Taxes

Actually, the only way to save the economy at this point is to adopt the FairTax. The revenue generation would be tremendous. Please take a few minutes to understand it before you criticize it. www.fairtax.org

Businesses would return, job creation would be astronomical and our trade deficit would be eliminated. But it is too easy to distort and demagogue. Just read the posts that follow.

Taxes, been thinking about them a lot lately. But before we worry about taxes shouldn't we as a country decide what it is we want and expect from the Government. If we want social programs, strong defense, be the worlds policeman, we need to overcome this rooted idea that we can do all this without paying more in taxes. Its not possible, you have to have as much coming in as going out or you end up with well the cluster of crap we have now. Here are some areas that could be addressed in my opinion:

Eliminate tax deductions for the rich

Pull all troops based in other countrys and station some of them along our northern and southern borders, if were going to pay them to guard something it should be us. The need to have troops stationed in other countrys has been eliminated as we can get troops on the ground anywhere in the world in 48 hours.

Cut defense spending by 100 billion dollars which can be done through better procurement procedures and cuts in obselete weapons systems.

Raise the retirement age to 70 for those born after 1975. When SS was established the avg life expectancy was 60 years of age. It is now near 85. The system was not designed to provide 25 years of paid retirement. So its either raise the retirement age of increase the cost to each of us.

Eliminate goverment payments to NPR, The Arts and Planned parenthood. These organization can be fully funded through donations for those who enjoy and unitlize these programs. Those who dont should not have to pay for it.

Increase federal income tax for each person by .5 percent.

Decriminalize and tax herb, make medical herb available to anyone who needs it.

Quit providing financial aid to other countrys, allies or not. Stop rebuilding other countrys who have suffered a natural disaster and rebuild freaking New Orleans, everyone is so concerned about the poor people of Hati what about the poor people of New Orleans, the Appalations, and every inner city everywhere, if were going to throw money away at least we should throw it at our own people.

End all Hostile actions immediately in Iraq, Afghanistan and what the fuck are we doing in Lybia anyway, we have spent 680 million as of today according to the news, this has got to stop. We need to stay out of the game of nation building, democracy building and civil wars.

Just a few ideas I have.

Here here dirty here hear my words exactly

+1 for the Fair Tax.

I also agree we need to do drastic steps like raising the retirement age, eliminating some tax credit programs, and maybe even getting countries like Iraq to actually start paying some part of the costs that were incurred.

I also agree that Congress can't or won't cut spending enough to actually begin to reverse the trend.

I watched several of the videos on that site. My biggest concern that he didn't address was the fairness of taxing you the second time when you spend your savings. I know most people don't have savings, but I've saved quite a bit of aftertax funds and would be extremely upset to have to pay tax a second time.

I would like to get a definition for "rich" since everyone wants to tax them so much. We should know exactly who we are talking about.

I also find a little funny that some of the things that DD said are things that I have said and Cheaper hated them then. So I guess Cheaper has a thing for me. Sorry dude, I don't go that way. (that would explain all the gay stuff he keeps throwing out there)

I would like to get a definition for "rich" since everyone wants to tax them so much. We should know exactly who we are talking about. Originally Posted by john_galt

In my opinion I would eliminate the tax breaks for anyone who makes over $500,000.00 a year. I would give partial breaks for anyone who makes over $250,000.00.

I think Cheaper agreed with me because my thoughts encompassed ideas from both parties and is not driven by an ideology.

All the gay insults are kind of 3rd grade arn't they?

In my opinion I would eliminate the tax breaks for anyone who makes over $500,000.00 a year. I would give partial breaks for anyone who makes over $250,000.00.

I think Cheaper agreed with me because my thoughts encompassed ideas from both parties and is not driven by an ideology.

All the gay insults are kind of 3rd grade arn't they? Originally Posted by dirty dog

I would like to know the definition of "tax breaks". Does that include the mortgage deduction? Medical expenses? Taxes paid to states/localities in the form of earnings taxes and personal property taxes? We seem to think that the rich have this all-encompassing storehouse of dollars that they can simply whip out a pen and begin writing checks at a moments notice.

I do not like the idea of taxing earnings; I am also uncomfortable of taxing sales of the necessities of life (medicine, doctors/dentists/hospitals, food, clothing). I would not mind taxes on the use of a particular service provided by the local government entity. I also would not mind a VAT tax on non-essential items - but again, there would have to be a definition as to what items are considered essential.

