education), everyone is going to have to pay more in taxes, not just the rich. In the UK, anyone that makes over £31,785 without a personal allowance is taxed at a minimum 40% (increase to 45% if the make £150,000 or more). In Denmark, rated the happiest nation in the world, those making over 55K pay 60.2% of their income in taxes.
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby IronFist » Tue Aug 18, 2015 11:38 pm

Of course they should pay more. Or just spend their money on charity. They don't have too much to spend there money on anyway. At least they will help some less lucky people in that case.
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby spacemonkey » Wed Aug 19, 2015 11:36 am

IronFist wrote:Of course they should pay more. Or just spend their money on charity. They don't have too much to spend there money on anyway. At least they will help some less lucky people in that case.

Some of those "charities" are rip offs, with most of the money going for perks for the top dogs.
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby a777pilot » Wed Aug 19, 2015 3:11 pm

The answer to the OP's question is....NO!

The problem is we continue to talk about an "income" tax. That is the rub. There ought not be a tax on income or a tax on private real property.
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby Indy » Wed Aug 19, 2015 3:38 pm

a777pilot wrote:The answer to the OP's question is....NO!

The problem is we continue to talk about an "income" tax. That is the rub. There ought not be a tax on income or a tax on private real property.


Wonderful. And how do you suggest we finance the country?
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