truly
Banned
Registered: Nov 2005
Location: minnesota
Posts: 3660 |
quote: Originally posted by Pat Bizich
Truly
I am in favor of a flat tax.
The problem with Inheritence taxes is the earner has paid taxes on the income when earned no matter how wages,dividends,invetments,etc. and it is taxed again AFTER they DIE for the PRIVILEDGE to give it to their HEIRS.
So they are in fact being taxed twice on the income they earned.
The tax is calculated on the value of your estate and not the person receiving it.
To me that is double taxation.
As to persons with children and deductions.
Every person and child would be allowed a personal exemption.This would help protect the lower income earners.
The deduction amount IMO should be 10-15,000 per person. After that a scale on amounts after the deductions would be applied
Such as 0-20,000 .....10%
20,001-40,000..............15%
40,001- 100,000...............25%
And so on with the maximum at 35% for earners after persons in the household deductions are applied over 250,000.
No other deductions or credits would be allowed on personal types of incomes that is not related to a business income .
Higher income earners actually sometimes pay less than lower earners as they have access to more credits which lowers their effective rate of taxes they are paying.This scale and flat rate would eliminate that.
I agree that more successful earners should not be punished for being successful but if you check my idea it is what everyone is suppose to be paying right now basically but due to all these deductions do not.
Pat, you start your post by stating that you are for a flat tax, but then you want to exclude one type of income [inheritance] and you have four tax brackets, one of them 3.5 times more than another, which hardly seems flat at all.
This is the problem with "flat taxers", when pressed for details they aren't for flat tax at all. How is one person paying 3.5 times more than another person part of a "flat tax" system.
Oh, and heres another question for you. Are you going to eliminate deductions for giving to charity then too? Offerings made at church lose their tax deductibility?
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