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Another OPP l*****t apology warranted, but don't hold your breath.
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Sep 27, 2021 14:07:59   #
RandyBrian Loc: Texas
 
moldyoldy wrote:
The rich may pay more money but a hundred dollars to them is peanuts, when a hundred dollars to a peon is life and death.


That is somewhat true.....and why most poor people pay little or nothing in taxes, and why many of them actually get money BACK that they did not pay into taxes, called the earned income tax credit. The untrue part is the 'life and death' exaggeration. There is government help for anyone who needs it and asks for it.
Do you disagree?

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Sep 27, 2021 14:23:34   #
America 1 Loc: South Miami
 
moldyoldy wrote:
The rich may pay more money but a hundred dollars to them is peanuts when a hundred dollars to a peon is life and death.


Mar 3, 2021
The latest government data show that in 2018, the top 1% of income earners—those who earned more than $540,000—earned 21% of all U.S. income while paying 40% of all federal income taxes. The top 10% earned 48% of the income and paid 71% of federal income taxes.

Who is the highest taxpayer in the US?
In 2018, the top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined. The top 1 percent of taxpayers paid roughly $615 billion, or 40.1 percent of all income taxes, while the bottom 90 percent paid about $440 billion, or 28.6 percent of all income taxes.

The data demonstrates that the U.S. individual income tax continues to be very progressive, borne primarily by the highest income earners.[2]

Summary of the Latest Federal Income Tax Data, 2020 Update,
In 2017, 143.3 million taxpayers reported earning $10.9 trillion in adjusted gross income and paid $1.6 trillion in individual income taxes.
The share of reported income earned by the top 1 percent of taxpayers rose to 21 percent, from 19.7 percent in 2016. Their share of federal individual income taxes rose to 38.5 percent, from 37.3 percent in 2016.
In 2017, the top 50 percent of all taxpayers paid 97 percent of all individual income taxes, while the bottom 50 percent paid the remaining 3 percent.
The top 1 percent paid a greater share of individual income taxes (38.5 percent) than the bottom 90 percent combined (29.9 percent).
The top 1 percent of taxpayers paid a 26.8 percent average individual income tax rate, which is more than six times higher than taxpayers in the bottom 50 percent (4.0 percent).
https://taxfoundation.org/summary-of-the-latest-federal-income-tax-data-2020-update/

More than 100 million U.S. households, or 61% of all taxpayers, paid no federal income taxes last year, according to a report from the Tax Policy Center.
The p******c and federal stimulus led to a huge spike in the number of Americans who either owed no federal income tax or received tax credits from the government.
The main reasons for the spike — high unemployment, large stimulus checks, and generous tax credit programs — will largely expire after 2022.
The top 20% of taxpayers paid 78% of federal income taxes in 2020, according to the Tax Policy Center, up from 68% in 2019. The top 1% of taxpayers paid 28% of taxes in 2020, up from 25% in 2019.
https://www.cnbc.com/2021/08/18/61percent-of-americans-paid-no-federal-income-taxes-in-2020-tax-policy-center-says.html

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Sep 27, 2021 15:03:20   #
nwtk2007 Loc: Texas
 
RandyBrian wrote:
I have to assume you simply believe what you believe because you want to believe it.
Okay. You can do that.


Exactly!!

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Sep 27, 2021 15:31:48   #
moldyoldy
 
RandyBrian wrote:
That is somewhat true.....and why most poor people pay little or nothing in taxes, and why many of them actually get money BACK that they did not pay into taxes, called the earned income tax credit. The untrue part is the 'life and death' exaggeration. There is government help for anyone who needs it and asks for it.
Do you disagree?



The bureaucrat that makes the decision on who gets help does not always make the right decisions. It is subjective.

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Sep 27, 2021 16:27:39   #
working class stiff Loc: N. Carolina
 
RandyBrian wrote:
Hey, friend. I think we've had a bit of miscommunications....a good part of it my fault. Somehow, I had the wrong idea that the politico link was posted by moldyoldy, and my remarks about Politico and credibility were aimed at him. Not you.
I humbly and sincerely apologize. I did not mean to proclaim balderdash about Trump predicting e******n f***d. He absolutely did. My comment was aimed at the notion that this is a republican "go to" strategy, and not something that Trump and others sincerely believe.
Anyway, I'm sorry. Please feel free to deal me wh**ever lumps you feel I deserve, and I will take them.
Hey, friend. I think we've had a bit of miscommun... (show quote)


Nah.....stuff happens. I usually try not to throw brick bats and I was just surprised as my interactions with you have been civil and educational. It's the internet....no harm, no foul. Take care.

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Sep 27, 2021 19:21:07   #
RandyBrian Loc: Texas
 
working class stiff wrote:
Nah.....stuff happens. I usually try not to throw brick bats and I was just surprised as my interactions with you have been civil and educational. It's the internet....no harm, no foul. Take care.


You, too, sir. Thanks for your understanding!

