1billsfan Posted March 11, 2016 Posted March 11, 2016 A "flat tax" is not a regressive tax, it's a progressive tax. With a flat tax of, say, 20% someone earning $50,000 would pay $10,000, while someone earning $1,000,000 would pay $200,000. A fixed fee tax, where everyone was assessed the same amount, say $10,000 regardless of earnings would actually be a flat tax. A regressive tax is a tax where individuals earning less would pay a higher dollar figure in taxes than someone earning more. Taxes for the middle and lower incomes would go up and the taxes for the rich would go down. Call it regressive or not, that's the reality which Ted's "low information voters" either don't know or don't want to know.
IDBillzFan Posted March 11, 2016 Posted March 11, 2016 Taxes for the middle and lower incomes would go up and the taxes for the rich would go down. Call it regressive or not, that's the reality which Ted's "low information voters" either don't know or don't want to know. Unreal. Do all you Trumpettes just regurgitate whatever his hitsquad tells you? Look for yourself here. Here is his plan in terms so simple, even a Trumpette can understand it. Are you afraid of a world with no IRS? The Simple Flat Tax creates a simple, single-rate flat tax for individuals. The existing seven different rates of individual income tax will become one low rate: 10%. A family of four will pay no taxes on their first $36,000 of income. The plan exempts a large amount of initial income for low- and middle-income taxpayers, with a $10,000 standard deduction and $4,000 personal exemption. It also keeps the Child Tax Credit and expands and modernizes the Earned Income Tax Credit with greater anti-fraud and pro-marriage reforms. The plan keeps the charitable giving deduction and features a home mortgage interest deduction, capped at principal value of $500,000. BUSINESS FLAT TAX – SINGLE RATE: 16% The corporate income tax along with the payroll tax are abolished, replaced by a 16% Business Flat Tax. The current corporate tax code is riddled with years of accumulated loopholes and special favors, burdening U.S. businesses with the highest top tax rate among the advanced nations. This convoluted and anti-competitive structure will be replaced with a simple 16% tax on net business sales (gross sales minus expenses and capital expenditures). The current payroll tax discourages work and job creation. The vast majority of Americans pay more in payroll tax than in income tax. The Simple Flat Tax will eliminate the payroll tax, boosting jobs and wages for working Americans, while guaranteeing funding for Social Security and Medicare. UNIVERSAL SAVINGS ACCOUNTS (USA) The Simple Flat Tax creates Universal Savings Accounts (USA) allowing savings of up to $25,000 per year in tax-deferred dollars. Savers can withdraw the funds at any time for any reason – whether it be for college tuition, a down payment on a home, or their son or daughter’s wedding. This savings feature harmonizes with the tax elements of the Cruz Simple Flat Tax to move toward encouraging savings and investment – a recipe for economic growth and jobs. RESULTS: GROWTH AND OPPORTUNITY – The Tax Foundation estimates that the Cruz Simple Flat Tax will, over ten years, increase the size of the U.S. economy by 13.9% above what is currently projected, create an additional 4.86 million jobs, and boost wages by 12.2%. Every category of worker will see a double-digit increase in after-tax income. OTHER TAXES ELIMINATED Death Tax. Overseas profits tax. The Alternative Minimum Tax. The Obamacare taxes.
GG Posted March 11, 2016 Posted March 11, 2016 Taxes for the middle and lower incomes would go up and the taxes for the rich would go down. Call it regressive or not, that's the reality which Ted's "low information voters" either don't know or don't want to know. The more I read Trump's hard core supporters, the more I see similarities between their wishes and Bernie's supporters wishes.
TakeYouToTasker Posted March 11, 2016 Posted March 11, 2016 The more I read Trump's hard core supporters, the more I see similarities between their wishes and Bernie's supporters wishes. Trump is a liberal, so why wouldn't his supporters be liberals?
IDBillzFan Posted March 11, 2016 Posted March 11, 2016 The more I read Trump's hard core supporters, the more I see similarities between their wishes and Bernie's supporters wishes. Seriously.
