How would YOU fix the tax code??

Me personally........I'd throw out our existing FEDERAL system with all the perks, deductions, tax breaks, earned income......ALL of IT.

Then I'd create a FAIR progressive tax, if possible. I say progressive because lets face it.......someone making 10K cannot afford to pay 30% of there income. Hell, maybe they cannot afford 10%, but the can SURE AS HELL pay something.......maybe 5%.

Rates something like this:

5% 0 - 10k
10% 10k - 30k
15% 30k - 100k
20% 100k UP...........

Then I'd put on top of this a 2 or 3% flat tax on EVERY **** THING........

This still doesn't address all the hidden ******** taxes like fuel tax, property tax, etc, etc, but it sure would START us down the right path.

What do you guys think.

Later,

Geo

Sounds like a decent start. It definitely needs simplifying, like to remove things like this gem: “For purposes of paragraph (3), an organization described in paragraph (2) shall be deemed to include an organization described in section 501 [c] (4), (5) or (6) which would be described in paragraph (2) if it were an organization described in section 501 [c] (3).”

[QUOTE=GeoFisher;459943]Me personally........I'd throw out our existing FEDERAL system with all the perks, deductions, tax breaks, earned income......ALL of IT.

Then I'd create a FAIR progressive tax, if possible. I say progressive because lets face it.......someone making 10K cannot afford to pay 30% of there income. Hell, maybe they cannot afford 10%, but the can SURE AS HELL pay something.......maybe 5%.

Rates something like this:

5% 0 - 10k
10% 10k - 30k
15% 30k - 100k
20% 100k UP...........

Then I'd put on top of this a 2 or 3% flat tax on EVERY **** THING........

This still doesn't address all the hidden ******** taxes like fuel tax, property tax, etc, etc, but it sure would START us down the right path.

What do you guys think.

Later,

Geo[/QUOTE]

I agree, the entire code as it is now is FUBAR. Not just the language, but the principles behind it. Your spot on Geo with a graduated or progressive tax. I do think those making more should pay in more..
$0-20,000 - 10% Income tax
$20,000-40,000 - 15% Income tax
$40,000-80,000 - 20% Income tax
$80,000-125,000 - 25% Income tax
$125,000 - 500,000 - 30% Income tax
$500,000 - up - 35% Income tax

5% general merchandise sales tax.

Eliminate tax breaks on the big corporations with multi-million profits. Give them other incentives other than free tickets on taxes. If someone gets a raise that exceeds 10% of their salary and they make more than $500,000 per year, then HALF of that raise should be allocated to taxes.

Too much revenue is lost due to loopholes given to corporations, lobbyists and special interest groups with ties to big money.

LOWER taxes on items that are CRUCIAL to our economy, like petroleum and energy sources, to keep costs down for the private and public sectors .

Balancing the budget will take more than raising taxes, but its a big part of the puzzle. The other pieces...partisan politics, special interests, lobbyists, pork-laden bills, drug wars, billions to oversees interests that aren't appreciative or even efficient, etc. etc. etc. are another story altogether.

Sorry guys, I'm not a regular commentator on the board anymore, but **** the direction this country is going bothers me.

Flat, consumption tax with a credit for those below the poverty level and that's it.

Also, I would make lower the general amount that the government is currently receiving and make it illegal for them to spend more than they take in.

[QUOTE=goosecreekguy;459947]I'm not a regular commentator on the board anymore, but **** the direction this country is going bothers me.[/QUOTE]

I'm with you on that...I try to not think about it to much, but sometimes it's hard not to, especially when all I hear one minute is how broke the government is, then the next minute I hear about some bone-headed thing they just spent money on. It's truly sad!

I agree with you George, I feel we ought to also tack on mandatory drug testing for anyone on the government hog trough. Regular employees, state, and federal and anyone receiving any form of aid or government support.

I think I'd start with spending first, get it under control and below budget limits, then I'd make the tax code meet the revenues needed to "spend less"

I tend to favor a flat tax. 1 rate, adjusted between years, applying to all at all income levels, and then reduce the thusands of tax emptions and loopholes that let the folks with lawyers pay less. I would offer percentage tax breaks for the disabled, blind, folks below poverty level income, and senior citizens whether the seniors are retired or not.

I don't know what could be done to fix the tax boondoggle that we have progressed to in the last 50 or 60 years but it seems to me a flat tax is the worst idea to come down the pike in a long time and it seems to have a very large base of folks who support the flat tax idea ...I don't understand how moving the taxes that are being paid by the top half of income earners to the bottom half of income earners even remotely resembles the right thing to do.

[QUOTE=Hlleonard;460341]I don't know what could be done to fix the tax boondoggle that we have progressed to in the last 50 or 60 years but it seems to me a flat tax is the worst idea to come down the pike in a long time and it seems to have a very large base of folks who support the flat tax idea ...I don't understand how moving the taxes that are being paid by the top half of income earners to the bottom half of income earners even remotely resembles the right thing to do.[/QUOTE]

You ARE aware that the bottom half pay NOTHING in federal income taxes......NOT A **** RED CENT.


[url]http://www.kiplinger.com/features/archives/how-your-income-stacks-up.html[/url]

OK, I'm a little wrong....they pay 3%.......but yea that sure as **** is fair.

[QUOTE=GeoFisher;460343]You ARE aware that the bottom half pay NOTHING in federal income taxes......NOT A **** RED CENT.


[URL]http://www.kiplinger.com/features/archives/how-your-income-stacks-up.html[/URL]

OK, I'm a little wrong....they pay 3%.......but yea that sure as **** is fair.[/QUOTE]
--
You have a good evening Mr. Fisher.

[QUOTE=GeoFisher;460343]You ARE aware that the bottom half pay NOTHING in federal income taxes......NOT A **** RED CENT.


[URL]http://www.kiplinger.com/features/archives/how-your-income-stacks-up.html[/URL]

OK, I'm a little wrong....they pay 3%.......but yea that sure as **** is fair.[/QUOTE]
And that 50% of the population makes only 13% of all income. The top half makes 87%, the bottom half shares 13% percent, and you say move the tax burden DOWN?

Marie Antoinette had nothing on you.

[QUOTE=RoadToad;460404]And that 50% of the population makes only 13% of all income. The top half makes 87%, the bottom half shares 13% percent, and you say move the tax burden DOWN?

Marie Antoinette had nothing on you.[/QUOTE]

FAIR tax my friend..........My proposal would not sock with with the same as someone in the upper brackets pay, but they'd at least PAY SOMETHING.

Today, most pay nothing and get a nice fat check called earned income..

Everyone making up to 10K should be able to pay 5% of their wages towards taxes. PERIOD. Then they should be able to pay a consumption tax on **** they buy.....PERIOD.

I don't mind paying the tax I pay..what I do mind is paying the tax I pay when 47% of Americans **** from the system.

I have all the **** I need......If things don't seriously change I just might figure out a way to be poor and collect some of that gubment money.......