vtsnowedin wrote:.
My question is what do we the members here at Peakoil think would be the best tax code for the USA? Start with the goals you want to obtain and move on to what should be tax exempt and what brackets there should be and the rate for each bracket.
So you want the person making just $12.50 an hour to pay $2500 a year in income taxes?Plantagenet wrote:vtsnowedin wrote:.
My question is what do we the members here at Peakoil think would be the best tax code for the USA? Start with the goals you want to obtain and move on to what should be tax exempt and what brackets there should be and the rate for each bracket.
The tax code is far too complicated.
Personally I'd like to see a simple flat tax---set it pretty low and no exemptions allowed.
Something like 10% on income up to 25K, 15% on income up to 100K, 20% on income up to 500K, 25% on income up to $1 million, and 30% on higher incomes.
Cheers!
Hawkcreek wrote:I would like to see EVERYONE paying the same percentage rate in taxes. This would be computed after considering all taxes and fees being paid on a nationwide basis. For example, if a poor person pays .005 percent of his weekly pay to enter a national park, everyone else would have to pay the same percentage. Naturally, this would get rid of all incidental fees paid to the national and state governments.
Same for property tax. That tax would come out of the profits from corporations, rather than be passed on the consumer of their products.
It would take a few years to find the true amount of hidden taxes everyone is paying, but if everyone, including those people type entities called corporations, paid the same percentage, I would call it good. This would probably come out to 30 to 40 percent of all income going to taxes.
vtsnowedin wrote:So you want the person making just $12.50 an hour to pay $2500 a year in income taxes?Plantagenet wrote:vtsnowedin wrote:.
My question is what do we the members here at Peakoil think would be the best tax code for the USA? Start with the goals you want to obtain and move on to what should be tax exempt and what brackets there should be and the rate for each bracket.
The tax code is far too complicated.
Personally I'd like to see a simple flat tax---set it pretty low and no exemptions allowed.
Something like 10% on income up to 25K, 15% on income up to 100K, 20% on income up to 500K, 25% on income up to $1 million, and 30% on higher incomes.
Cheers!
farmlad wrote:I would like to see a Land/Location Value Tax being implemented and increased as part of simplifing taxes. See https://en.wikipedia.org/wiki/Land_value_tax.
It makes sense that since we are all born into this world not by our personal choice and with a desire to live and have stuff that we should pursue the most equitable methods to share natural and social resources. So if someone wants property closer to populations then they should have to pay more but whether they build a house or a business or leave it vacant is their choice and the tax should not vary all that much.
This way we are taxing the access to natural resources rather than labor so that people have a lot greater incentive to work as well as employ workers but access to natural resources goes to the highest bidder and it will hurt his pocket book.
Plantagenet wrote:CHEERS!
PS: Vtsnowedin---what is YOUR favored tax plan? You started this thread---please participate in your own thread and tell us what changes you want in the tax system.
MD wrote:Sales tax only. Scaled by purchase price. The bigger the ticket, the bigger the tax. Primary residence exempt.
vtsnowedin wrote:MD wrote:Sales tax only. Scaled by purchase price. The bigger the ticket, the bigger the tax. Primary residence exempt.
That would leave huge amounts of income untaxed and discourage consumption to the point that the economy would decline.
Not every rich person feels the need to live lavishly like a jet setter.
A poor person has to spend almost every dollar just to get by so if you had say a 20% sales tax that would be his tax rate. The rich man can choose to spend just a fraction of his income and hoard the rest so his tax rate might be 5% or less.
vtsnowedin wrote:Hawkcreek wrote:I would like to see EVERYONE paying the same percentage rate in taxes. This would be computed after considering all taxes and fees being paid on a nationwide basis. For example, if a poor person pays .005 percent of his weekly pay to enter a national park, everyone else would have to pay the same percentage. Naturally, this would get rid of all incidental fees paid to the national and state governments.
Same for property tax. That tax would come out of the profits from corporations, rather than be passed on the consumer of their products.
It would take a few years to find the true amount of hidden taxes everyone is paying, but if everyone, including those people type entities called corporations, paid the same percentage, I would call it good. This would probably come out to 30 to 40 percent of all income going to taxes.
I'm sorry Hawkcreek but I don't follow your point about entering National parks. Going to a park is voluntary and has nothing to do with tax policy or rates.
Also local and state property taxes are a separate issue and only come into, play here if the Federal government mandates that government services be paid for out of property tax revenues. That is a very real thing and is worthy of a whole separate thread.
Plantagenet wrote:vtsnowedin wrote:.
My question is what do we the members here at Peakoil think would be the best tax code for the USA? Start with the goals you want to obtain and move on to what should be tax exempt and what brackets there should be and the rate for each bracket.
The tax code is far too complicated.
Personally I'd like to see a simple flat tax---set it pretty low and no exemptions allowed.
Something like 10% on income up to 25K, 15% on income up to 100K, 20% on income up to 500K, 25% on income up to $1 million, and 30% on higher incomes.
Cheers!
Subjectivist wrote:
Besides, to fund the basic needs of Government as opposed to the wants of the politicians a 20 percent tax is excessive. The government should supply national defence and infrastructure backed up by a court system. Very little else is either hecessary or proper for Government to be involved in.
Hawkcreek wrote:Going to a park is voluntary, but the funds to set aside, develop, and maintain the highways to that park are not voluntary. Effectively, the poor person spends a higher portion of his income to see that park than a rich person.
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