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On October 25 2011 12:08 peekn wrote:
Looks really nice, my family makes too much that they have to pay ridiculous taxes because it hasn't been scaled down since the '70s or w/e. Would really like this so we can either get out of our tax bracket or pay less taxes.
But then again I could be understanding this completely wrong...
you are....taxes are the lowest since, i think, the 50s. your parents are definitely paying less than they were before
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I would enjoy a tax code and budget reconciliation that allows us to meet our budget goals and reduce our debt at some point.
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Perry riding on Herman Cains economic policy coattails.. is there no low to which Perry will stoop? With the exception of one, those republican nominations are a dime a dozen politicians..
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On October 25 2011 12:04 Kingsp4de20 wrote:Show nested quote +On October 25 2011 12:02 McFeser wrote:
I like the idea of having options, but what this means is people paying over 20% will take this plan while leaving everyone else to pay a larger share.
Also, on a unrelated note, due to a tax loophole my parents are recieving 95K back from the government this year. They made 85K. The IRS is auditing them to hell and back in case they gamed the system (They didn't) How is that possible?
Some tax credits can be carried over and compounded in certain situations... so its not really like they're getting extra back... they just didnt get as much back as they could have in past years.
(unless there is some other rules Im aware of)
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Yes. The way to raise more revenue for the government is through a plan that would put a higher burden on the middle class -_-
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On October 25 2011 12:23 LaLLsc2 wrote:
Perry riding on Herman Cains economic policy coattails.. is there no low to which Perry will stoop? With the exception of one, those republican nominations are a dime a dozen politicians..
Stuck between Obama and the GOP is not fun. Not fun at all.
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On October 25 2011 12:13 Yergidy wrote:Show nested quote +On October 25 2011 12:03 jeremysaint wrote:
i swear americans live on another planet sometimes. the usa is going broke because of its ridiculously low taxes. 3rd lowest in western world. you dont need a tax cut, and unless you really hate people with low income you dont need a federal sales tax or any kind of flat tax.
sometimes complex problems and systems don't have a simple answer, and a tax code you pulled out of your ass on a whim will not help your finacial woes. if there are problems with the current system fix the problems, close the loopholes, force republicans to cooperate with the us govt and president for the good of the country, at least once. That is your opinion. My opinion is that taking more money from businesses, big or small, reduces business expansion and hiring which in turn reduces overall tax revenue because when taxes are raised on businesses the customer suffers does because businesses HAVE to meet overhead or they can't function so they raise prices to keep their profit. Raising taxes does nothing but raise costs for everyone. While lower taxes gives businesses more money for expansion and hiring people and thus yields a higher return to the government in taxes.
The problem is that everyone frames this "expansion and hiring people" as only happening in the US. Corporations might be considered citizens now but you can sure as hell bet they're not American citizens. In this global economy, they're going to reinvest that money in China or India where wages can be dirt cheap and production costs are low as fuck, at a rate that we can't possibly match cause the Chinese government subsidies everything + people there are willing to work for dirt cheap.
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On October 25 2011 12:29 chaoser wrote:Show nested quote +On October 25 2011 12:13 Yergidy wrote:On October 25 2011 12:03 jeremysaint wrote:
i swear americans live on another planet sometimes. the usa is going broke because of its ridiculously low taxes. 3rd lowest in western world. you dont need a tax cut, and unless you really hate people with low income you dont need a federal sales tax or any kind of flat tax.
sometimes complex problems and systems don't have a simple answer, and a tax code you pulled out of your ass on a whim will not help your finacial woes. if there are problems with the current system fix the problems, close the loopholes, force republicans to cooperate with the us govt and president for the good of the country, at least once. That is your opinion. My opinion is that taking more money from businesses, big or small, reduces business expansion and hiring which in turn reduces overall tax revenue because when taxes are raised on businesses the customer suffers does because businesses HAVE to meet overhead or they can't function so they raise prices to keep their profit. Raising taxes does nothing but raise costs for everyone. While lower taxes gives businesses more money for expansion and hiring people and thus yields a higher return to the government in taxes. The problem is that everyone frames this "expansion and hiring people" as only happening in the US. Corporations might be considered citizens now but you can sure as hell bet they're not American citizens. In this global economy, they're going to reinvest that money in China or India where wages can be dirt cheap and production costs are low as fuck, at a rate that we can't possibly match cause the Chinese government subsidies everything + people there are willing to work for dirt cheap.
Or do what they've done in the past with tax breaks, rebuy company stock to increase the price and give them a way to increase investment in the future.
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The new flat tax preserves mortgage interest, charitable and state and local tax exemptions for families earning less than $500,000 annually, and it increases the standard deduction to $12,500 for individuals and dependents
Why on earth do people that make $500,000 a year have a choice to not pay regular taxes? Lower that down to like $50,000 and below and I'll I won't laugh at it.
Seriously do all republicans just not want to pay taxes at all? This is just a Tax plan that lowers the tax rates of the rich imo which need to go up not down.
