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Politics & Religion Discussion of politics and religion

View Poll Results: The Top Marginal Tax Rate on Income should be no higher than...
5% 1 4.35%
10% 6 26.09%
15% 4 17.39%
20% 8 34.78%
25% 1 4.35%
30% 1 4.35%
35% 1 4.35%
40% 0 0%
45% 0 0%
50% 0 0%
60% 0 0%
70% 0 0%
80% 0 0%
90% 0 0%
100% 1 4.35%
Voters: 23. You may not vote on this poll

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Old 04-04-2011, 4:20pm   #41
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FYI, the total taxable adjusted gross income for all federal income tax returns filed by individuals in the U.S. in 2007 was $8,799,000,000,000.

A flat tax of 20% on all of that income would generate $1,759,800,000,000 in revenue.

For comparison, in 2007 we collected $2,568,001,000,000 in TOTAL revenue and $1,533,710,000,000 in income tax revenue. We ran a deficit of $160,701,000,000 in 2007. So if everyone ACTUALLY paid their "fair share" as Democrats like to say, we would have had a surplus of around $70 Billion dollars.
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Old 04-04-2011, 4:24pm   #42
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With an income tax paying base of 120 Million workers, that would mean that in 2007 we had $583 dollars of surplus per tax payer. At a 20% flat tax, that means we could have, instead of running a surplus under this plan, made the tax a 20% flat tax with the first $3,000 of income exempted and broke even.
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Old 04-04-2011, 6:22pm   #43
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With an income tax paying base of 120 Million workers, that would mean that in 2007 we had $583 dollars of surplus per tax payer. At a 20% flat tax, that means we could have, instead of running a surplus under this plan, made the tax a 20% flat tax with the first $3,000 of income exempted and broke even.
Are you including the two Wars that weren't on the books?
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Old 04-04-2011, 7:37pm   #44
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What about Loopholes ... Should those be closed?
You got a plan?
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Old 04-04-2011, 8:18pm   #45
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I voted for 10% but i think that should be across the board whether you earn $1 or $1billion.

God only asks for 10% why should the govt get more?
God has a smaller payroll........
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Old 04-04-2011, 9:08pm   #46
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You got a plan?
Close them for everyone.
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Old 04-05-2011, 8:24am   #47
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What about Loopholes ... Should those be closed?
Yes
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Old 04-05-2011, 8:38am   #48
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Close them for everyone.
Now there's a good plan. We can file that one right next to "stop it" as a plan for illegal immigration and "get rid of it" as a plan to take care of our debt.
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Old 04-05-2011, 8:48am   #49
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There are places all over America that can accommodate you.

Don't forget to take pictures.
The 1950s included a top marginal income tax rate of 92%. It declined steadily to 28% in 1988, and has hovered around 35% plus or minus about 5% ever since.
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Old 04-05-2011, 8:49am   #50
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The 1950s included a top marginal income tax rate of 92%.
yep, but how much did they actually pay?

Even the hero of the dem party, JFK, saw how stupid that was. And that's saying a lot for his ignorant ass.
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Old 04-06-2011, 1:20pm   #51
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Old 04-06-2011, 4:17pm   #52
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I think there should be a fair tax and thats it. Stop taxing my pay check. I'll pay it at the register.
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Old 04-07-2011, 8:18am   #53
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One thing about these charts that's a bit misleading is the tech boom that happened in the nineties. So it makes Clinton's tax hikes look like a good thing.

I wonder how it would look with Reagan's tax rates with the tech boom?
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Old 04-07-2011, 6:56pm   #54
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I think there should be a fair tax and thats it. Stop taxing my pay check. I'll pay it at the register.


A consumption tax in lieu of an income tax.

simple.

however...big up hill climb to ever see it...as it takes power away from politicians.
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Old 04-07-2011, 8:49pm   #55
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Looks like we're on the cutting edge here at Vette Barn PRC:


74% Say They Should Pay No More Than 20% of Their Income in Taxes


Quote:
Thursday, April 07, 2011

While a majority U.S. Voters says the average American shells out 30% or more of their income in taxes, most believe they should pay no more than 20%.

A new Rasmussen Reports national telephone survey finds that 52% of Likely Voters say, when thinking about all federal, state and local taxes, the average American pays 30% or more of their income in taxes. Thirty percent (30%) believes the average American pays 20%, while 10% say they pay 10% of their income in taxes. These findings show little change from early April of last year. (To see survey question wording, click here.)

When asked what the average American should pay in taxes, 74% of voters say they should pay no more than 20% of their income. Only 19% think the American taxpayer should dish out 30% or more. These findings, too, show little change from April 2010....

....Eighty-six percent (86%) of voters making between $40,000 and $60,000 annually say the Americans should pay no more than 20% of their income in taxes. Interestingly, just 63% of those voters making under $20,000 agree....
74% Say They Should Pay No More Than 20% of Their Income in Taxes - Rasmussen Reports™
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Old 04-07-2011, 9:23pm   #56
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I think there should be a fair tax and thats it. Stop taxing my pay check. I'll pay it at the register.
I like the idea of replacing the income tax with a consumption tax also.
With the consumption tax everyone has some skin in the game. That's something that is lacking in the current system.
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Old 04-07-2011, 10:05pm   #57
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I like the idea of replacing the income tax with a consumption tax also.
With the consumption tax everyone has some skin in the game. That's something that is lacking in the current system.
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Old 04-09-2011, 1:37am   #58
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The only "fair" tax is the one where each individual pays exactly the same amount to the government. Not a percentage; a flat amount.

Set a budget. Divide by the number of citizens theoretically able to pay taxes. Bill each citizen for their individual share of the budget.

"Fair" means we all pay the same amount, from Warren Buffett and William H. Gates, to the homeless guy under the Shelby Street Bridge.

Bill is a citizen; I am a citizen; the guy under the bridge is (probably) a citizen. All citizens, regardless of station, are equal under the law - so we should all be equal contributors. No more; no less.

Let's use Will's numbers for 2007.

For population number, I'll pull stats from the CIA World Factbook:

"Manpower available for Military Service"
(Males and Females between 16 and 49): 145,212,010

"Population Between 15 and 64 years old":209,219,416

Obviously this is somewhat of a Fermi problem...

I'll split the difference (and fudge 5 years of growth) between "People of Military Service Age" and "People between 15 and 64", for a "Number of people who should be able to pay taxes" of 177,215,713 in 2007.

The demand for revenue which must be met by the citizens through taxes, is the 2007 tax revenue plus the deficit we ran. This number is $1,694,411,000,000. Divide that by the 177 million number of worthy citizens, and the share per citizen would have been $9,561.29.

If you paid more than $9,561.29 in taxes in 2007 (I did), you carried part of, all of, or more than one of, your fellow citizens. If you paid less, someone else carried you.

I've worked this problem before through the years. The share-per-citizen always works out to between $8K and $11K.

Yes, I know this is an impossibility. But all other concepts of what is "fair", other than this, the burden shared equally among equal citizens, are wrong.

So... how many of your fellow citizens are you carrying?
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