Surely if there is a flat percentage then companies earning more would pay more anyway.
Yes but pay who more? There top 10 executives or the people who need it?
The only good thing about a flat tax is, it is so simple, it would eliminate loop holes that allow the rich and corporations to avoid paying taxes. But I totally agree with you, it is not fair for the working class to pay the same percentage as the super wealthy. I am against it just because it seems like another sneaky way for the rich to give themselves a tax cut, at the expense of the little guy.
No, they would pay more in taxes. Your example:Bill's Small Store Gross Income $100,000 would pay $10,000 in taxes at a 10% flat tax.Tom's Big Store Gross Income $1,000,000 would pay $100,000Executive Bill brought home $40K in salary and pays 4,000 in taxes. Executive Tom brought home $400,000 in salary and pays $40,000.
You should probably keep us updated on this
Flat tax rate would not be cool at all... But in this country, we like to mess things up! So i'm sure it would be something that would pass.
You all have very good insight on this matter that I didn't have before hand. Jimmy) it is very simple which I personally don't like due to the fact that the complexity is how I make my profit. Other than that i'm all for the change.Cranky) you are very well informed on this matter i see. I would agree with you that Bill is unfairly paying less and something should be done. I think we need a hybrid of both tax forms.Dys) I will post more once a week or so.Nairiku) If they ever gave the people a voice to speak up with i'm sure the flat tax would be passed but Corporate America would kill it before it got to a voting booth.
thanks for the funny picture, lol
Happy New Year 2012!
Happy new year also!!!
Sounds like it's time to get rich
Here in Australia we run the current tax, or in our case "income tax". In my opinion it is far superior that a flat tax.I follow back
awesome header lol, haha "pearquin"
The American way of life IS the rich getting richer and the poor getting poorer.
Sad but true...
I really appreciate your post dude. you see, i live i the other side of the world.. smwhere in asia, that is. I didnt really get all the fuss going on in the US about taxes with the elections and herman cains 999 tax and such. Now that you put it out, i really got a better picture. Thx dude!
wow this blog post really opened my eyes!
I have no clue about all these tax things! But to answer your question, I think you should rather get your gf a gift voucher in a beauty supply store - that way she can pick what make up she wants herself! Girls are very picky when it comes to make up)>'.'<
Rich stay Rich, :/ that is a shame, good post, sad but good.
I'm SO not an expert so I don't know how accurate it is, but I keep recommending this darn book to everybody.http://www.afr.org/It brings up some interesting points, among them "taxation without representation" and personal motivation. Since the poor "consume" more tax revenue than they contribute, they have no incentive to reduce government spending. Hultberg's theory is that under a TRUE flat tax, we'd all start paying at a certain rate, but as spending decreases (at our demand) that rate will go down.I believe that a true flat tax is the only fair tax. The problem with the current system is the write-offs, subsidies and loopholes. With a flat tax, the wealthy would pay at a "lower rate," but without write-offs, they would actually pay a higher dollar amount. The rich benefit by the middle and working class' reflexive response, "They SHOULD pay more; they can afford it!" They've set it up so they pay less.We've tried "reforming" the current system, and since the rich own Congress, it simply doesn't work.
So. Many. TAXES
my opinion of the flat tax is it can lick someone's hairy cojones, but that's probably cause i'm poor, like the rest of the country. rock on bragondorn!
I live in Hong Kong, so we have somewhat of a Flat Tax system. Though I'm not too sure on the specifics.
Corporations have all these vehicles they can ride to bypass all types of taxes and savvy tax planning strategies. I've always been a proponent of the flat tax versus the progressive tax structure.
Good read good stuff to know
You guys all bring up outstanding points!Katrina) Thanks for the advice I will make sure to get one for her :) Very good idea!Suz) You have a very valid point there and I will be getting this book. Thanks.Phillip) Yes.Teddi) I will be rocking out till the day my fingers get sore. which was yesterday. Maybe ill start up again soon.R.gers) Thank you for your insight on this system.Bravoe) I've never heard this and I am going to do some research and figure out what types of vehicles. Will post about it within week.
Cranky is right, flat rate means percentage, like here in the UK, if you earn over 1,000,000, %55 goes to the tax man! (I was told this many a while ago, probably false) but everyone paying taxes gets the same benefits, so I believe everyone should be paying the same PERCENTAGEof tax :)
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