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well dont let us put words in your mouth
geezz louise
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well dont let us put words in your mouth
geezz louise
Another interesting fact: everyone looks at the top marginal rate, and makes the case to increase it.
The rate at the bottom income bracket currently is at the lowest rate since 1941! And that doesn't even include all the carve outs and giveways we give - heck, we give money back to people that haven't even paid Federal Income Tax.
As a comparison, the last year that the top marginal rate was lower than it was today was 1992.
Clearly the lowest rate needs to also be increased - and tax breaks eliminated not only at the higher income spectrums, but also the lowest.
EVERYONE should pay FIT - if they make any income, that is. A lot more money that way to fund the bigger and bigger government we are getting - AND, money to help drive down the deficit.
You can't just look at the high end of the spectrum and say rates are too low, without realizing the lower end of the spectrum is also paying historically low FIT rates - and in many cases, getting money back from the Gov't just for being alive and non productive.
28th Amendment
28th Amendment
IMO, we need a Constitutional Amendment requiring a balanced budget and a simplified tax code. The 28th Amendment would declare a 10% flat tax on all personal income and a 5% consumption tax. And since the Supreme Court has declared corporations have the same rights as individuals, they would also be subject to the same income and consumption taxes. If we can't govern our country on the amount of revenue that would generate, then we're over-spending.
The Amendment would also require that all budget surpluses be used to pay down the national debt, until satisfied. Once satisfied, all budget surpluses must be returned to the American people (and corporations) in the form of tax rebates. Budget deficits could only be addressed with spending cuts.
Now, tell me why this wouldn't work.
:0corn
28th Amendment
IMO, we need a Constitutional Amendment requiring a balanced budget and a simplified tax code. The 28th Amendment would declare a 10% flat tax on all personal income and a 5% consumption tax. And since the Supreme Court has declared corporations have the same rights as individuals, they would also be subject to the same income and consumption taxes. If we can't govern our country on the amount of revenue that would generate, then we're over-spending.
The Amendment would also require that all budget surpluses be used to pay down the national debt, until satisfied. Once satisfied, all budget surpluses must be returned to the American people (and corporations) in the form of tax rebates. Budget deficits could only be addressed with spending cuts.
Now, tell me why this wouldn't work.
:0corn
I am glad we have a strong military but lets face it there is no one in any branch of the military that ever worrys about costs.
Hey Major - we need another 500 thousand gallons of fuel if we are going to fly to Japan next week.
Major - OK I will sign it.
Hey Major the tank just went off the road and cracked its transmission. It will cost 32 thousand to fix it.
Major - OK fix it I will sign it.
Hey Major - we need a flyover for the Super Bowl. It will be about 450 thousand for 3 jets.
Major - OK I will sign it.
There is no scrutiny over costs. They spend whatever hell they have to with no thoughts.
This mindset has to change somehow.
Hey Major - we need another 500 thousand gallons of fuel if we are going to fly to Japan next week.
Major - OK I will sign it.
Hey Major the tank just went off the road and cracked its transmission. It will cost 32 thousand to fix it.
Major - OK fix it I will sign it.
Hey Major - we need a flyover for the Super Bowl. It will be about 450 thousand for 3 jets.
Major - OK I will sign it.
There is no scrutiny over costs. They spend whatever hell they have to with no thoughts.
This mindset has to change somehow.
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it wont work because it will never pass the Senate and Congress who make their livlihoods from tax dollars. Lobbyists and tax ppl make millions and billions from our existing tax code.
this aint changing
Its exactly the reason it needs to.
Maybe we have to pull a Egypt at some pointe but we are too much like sheep.
It makes you wonder how our goverment would react if a million ppl showed up in washington protesting ?
Iran shot their ppl in the head for about two weeks, and that stopped that
what would be their response ?
its scary to think about.
George w would have probably nuked us
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I would assume, by this proposal, that you would have no carveouts - no personal exemptions, no low income credit, no mortage exclusions, etc. It would have to be that way to work, I'm sure.
Best part of this is the consumption tax - it may actually help incent Americans to save, rather than spend - something that our country has been terrible at the past 20 years or so....
Sorry. I should have qualified that.
Temporarily suspend disbelief and "pretend" that we have a functioning Congress, one that's capable of passing such an Amendment.