The best idea I have seen is the following, and although I am uncomfortable in taxing earnings, it may be the fairest method of taxing income:

1) How much did you earn (income, interest, dividends)
2) Multiply by 10%
3) Send this to the IRS

It would fit onto a postcard, would take less than 5 minutes to fill out and would be fair because it affects everyone that earns an income - including those making minimum wage and the rich. No deductions, no loopholes.

the rich already pay most of the taxes now.

Actually, the only way to save the economy at this point is to adopt the FairTax. The revenue generation would be tremendous. Please take a few minutes to understand it before you criticize it. www.fairtax.org

Businesses would return, job creation would be astronomical and our trade deficit would be eliminated. But it is too easy to distort and demagogue. Just read the posts that follow. Originally Posted by CuteOldGuy

I love the idea of a consumption tax, but it would need loopholes closed. Will corporations have to pay items that they buy at retail (office furniture, manufacturing equipments, etc.) or will they not be included.

What about purchases made outside the country? For an example, buy and register a yacht in say the DR, travel there to enjoy it? Loophole? Use to see many Canadians avoid tax by buying in the US and taking it back across the border.

I would like to know the definition of "tax breaks". Does that include the mortgage deduction? Medical expenses? Taxes paid to states/localities in the form of earnings taxes and personal property taxes? We seem to think that the rich have this all-encompassing storehouse of dollars that they can simply whip out a pen and begin writing checks at a moments notice.

I do not like the idea of taxing earnings; I am also uncomfortable of taxing sales of the necessities of life (medicine, doctors/dentists/hospitals, food, clothing). I would not mind taxes on the use of a particular service provided by the local government entity. I also would not mind a VAT tax on non-essential items - but again, there would have to be a definition as to what items are considered essential.

The best idea I have seen is the following, and although I am uncomfortable in taxing earnings, it may be the fairest method of taxing income:

1) How much did you earn (income, interest, dividends)
2) Multiply by 10%
3) Send this to the IRS

It would fit onto a postcard, would take less than 5 minutes to fill out and would be fair because it affects everyone that earns an income - including those making minimum wage and the rich. No deductions, no loopholes. Originally Posted by fritz3552

I meant eliminating the Bush tax cuts for anyone about 500,000. and partial elimination for those who earn between $250,000.00 and $500,000.00. I used to believe that tax cuts for the rich help produce jobs and "trickle down" to those in lower income brackets. I know longer believe this to be true, not in this era of corperate greed. Any savings that effects the top is just absorbed and put into the pockets of those in charge. As I have said, I now believe that all of us must share a small increase in taxes but it should be proportially higher for those who can afford it the most. But any increase must be matched dollar for dollar with a reduction in spending or I would not support it.

I'm not sure Cheaper made through 3rd grade. Maybe he is an advanced student.

As I have said, I now believe that all of us must share a small increase in taxes but it should be proportially higher for those who can afford it the most. But any increase must be matched dollar for dollar with a reduction in spending or I would not support it. Originally Posted by dirty dog

That philosophy was tried before (think Reagan and Tip O'Neill). The Dems went back on their promise to reduce spending - like that's news...

The objections raised to the FairTax are usually a result of not studying it. As far a Roth IRAs and the like, you would still be far ahead with the FairTax than maintaining the present system. Canadians who come here to buy would pay the tax. You buy a yacht outside the US, you don't pay the tax. A close look at the FairTax shows it closes many more loopholes than it opens.

As a former defense attorney, I had clients who made 10s of thousands of dollars in illegal activities, and paid no tax. In fact, they qualified for assistance. A double insult.

But with the FairTax, the economy would boom, revenues would remain static or increase, many more jobs at full pay. The government would no longer get to pry into what you earn, where you work, or how you spend your money.

Think of what would happen to the American automobile or aviation industry if Ford, GM, Chrysler, Boeing etc. could sell products overseas at 25% less than they do now? Think Detroit and Wichita would benefit?

There simply are no downsides to the FairTax that aren't overwhelmed by the benefits. Unless you are a Congressperson. Then a great deal of power is removed from you to the people. And a lot of campaign contributions from companies wanting tax breaks would dry up. Congress will never give up their power in favor of liberty for the people.

COG, there is a downside as it affects me, and that's what most concerns me. I've paid tax already on my savings. I don't want to have to pay again. If a consumption tax is imposed and I have to pay again, I'm blaming you.