Re: Why not the straight 15% flat tax on all income?

On Apr 20, 6:14 pm, "JC" <dontbot...@xxxxxxxxxxxxxxx> wrote:
"Lubow" <dynamitem...@xxxxxxxxxxx> wrote in message

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On Apr 20, 12:05 pm, "JC" <dontbot...@xxxxxxxxxxxxxxx> wrote:



"Lawyerkill" <Lawyerk...@xxxxxxx> wrote in message

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On Apr 20, 10:17 am, "JC" <dontbot...@xxxxxxxxxxxxxxx> wrote:

"Lubow" <dynamitem...@xxxxxxxxxxx> wrote in message

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On Apr 19, 6:01 pm, -=DirtBag <D...@xxxxxxxxx> wrote:

Why not the straight 15% flat tax on all income? Then levy a
value
added tax in areas that can handle them.
These present Tax Law's are too complex and too much bull*** in
them.
We need less legalese and more common sense when it comes to the
tax
code.

I would be happy to pay 15% of all earned money. It would not
hurt
me
a bit and I would likely be paying less.

Yeah, but people that are barely getting by would not do so well.
Granted, they should get their priorities in order and get the
education and skills they need in order to achieve a higher income
but
you and I know that's just not the norm.

My tax reform would be the simpliest of all. An asset tax. The
current
budget is 3 Trillion dollars. The current worth of all assets in
America is over 60 Trillion dollars. So the budget is about 5% of
the
worth of the country. So, everyone pays 5% of their asset value in
taxes. If you're own 10 thousand bucks worth of assets, you pay
500
bucks. If you own 10 Billion in assets, well you figure it out. No
exclusions, no deductions, no exemptions and no exceptions.
Everybody
pays something. And, if you get caught hiding assets, you simply
forfeit them.

What would be unfair about that?

And what if you're retired or unemployed?

Should that status grant you any special priviledge? I'm retired,
unemployed and don't even take social security or medicare. And I'll
guarantee you my asset value probably would not put me in the over
500
bucks tax bracket. But, I still use the roads and probably more
government services than most. So, why should I not be required to
pay
what I can?

Using your plan, the government has no way to encourage thrift or
investment.  On the contrary, it will encourage "mattress" banking as
people will keep their assets in undocumented cash.

And you think that risking losing 100% of what they've hidden won't
discourage a lot of that? Come on folks. Geeeeeez. When was the last
time your read about how much INCOME is being hidden?

Huh? In your plan keeping a buck in the bank at 2% will cost you .05 *
(1.02) = 0.051.. In other words you have to pay a nickle to earn two
cents in interest.

The Mattress National Bank sounds like a better deal.
.

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