Thanks. I prefer to be a hard working
idiot. I think a fair tax would be on expenditures, and not on incomes. Tax people on what they spend and be done with it. That way any time any of us buys a private jet, we pay our fair share accordingly.
This would burden the poor more so than the rich.
I placed a chart of my thoughts on taxation earlier, and no one commented on it.
I think it is simple, all people on the same tax rate, 20% (had to pick a number) All taxpayers get the same general deduction, $36K (again had to pick a number). but first eliminate all deductions and subsidies…ALL!
I’ll try to find my post.
Found it…
At the level of taxation at what it is in this country, and the level of over spending for the last 30 or so years, how is raising taxes moderate? That is liberal, always has been and always will be. A compromise wound be to cut one penny on every dollar spent in this country, every dollar, not just this or that but all! Then get rid of ALL subsidies and deductions and cooperate taxes and capital gains taxes, and lower tax rates. Give one simple deduction for every tax payer, say $36K, and then tax everyone at the lower rate. A millionaire will naturally pay a progressively higher rate and amount than someone who makes $50K.
Family making $1,000,000,000 – 36K in income @ 20% would pay $199,992,800 or an effective tax rate of 19.99%
Mitt Romney’s family $20,000,000 – minus 36K in income @ 20% would pay $3,992,800 or an effective tax rate of 19.96%
Family making $1,000,000 in income – Minus 36K@ 20% would pay $192,000 or an effective rate of 19.28%
Family makes $125,000 in income – minus 36K @ 20% would pay $17,800 or an effective rate of 14.24%
Family making $100,000 in total income – minus 36K @ 20% would pay $12800 or an effective rate of 12.8%.
Family making $36,000 in total income – 36K @ 20% would pay $0.00 or an effective rate of 0%
Rate payer base will explode with new tax payers because of new job production and income to the government will go up. Final result would be increased tax revenue, democrat want, and lower tax rates, republican want. Now that is real compromise!
This probably doesn’t fit here, but I went off on a tangent sitting at my desk and this is what I came up with. Adjust the rate a little if you like, or tweak the amount of the universal deduction if you must, but the point is there is compromise out there. It’s just not always what I or you may see as compromise.