1billsfan Posted March 11, 2016 Posted March 11, 2016 Unreal. Do all you Trumpettes just regurgitate whatever his hitsquad tells you? Look for yourself here. Here is his plan in terms so simple, even a Trumpette can understand it. Are you afraid of a world with no IRS? Ted's full of crap. The minute I heard this guy talk years ago I thought he's full of crap. He is the typical slimy lawyer/politician who will do or say anything to get what he wants. Do you really believe that Ted will get rid of the IRS? That's the biggest whopper I've ever heard.
Tiberius Posted March 11, 2016 Posted March 11, 2016 The more I read Trump's hard core supporters, the more I see similarities between their wishes and Bernie's supporters wishes. Like building a wall?
GG Posted March 11, 2016 Posted March 11, 2016 Ted's full of crap. The minute I heard this guy talk years ago I thought he's full of crap. He is the typical slimy lawyer/politician who will do or say anything to get what he wants. Is the irony intentional?
Andrew Son Posted March 11, 2016 Posted March 11, 2016 Unreal. Do all you Trumpettes just regurgitate whatever his hitsquad tells you? Look for yourself here. Here is his plan in terms so simple, even a Trumpette can understand it. Are you afraid of a world with no IRS? That's a great plan to decrease corporate taxation. Just what the middle class needs...
Observer Posted March 11, 2016 Posted March 11, 2016 (edited) Seriously. How is it you post here as often as you do with such little grasp of what you're talking about. Saying Palin was the conductor of McCain's crazy train is like saying Mitt lost because he put a dog on his roof. This is not a defense of Palin. She had no business being picked as a VP, and she would still be relatively unknown to the rest of the world had the GOP not nominated the political equivalent of Dorf on Golf. He never had a chance against Obama BEFORE he chose Palin, and by the time he was in favor of bailing out everyone in a bad mortgage, he was done with anyone interested in voting against Obama. But yeah...you keep thinking how Palin was the problem. It would explain why you think Trump has a chance against Hillary. You're likely sitting around today talking about how substantive Trump was at the debate last night, happy to get the endorsement today of a guy Trump once called a child molester. Sometimes it's better if you just think twice before you post every little moth that enters your noggin. Read what I wrote. McCain was going to lose. Picking Palin turned his campaign into a blowout and a joke. I don't think we disagree. And I don't know where you get that I think Trump will beat Clinton. Nominating Trump is Clinton's inauguration. She can beat Trump with one hand behind her back. Edited March 11, 2016 by Observer
TakeYouToTasker Posted March 11, 2016 Posted March 11, 2016 (edited) That's a great plan to decrease corporate taxation. Just what the middle class needs... Corporate taxation is nothing more than a line item cost of production to a business. That cost is passed along to the consumer in the price of goods and services. Lowering the corporate tax does two things for the economy which benefit the middle, working, and lower classes: 1. It puts downward pressure on prices, which makes the consumer dollar go further. 2. It makes the expatriation of corporate dollars less advantageous, and keeps those dollars in the domestic economy. Edited March 11, 2016 by TakeYouToTasker
GG Posted March 11, 2016 Posted March 11, 2016 Corporate taxation is nothing more than a line item cost of production to a business. That cost is passed along to the consumer in the price of goods and services. Lowering the corporate tax does two this for the economy which benefits the middle, working, and lower classes: 1. It puts downward pressure on prices, which makes the consumer dollar go further. 2. It makes the expatriation of corporate dollars less advantageous, and keeps those dollars in the domestic economy. You're missing the big corollary. US companies are making more money overseas, but are parking it offshore because the taxes are too high to bring it back.
