10 Outrageous Facts About the Income Tax

[jahawkin]

Originally posted by: charrison


It could be done in a tax neutral fashion. And as with any tax scheme, the rich will pay more in.

And as with any flat tax scheme, the rich will pay less of their income (percentage-wise) to taxes then the rest of us.

 

[charrison]

Originally posted by: jahawkin

Originally posted by: charrison


It could be done in a tax neutral fashion. And as with any tax scheme, the rich will pay more in.

And as with any flat tax scheme, the rich will pay less of their income (percentage-wise) to taxes then the rest of us.

Once again, that depends on how it is implemented.

 

[charrison]

Originally posted by: Spencer278
Fine SS is an income tax.

Yes, but it is not the income tax that is controlled by 60k pages of tax code. Which is the current topic.

Please run along now.

 

[etech]

Originally posted by: jahawkin

Originally posted by: charrison


It could be done in a tax neutral fashion. And as with any tax scheme, the rich will pay more in.

And as with any flat tax scheme, the rich will pay less of their income (percentage-wise) to taxes then the rest of us.

income $16,000
deduction $15,000
rate 10%

16k-15k=1000 *.1 = 100 taxes 100/16,000 = 0.625%

income $25,000
deduction $15,000
rate 10%

25k-15k= 10K*.1= $1,000 taxes. 1,000/25,0000 = 4%

income $250,000
deduction $15,000
rate 10%
250k-15k = 235,000 * 0.1 = $23,500 /250,000 = 9.4%

income $500,000
deduction $15,000
rate 10%
500K- 15K = 485,000 * 0.1 = 48,500/500,000 = 9.7%

You were saying?

 

[Spencer278]

Originally posted by: charrison

Originally posted by: Spencer278
Fine SS is an income tax.

Yes, but it is not the income tax that is controlled by 60k pages of tax code. Which is the current topic.

Please run along now.

You think any that pays the majority of their taxes in SS tax care which section of code its tax code is in. I guess the conservaties like to ignore SS tax because it is capped well above the average income and we all know conseraties tend to have above average income.

 

[charrison]

Originally posted by: Spencer278

Originally posted by: charrison

Originally posted by: Spencer278
Fine SS is an income tax.

Yes, but it is not the income tax that is controlled by 60k pages of tax code. Which is the current topic.

Please run along now.

You think any that pays the majority of their taxes in SS tax care which section of code its tax code is in. I guess the conservaties like to ignore SS tax because it is capped well above the average income and we all know conseraties tend to have above average income.

If you want to talk about reform of SS taxes, please start another thread.

 

[Spencer278]

If you want to talk about tax reform why not talk about the two taxes that found the majorty of the goverment?

 

[charrison]

Originally posted by: Spencer278
If you want to talk about tax reform why not talk about the two taxes that found the majorty of the goverment?

As I said, take it to another thread.

 

[Hugenstein]

Or in the real world where Income Tax isn't the only tax we pay...

Income Tax + 12.4% (Social Security up to $87,000) + 2.9% (Medicare no ceiling)


income $16,000
deduction $15,000
rate 10%

16k-15k=1000 *.1 = 100
16k * 12.4% = 1984
16k * 2.9% = 46.4
2130.4/16k = 13.3%


income $25,000
deduction $15,000
rate 10%

25k-15k= 10K*.1= $1,000
25k* 12.4% = 3100
25k* 2.9% = 725
4825/25k= 19.3%

Way to leave out anything resembling a middle class salary out too, makes your point look even better that way....I will go ahead and add one.

income $50,000
deduction $15,000
rate 10%
50k-15k = 35,000 * 0.1 = $3,500
50k* 12.4% = 6200
50k* 2.9% = 1450
10468.8/50k= 20.9%


income $250,000
deduction $15,000
rate 10%
250k-15k = 235,000 * 0.1 = $23,500
87k* 12.4% = 10788
250k* 2.9% = 7250 (Assuming all income is salary and not capital gains which is pretty unlikely)
41538/250k= 16.6%


income $500,000
deduction $15,000
rate 10%
500K- 15K = 485,000 * 0.1 = 48,500
87k* 12.4% = 10788
500K* 2.9% = 14500 (Assuming all income is salary and not capital gains which is pretty unlikely)
73788/500k= 14.8%


You were saying?

 

[zephyrprime]

Double-tax on dividends: 60 years and still not fixed.
Sixty years ago, a Treasury report noted that "double taxation of corporate profits is the principal problem raised in connection with the corporation income tax." In the 1930s, a Treasury report argued that the tax disincentive to pay dividends caused corporate management problems. Recent scandals proved them right. Congress should bite the bullet and reform dividend taxes now -- before the next round of corporate scandals begins.