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On October 25 2011 12:28 randomKo_Orean wrote:
This is stupid as hell. This is like "free get out of paying taxes" card for the wealthy. And people ask why Occupy Wall Street is gaining so much ground.
Pretty much. Right now about a third of the country thinks that people like Perry are geniuses. I live in liberal Boston, and it's absolutely crazy, the far right's economic plans and regard toward Romneycare is.
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Canada11370 Posts
Well I guess at this point it's a race to the bottom to see which candidate can offer the least amount of taxes. We just need Bachmann or another Tea Party courting nominee to cut federal taxes completely. It would be very inline with the loaded question "How much of my money do I deserve to keep?". 'All of it' was the answer I think he was going for.
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On October 25 2011 12:03 jeremysaint wrote:
i swear americans live on another planet sometimes. the usa is going broke because of its ridiculously low taxes. 3rd lowest in western world. you dont need a tax cut, and unless you really hate people with low income you dont need a federal sales tax or any kind of flat tax.
sometimes complex problems and systems don't have a simple answer, and a tax code you pulled out of your ass on a whim will not help your finacial woes. if there are problems with the current system fix the problems, close the loopholes, force republicans to cooperate with the us govt and president for the good of the country, at least once.
Yeah it's almost like no other country is in debt. Damn those Americans.
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On October 25 2011 12:32 Zooper31 wrote:Show nested quote +The new flat tax preserves mortgage interest, charitable and state and local tax exemptions for families earning less than $500,000 annually, and it increases the standard deduction to $12,500 for individuals and dependents Why on earth do people that make $500,000 a year have a choice to not pay regular taxes? Lower that down to like $50,000 and below and I'll I won't laugh at it. Seriously do all republicans just not want to pay taxes at all? This is just a Tax plan that lowers the tax rates of the rich imo which need to go up not down.
It's the other way around. Below $500k, you get to deduct mortgage interest and other things from taxable income. Above the $500k, you have to play it all.
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Another thing people need to realize is, just like the 9-9-9 plan, the numbers are tweak-able.
It's the concept and realization that plays the biggest role in any tax overhaul.
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This can't be revenue neutral right?
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On October 25 2011 12:04 Kingsp4de20 wrote:Show nested quote +On October 25 2011 12:02 McFeser wrote:
I like the idea of having options, but what this means is people paying over 20% will take this plan while leaving everyone else to pay a larger share.
Also, on a unrelated note, due to a tax loophole my parents are recieving 95K back from the government this year. They made 85K. The IRS is auditing them to hell and back in case they gamed the system (They didn't) How is that possible?
I'm guessing that his parents used to have a high salary, say ~300K, in year N. For year N+1 they probably chose to prepay an estimated tax based on the previous year's salary but then they got pwned in the economic downturn and only made a more modest 85k, which would result in them getting refunded.
Whenever you hear people brag about these big legit refunds they usually leave out the obvious implication "I previously made a LOT more money than I do now," because it doesn't sound as exciting.
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On October 25 2011 12:34 Muffinman53 wrote:Show nested quote +On October 25 2011 12:03 jeremysaint wrote:
i swear americans live on another planet sometimes. the usa is going broke because of its ridiculously low taxes. 3rd lowest in western world. you dont need a tax cut, and unless you really hate people with low income you dont need a federal sales tax or any kind of flat tax.
sometimes complex problems and systems don't have a simple answer, and a tax code you pulled out of your ass on a whim will not help your finacial woes. if there are problems with the current system fix the problems, close the loopholes, force republicans to cooperate with the us govt and president for the good of the country, at least once. Yeah it's almost like no other country is in debt. Damn those Americans.
Speaking for Sweden, we've been reducing our debt since the mid 90's, while still doing quite well in all major political areas (domestically and internationally). Sure, everyone has debt, but not everyone has a system that's heading for a trainwreck.
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Wikipedia:
Perry graduated in 1972 with a Bachelor of Science degree in animal science with a 2.5 GPA.
Hahahaha. A public state university, and he couldn't even try hard enough to get a GPA over 3.0? People actually want to elect a slacker? I mean, you'd have to be sitting around all day with your thumb up your ass to get a GPA that low. I truly do not trust people like this to run an entire nation.
J.R. Bob Dobbs help us TT
Edit: Also, animal science? Hmm....
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On October 25 2011 12:04 Kingsp4de20 wrote:Show nested quote +On October 25 2011 12:02 McFeser wrote:
I like the idea of having options, but what this means is people paying over 20% will take this plan while leaving everyone else to pay a larger share.
Also, on a unrelated note, due to a tax loophole my parents are recieving 95K back from the government this year. They made 85K. The IRS is auditing them to hell and back in case they gamed the system (They didn't) How is that possible?
I'm no tax expert, but likely they've got large 401k-s (or other investments) that took heavy losses. Tax returns offset some of those...
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EPT
