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Author: [Politics] Topic: Romney's tax rate.
cd329 send a private message View Space | Blog | Friends | Playbook |
cd329
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#51
Posted: 10/12/2012 8:23:08 PM

Mojo, please show me the posts where i idolize any politician.

I have been screaming at the top of my lungs about how both parties are bought and paid for flunkies.

So really stop the lies.  Its the right wingers on this site who idolize their boys, not me son.  The right wingers here cant stop drooling over their candidates

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#52
Posted: 10/12/2012 8:24:49 PM
Guess you got me. I got angry there too. 
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#53
Posted: 10/12/2012 8:29:15 PM
Cool. Then we agree there that's good. I still don't get the hate for the rich. The game isn't changing either play or don't. But glad I read you wrong and we see either of these fools is worthless.
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#54
Posted: 10/12/2012 8:34:37 PM

neither obama or romney can save our country. the rich and corporations are the only ones who can do it, but their greed has totally blinded them. They cant even see that the collapse of the country will be the collapse of them.  They are all just too busy spending their cash to realize this.

population of over 300 million and counting, the end of our country is no doubt coming

 

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#55
Posted: 10/12/2012 9:02:26 PM
I'm on board with the flat tax idea as well. I've read some posters don't agree with it but it seems more fair than having different rates for different sorts of income. 

I completely disagree with Bowls notion that poor people or even working class should play the stock market/investment game and try and make money off of capital gains. It's just not feasible without a large starting amount of money. In addition to that, most of these people are likely uneducated when it comes to investing. 
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#56
Posted: 10/13/2012 4:24:25 PM
QUOTE Originally Posted by Ktrain:

I'm on board with the flat tax idea as well. I've read some posters don't agree with it but it seems more fair than having different rates for different sorts of income. 

I completely disagree with Bowls notion that poor people or even working class should play the stock market/investment game and try and make money off of capital gains. It's just not feasible without a large starting amount of money. In addition to that, most of these people are likely uneducated when it comes to investing. 

Ktrain, I never said they should I said they COULD.

There are plenty of rags to riches stories out there.

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#57
Posted: 10/13/2012 5:12:45 PM
QUOTE Originally Posted by bowlslit:

Ktrain, I never said they should I said they COULD.

There are plenty of rags to riches stories out there.

 

Covers should make this the post of the month

There are plenty of rags to riches stories out there.

lmfaooooooooooooooooooooooo.  yup there are tons of people out there who started with little cash and made fortunes in the stock market. 

just more silly bullshit from the spinster

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#58
Posted: 10/13/2012 8:46:21 PM
flat tax is impossible to support because all it means is a baseline, floor for taxation with the temptation to add more taxes.

Its like the education system down here...Arizona has cut funding to education more than any other state, like 20% plus, and it was horrible even before the cuts..anyhoo..when the recession happened and property values dropped, budgets got cut etc, citizens a few yrs ago supported a prop to do a 3 yr 1% increase to sales tax for education..Of course it passed and was approved.

So in the 3 yrs this has been in effect the money raised (close to 1B) has gone to education..what has the government done? In a sense they stole that ear marked money by cutting MORE than the 1B in education funding because they knew that the sales tax was there and they could cut.

So the point is I dont like the idea of a flat tax because it would not be the only tax we would have, it just means there is a floor set that more taxation would be built on top of that floor.

No thanks on a flat tax, unless ALL deductions were cut at the median income and phased out at say the 125k mark..all of them, ZERO deductions for 125k plus income. Of course that would just create a business for loopholes to be found about how to manipulate taxable income and get around the flat tax.

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#59
Posted: 10/13/2012 10:01:54 PM
QUOTE Originally Posted by wallstreetcappers:

flat tax is impossible to support because all it means is a baseline, floor for taxation with the temptation to add more taxes.

Its like the education system down here...Arizona has cut funding to education more than any other state, like 20% plus, and it was horrible even before the cuts..anyhoo..when the recession happened and property values dropped, budgets got cut etc, citizens a few yrs ago supported a prop to do a 3 yr 1% increase to sales tax for education..Of course it passed and was approved.

So in the 3 yrs this has been in effect the money raised (close to 1B) has gone to education..what has the government done? In a sense they stole that ear marked money by cutting MORE than the 1B in education funding because they knew that the sales tax was there and they could cut.

So the point is I dont like the idea of a flat tax because it would not be the only tax we would have, it just means there is a floor set that more taxation would be built on top of that floor.

No thanks on a flat tax, unless ALL deductions were cut at the median income and phased out at say the 125k mark..all of them, ZERO deductions for 125k plus income. Of course that would just create a business for loopholes to be found about how to manipulate taxable income and get around the flat tax.


What do you think about a consumption tax then? No income tax for a consumption tax. 
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#60
Posted: 10/13/2012 11:32:41 PM

I do not claim to know the answer but…

A consumption tax is a harshly regressive tax.
 
Let's take 2 scenarios:
 
1. Family of 4, earns $25K a year.  Spends $5K/year on food.  Spends $10K a year on rent. Spends the other $10K on clothing, gas and other merchandise that is taxable.  40% of their income is essentially taxed.
 
2. Family of 4, earns $500K a year. Spends $10K on food.  Spends another $40K on clothing, gas, merchandiese that is taxable.  Spends $36K a year on mortgage.  Puts the other money into investments.  8% of their income is essentially taxed.
 
When poorer families are paying 5X the rate of wealthy families the system breaks down.

 There is no easy answer to ANY of the tax problems. If there actually were, it would be in place.  Tax policy requires everyone to make sacrifices and we, as a country are not willing to do anything to change that.  We will continue to hobble ourselves with tax and defecit issues because correcting the problem is too painful for anyone and the special interests will not allow it to happen - they have the money.

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#61
Posted: 10/13/2012 11:33:32 PM
not sure why that showed up in strange font but the point remains...
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#62
Posted: 10/14/2012 12:26:06 AM
QUOTE Originally Posted by Ktrain:


What do you think about a consumption tax then? No income tax for a consumption tax. 

How can you place reasonable measures on such a tax?
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#63
Posted: 10/14/2012 2:27:53 PM
QUOTE Originally Posted by wallstreetcappers:


How can you place reasonable measures on such a tax?

I don't know. I'm just floating the idea about it to see what everyone thinks. 

Mattbrot made an excellent point about it. 
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#64
Posted: 10/14/2012 2:51:05 PM
QUOTE Originally Posted by Ktrain:


I don't know. I'm just floating the idea about it to see what everyone thinks. 

Mattbrot made an excellent point about it. 

Yeah I dont see how you place fair measures on such a tax..and for people that are against government involvement and control, a consumption tax seems more oppressive than what we have now.
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#65
Posted: 10/14/2012 6:38:03 PM
Wall, 
I hear you there would undoubtedly be more taxes added on top of it hence it's fantasy. In a perfect world however...

I don't know the solution just know the current situation is ridiculous. 
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cd329 send a private message View Space | Blog | Friends | Playbook |
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#66
Posted: 10/14/2012 7:36:47 PM

Matt, excellent post. I never broke it down that way, but you are 100 percent right.  Man the rich should be psuhing for that tax, then again they pay nothing now, why change the system

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