Bush already proposed to get rid of that last year.

 

[Spencer278]

Originally posted by: etech

Originally posted by: jahawkin

Originally posted by: charrison


It could be done in a tax neutral fashion. And as with any tax scheme, the rich will pay more in.

And as with any flat tax scheme, the rich will pay less of their income (percentage-wise) to taxes then the rest of us.

income $16,000
deduction $15,000
rate 10%

16k-15k=1000 *.1 = 100 taxes 100/16,000 = 0.625%

income $25,000
deduction $15,000
rate 10%

25k-15k= 10K*.1= $1,000 taxes. 1,000/25,0000 = 4%

income $250,000
deduction $15,000
rate 10%
250k-15k = 235,000 * 0.1 = $23,500 /250,000 = 9.4%

income $500,000
deduction $15,000
rate 10%
500K- 15K = 485,000 * 0.1 = 48,500/500,000 = 9.7%

You were saying?

Of courses you might want to try runing the numbers with a tax rate that would fully found the goverment, oh wait never mind you can just borrow the remaining 1-1.5 trillion dollars. For a flat tax to work the % would have to be very high and the no tax zone would also have to be large otherwise it would be a tax increase for the poor/middle class and there is no chance in hell either group is going to vote for the RBC tax scheme otherwise.

 

[charrison]

Originally posted by: Spencer278

Originally posted by: etech

Originally posted by: jahawkin

Originally posted by: charrison


It could be done in a tax neutral fashion. And as with any tax scheme, the rich will pay more in.

And as with any flat tax scheme, the rich will pay less of their income (percentage-wise) to taxes then the rest of us.

income $16,000
deduction $15,000
rate 10%

16k-15k=1000 *.1 = 100 taxes 100/16,000 = 0.625%

income $25,000
deduction $15,000
rate 10%

25k-15k= 10K*.1= $1,000 taxes. 1,000/25,0000 = 4%

income $250,000
deduction $15,000
rate 10%
250k-15k = 235,000 * 0.1 = $23,500 /250,000 = 9.4%

income $500,000
deduction $15,000
rate 10%
500K- 15K = 485,000 * 0.1 = 48,500/500,000 = 9.7%

You were saying?

Of courses you might want to try runing the numbers with a tax rate that would fully found the goverment, oh wait never mind you can just borrow the remaining 1-1.5 trillion dollars. For a flat tax to work the % would have to be very high and the no tax zone would also have to be large otherwise it would be a tax increase for the poor/middle class and there is no chance in hell either group is going to vote for the RBC tax scheme otherwise.

1. Now run these numbers with the current tax code and see what little change there is to these numbers.

2. There is not an income level that goverment cannot overspend on. Your dream to fully fund goverment will just lead to higher taxes and you will still have goverment generating debt.

 

[etech]

Originally posted by: Hugenstein
Or in the real world where Income Tax isn't the only tax we pay...

Income Tax + 12.4% (Social Security up to $87,000) + 2.9% (Medicare no ceiling)


income $16,000
deduction $15,000
rate 10%

16k-15k=1000 *.1 = 100
16k * 12.4% = 1984
16k * 2.9% = 46.4
2130.4/16k = 13.3%


income $25,000
deduction $15,000
rate 10%

25k-15k= 10K*.1= $1,000
25k* 12.4% = 3100
25k* 2.9% = 725
4825/25k= 19.3%

Way to leave out anything resembling a middle class salary out too, makes your point look even better that way....I will go ahead and add one.

income $50,000
deduction $15,000
rate 10%
50k-15k = 35,000 * 0.1 = $3,500
50k* 12.4% = 6200
50k* 2.9% = 1450
10468.8/50k= 20.9%


income $250,000
deduction $15,000
rate 10%
250k-15k = 235,000 * 0.1 = $23,500
87k* 12.4% = 10788
250k* 2.9% = 7250 (Assuming all income is salary and not capital gains which is pretty unlikely)
41538/250k= 16.6%


income $500,000
deduction $15,000
rate 10%
500K- 15K = 485,000 * 0.1 = 48,500
87k* 12.4% = 10788
500K* 2.9% = 14500 (Assuming all income is salary and not capital gains which is pretty unlikely)
73788/500k= 14.8%


You were saying?

My plan is to reform the income tax. I'm not even saying it is perfect but I believe it is a hell of a lot better than the 60,000 page morass we have right now.

Why don't you come up with a better plan if you can.

 

[Mail5398]

I say we tax Canadians for having to put up with Celine Dion.

 

[jahawkin]

A question for all the flat tax advocates. How do you define "income"?