:0corn
KOD for President :00hour
Cie for Vice President :00hour
Get us running straight boys. How can elected officials just keep fucking everything up so bad.....or at the very least, not provide valid solutions. Everyone would rather just point fingers and not address the problem.....just push blame away from themselves. There's no end in sight for that
So I'm voting for the KOD-Cie ticket
Cie for Vice President :00hour
Get us running straight boys. How can elected officials just keep fucking everything up so bad.....or at the very least, not provide valid solutions. Everyone would rather just point fingers and not address the problem.....just push blame away from themselves. There's no end in sight for that
So I'm voting for the KOD-Cie ticket
I assume you'd also eliminate all other taxes - gas, cigarettes, real property, estate, etc, etc. However, since the present total tax burden (Fed, state, sales, real estate, etc) is 9.2% of total income, your proposal would still raise plenty of money.
However, given all the tax breaks presently in effect, especially for corporations, there's not a chance in Hell the paid shills in Congress would ever go along.
Personally I'd prefer a progressive income tax, but simplified with no deductions at all - no IRA, no mortgage interest, nothing. Tax based on net income period.
I'd start it at a few percent for those below the poverty level and increase as necessary to perhaps 50% at the highest incomes. Again, no funny business deductions, allowances or exclusions.
And I'd spend some more money to hire enough IRA agents to collect it all.
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to be honest we would be fawked
but I would have about 400 million banked for my first and only term. And all of my friends and family would have high paying jobs and sleepovers in the Lincoln bedroom
I woudnt even talk to the American ppl , I would just sign laws that I believed in , put Lindsey Lohan in jail for 3 years, drink all the alcohol I could each day with my feet on the oval office desk.
When ppl walked in to ask me something I would scream........how did you get in here.... Get the fawk out of here.
Oh its you bart. Damn come lets eat some barbecue and have some drinks. Here is a packet of money we were going to send to Egypt but now we dont have to. Damn bart your a rich man.
there is a downside to everything
Maybe Cie could pull it off
ok.......so if you did all of that....how would that be much different than whats been going on over the past few decades? :mj07: :mj07: :mj07:
Let's order some Midtown Sundries wings.....have some frosty brews.....and make a few TITFD plays with our bricks of cash. Work for you? :00hour
Of course.....Cie is definitely invited to join :mj06:
What's your point with that? The top rate is lower by more than half what it was in 1941.
Mags, get your nose out of Glenn Beck's shit and wake up. Over the past 70 years it is the richest who have had the greatest tax cuts.
Here...LOOK...SEE...
I agree that a progressive income tax with NO deductions would certainly be a BIG improvement over what we have now. But personally, I'd like to do away with the bracket system. IMO, it's too problematic in that each incoming administration wants to redefine the brackets and the result is this never-ending class warfare.
I don't know whether it's still so, but some years ago Hong Kong had just this sort of income tax system, very simple and straightforward. Their tax form was like this -
What was your total income last year?______
Your tax is 15% of that.
As far as I know it worked okay for them.
A Democratic aide said the budget would reduce Pentagon spending by $78 billion over five years. Pentagon cuts would include the C-17 aircraft, the alternate engine to the Joint Strike Fighter and the Marine Expeditionary Vehicle that the Defense Department says it does not need.
Democrats and Republicans in Congress have clashed over how far to go with spending cuts to trim the deficit. Obama argues some spending increases are necessary to make the U.S. economy more competitive, while Republicans push for deeper cuts and oppose any tax hikes.
A key test of whether the parties can work together will be a deadline in April or May for Congress to approve allowing more federal debt or risk the United States falling into a debt default that could cause economic havoc globally.
Boehner refused to rule out the possibility of a government shutdown when that stopgap measure runs out. "Our goal is to reduce spending, it is not to shut down the government," he said.
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First President in 100 years to reduce the defense budget :00hour
If Boners goal is to reduce spending why would he say he is not ruling out shutting down the goverment . This guy speaks with forked tongue.
Democrats and Republicans in Congress have clashed over how far to go with spending cuts to trim the deficit. Obama argues some spending increases are necessary to make the U.S. economy more competitive, while Republicans push for deeper cuts and oppose any tax hikes.
A key test of whether the parties can work together will be a deadline in April or May for Congress to approve allowing more federal debt or risk the United States falling into a debt default that could cause economic havoc globally.
Boehner refused to rule out the possibility of a government shutdown when that stopgap measure runs out. "Our goal is to reduce spending, it is not to shut down the government," he said.
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First President in 100 years to reduce the defense budget :00hour
If Boners goal is to reduce spending why would he say he is not ruling out shutting down the goverment . This guy speaks with forked tongue.
IT'S A REBATE TRENCH NOT A TAX CREDIT!!...
JEEZUS I THOUGHT YOU PEOPLE COULD READ :0074
HMM ..LOOKS LIKE THE FLIES ARE ON YOU DITCH..:nono:
DO I HAVE TO CARRY YOU PEOPLE EVERYDAY :facepalm:
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