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Sep 27, 2021 23:09:24   #
RandyBrian Loc: Texas
 
moldyoldy wrote:
The bureaucrat that makes the decision on who gets help does not always make the right decisions. It is subjective.


Okay. Let's tackle this another way. What tax policy do YOU submit as a fair and equitable way to make sure everyone pays what they are supposed to for personal taxes?

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Sep 28, 2021 06:03:34   #
moldyoldy
 
RandyBrian wrote:
Okay. Let's tackle this another way. What tax policy do YOU submit as a fair and equitable way to make sure everyone pays what they are supposed to for personal taxes?


The rich have been writing the tax code. Loop holes are put in place to circumvent any meaningful laws. There should be a certain percentage across the board. Borrowing from yourself should be counted as income. Living off business expenses should not be allowed. A complete overhaul is needed.

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Sep 28, 2021 08:09:55   #
nwtk2007 Loc: Texas
 
moldyoldy wrote:
The rich have been writing the tax code. Loop holes are put in place to circumvent any meaningful laws. There should be a certain percentage across the board. Borrowing from yourself should be counted as income. Living off business expenses should not be allowed. A complete overhaul is needed.


Lol! It is SO much more complicated than that! Lolol!

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Sep 28, 2021 08:50:20   #
moldyoldy
 
nwtk2007 wrote:
Lol! It is SO much more complicated than that! Lolol!


It is complicated and requires a complete revamping.

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Sep 28, 2021 21:45:08   #
nwtk2007 Loc: Texas
 
moldyoldy wrote:
It is complicated and requires a complete revamping.


That I agree with!

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Sep 30, 2021 13:56:34   #
RandyBrian Loc: Texas
 
moldyoldy wrote:
The rich have been writing the tax code. Loop holes are put in place to circumvent any meaningful laws. There should be a certain percentage across the board. Borrowing from yourself should be counted as income. Living off business expenses should not be allowed. A complete overhaul is needed.


That sounds like a flat tax to me. How about everybody who makes 0-10K/yr pays a flat rate of $100/year, everybody who makes over 10K up to 30K pays $300/yr, everybody who makes over 30K up to 50K pays $500/year, and everybody else pays 15%? No loop holes, no deductions for housing, no deductions for charitable giving or church donations....NOTHING. It would not apply directly to corporations, but would absolutely apply to stock dividends and capital gains. It would also apply to fringe benefits provided to employees. We would save billions just on the IRS and tax attorneys. It would also rein in the out of control Congressman who use the tax code to manipulate society and legislate "fairness"...which is never fair.

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Sep 30, 2021 14:49:28   #
moldyoldy
 
RandyBrian wrote:
That sounds like a flat tax to me. How about everybody who makes 0-10K/yr pays a flat rate of $100/year, everybody who makes over 10K up to 30K pays $300/yr, everybody who makes over 30K up to 50K pays $500/year, and everybody else pays 15%? No loop holes, no deductions for housing, no deductions for charitable giving or church donations....NOTHING. It would not apply directly to corporations, but would absolutely apply to stock dividends and capital gains. It would also apply to fringe benefits provided to employees. We would save billions just on the IRS and tax attorneys. It would also rein in the out of control Congressman who use the tax code to manipulate society and legislate "fairness"...which is never fair.
That sounds like a flat tax to me. How about ever... (show quote)



Sounds good, but we still have the CEOs who don’t actually take a salary.

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Sep 30, 2021 16:28:56   #
RandyBrian Loc: Texas
 
moldyoldy wrote:
Sounds good, but we still have the CEOs who don’t actually take a salary.


That can be addressed. If they are provided a driver, a car, food, a house, and/or apartment....wh**ever, it counts as income.
However.
Economists I trust say the value added tax would me better. I do not know. I simply know that in engineering there is an old slogan. KISS. Keep It Super Simple. The more complex a system is, the more expensive it is to build and maintain, and energy is lost into the mechanism. So apply that to taxes, and we will all be better off.

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Sep 30, 2021 17:03:52   #
working class stiff Loc: N. Carolina
 
RandyBrian wrote:
That sounds like a flat tax to me. How about everybody who makes 0-10K/yr pays a flat rate of $100/year, everybody who makes over 10K up to 30K pays $300/yr, everybody who makes over 30K up to 50K pays $500/year, and everybody else pays 15%? No loop holes, no deductions for housing, no deductions for charitable giving or church donations....NOTHING. It would not apply directly to corporations, but would absolutely apply to stock dividends and capital gains. It would also apply to fringe benefits provided to employees. We would save billions just on the IRS and tax attorneys. It would also rein in the out of control Congressman who use the tax code to manipulate society and legislate "fairness"...which is never fair.
That sounds like a flat tax to me. How about ever... (show quote)


I do like that idea. Some would argue that's not a 'real' flat tax, but a stepped or graduated flat tax makes a lot of sense to me. It would be much simpler than the rube goldberg system we have now and wouldn't take as much to administer, as you point out.

Tax accountants, however, may not favor the idea. LOL.

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