TakeYouToTasker Posted March 11, 2016 Posted March 11, 2016 (edited) You're missing the big corollary. US companies are making more money overseas, but are parking it offshore because the taxes are too high to bring it back. I left that out because I was only speaking to a flat corporate tax rate of 16%. I'm not sure what the plan would be for the repatriation of those offshored dollars. If it were me, I'd propose an amnesty on those dollars to allow them to flow freely back into the domestic economy. Edited March 11, 2016 by TakeYouToTasker
GG Posted March 11, 2016 Posted March 11, 2016 I left that out because I was only speaking to a flat corporate tax rate of 16%. I'm not sure what the plan would be for the repatriation of those offshored dollars. If it were me, I'd propose an amnesty on those dollars to allow them to flow freely back into the domestic economy. No reason to have two rates, then you encourage funny accounting. Have the equal domestic and foreign 15% rate and be done with it.
IDBillzFan Posted March 11, 2016 Posted March 11, 2016 Read what I wrote. McCain was going to lose. Picking Palin turned his campaign into a blowout and a joke. I don't think we disagree. It was a blowout and joke without Palin, which goes to the point I tried to make that the right VP choice CAN make a difference for a Cruz run. Hard to believe I'm writing this because I think you need a woman on the ticket to go against Hillary's non-stop claims of sexism and misogyny that surely will come...but while Kasich has some policy flaws, he'd be a great balance for Cruz. They could put Trump in charge of catering state dinners.
Chef Jim Posted March 11, 2016 Posted March 11, 2016 Corporate taxation is nothing more than a line item cost of production to a business. That cost is passed along to the consumer in the price of goods and services. Lowering the corporate tax does two things for the economy which benefit the middle, working, and lower classes: 1. It puts downward pressure on prices, which makes the consumer dollar go further. 2. It makes the expatriation of corporate dollars less advantageous, and keeps those dollars in the domestic economy. 1. Means more money for those greedy CEO's
TakeYouToTasker Posted March 11, 2016 Posted March 11, 2016 No reason to have two rates, then you encourage funny accounting. Have the equal domestic and foreign 15% rate and be done with it. For new dollars generated going forward, absolutely. I'm speaking more to the dollars currently offshored. Create an amnesty window of 6 months, opening one year from the announcement date in order to allow for corporate planning. During that window allow those dollars to come into the domestic economy tax free. Once the window closes, I agree that the rates should be the same for both for exactly the reason you stated.
IDBillzFan Posted March 11, 2016 Posted March 11, 2016 (edited) That's a great plan to decrease corporate taxation. Just what the middle class needs... You nuts with your corporate greed meme need to leave the heavy mental lifting to the smart people. You need to stop thinking that every corporation is just a bunch of overweight white guys trying to figure out how to cram more cash in their pockets. My company is small, but between health care and taxes, I avoid expanding my business. Repeal ACA and drop my taxes to 16% and I will gladly expand because my margins will finally be worth the risk. Just what the middle class needs, by the way. Edited March 11, 2016 by LABillzFan
Andrew Son Posted March 11, 2016 Posted March 11, 2016 Corporate taxation is nothing more than a line item cost of production to a business. That cost is passed along to the consumer in the price of goods and services. Lowering the corporate tax does two things for the economy which benefit the middle, working, and lower classes: 1. It puts downward pressure on prices, which makes the consumer dollar go further. 2. It makes the expatriation of corporate dollars less advantageous, and keeps those dollars in the domestic economy. Part of it is passed on to the consumer, sure, based on the elasticity of said good or service You're missing the big corollary. US companies are making more money overseas, but are parking it offshore because the taxes are too high to bring it back. And because they can, which should change Corporate taxation is nothing more than a line item cost of production to a business. That cost is passed along to the consumer in the price of goods and services. Lowering the corporate tax does two things for the economy which benefit the middle, working, and lower classes: 1. It puts downward pressure on prices, which makes the consumer dollar go further. 2. It makes the expatriation of corporate dollars less advantageous, and keeps those dollars in the domestic economy. 1. Means more money for those greedy CEO's Yeah, I'm sure the decreased tax expense will just flow right down to decreased prices- not to shareholder profits...
IDBillzFan Posted March 11, 2016 Posted March 11, 2016 Part of it is passed on to the consumer, sure, based on the elasticity of said good or service And because they can, which should change Yeah, I'm sure the decreased tax expense will just flow right down to decreased prices- not to shareholder profits... You're a Bernie fan?
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