US Presidential Election
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jamiemartin721  Reading 04 Oct 16 5.18pm |
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Originally posted by Ray in Houston
The first hurdle on apply a flat tax to income is defining what you mean by the word "income". Income has to mean any money paid to the individual from any source, in excess of the tax allowance, profit on the sale of goods, property etc. Whether its a gift, inherited, won, dividend, investment returns anything. For everyone.
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| jamiemartin721 Reading 04 Oct 16 5.18pm |
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Originally posted by Stuk
I do, as are religious tax breaks. Me too, funny enough.
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 Ray in Houston  Houston 04 Oct 16 5.24pm |
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Originally posted by Stuk
I'd be amazed if it were the case that no taxes (codes or rates) can be adjusted mid-term. You can't wait for an election if things need to be changed, for whatever reason. Of course they can; they can be changed at any time by action of Congress (and a signature from the President). But, if you don't like what the deal is now, and Congress isn't of a mind to change it (or the President isn't of a mind to approve the changes), then you have to change the occupants of Congress and the White House,. That is done through the ballot box.
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| jamiemartin721 Reading 04 Oct 16 5.26pm |
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Originally posted by Kermit8
Wouldn't work as it would obviously make the poor poorer and the rich richer. Rooney now paying 15% on £300,000 a week and Mrs Yorks now 15% on £13000 per year without the tax free allowance is something to be expected and championed from virulent right-wing capitalist types not anarchists. Obviously you still have a tax threshold / allowance. What we currently have is a system where Mrs Yorks as a percentage of her income, probably spends 25% of her salary on tax, whilst Mr Rooney spends 5-10% Of course idealistically speaking, I'm more in the do away with money and earnings altogeather - but that's not really contributing to a debate.
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| jamiemartin721 Reading 04 Oct 16 5.27pm |
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Originally posted by Stuk
I do, as are religious tax breaks. I don't understand why Christian religious organisations get tax breaks, or want them. They seem contrary to the teachings of Jesus on materialism and wealth.
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| Stuk Top half 04 Oct 16 5.31pm |
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Originally posted by jamiemartin721
Me too, funny enough. Business rates alone on their massive property portfolios would provide an enormous chunk of funds for the treasury. Never mind corporation tax on their donations/funding/earnings.
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| Stuk Top half 04 Oct 16 5.37pm |
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Originally posted by Ray in Houston
Of course they can; they can be changed at any time by action of Congress (and a signature from the President). But, if you don't like what the deal is now, and Congress isn't of a mind to change it (or the President isn't of a mind to approve the changes), then you have to change the occupants of Congress and the White House,. That is done through the ballot box. Very strange. How is the incumbent secretary to the treasury, or whoever does it, supposed to balance their budgets without being able to change tax rates or introduce new ones if required?
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| Ray in Houston Houston 04 Oct 16 5.51pm |
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Originally posted by jamiemartin721
Income has to mean any money paid to the individual from any source, in excess of the tax allowance, profit on the sale of goods, property etc. Whether its a gift, inherited, won, dividend, investment returns anything. For everyone. What about a company car, or company-paid transportation of any kind. What about meals, phone allowances, health insurance, life insurance, discounted services, travel, country club memberships, clothing allowances... There's a myriad of ways an employer can remunerate an employee that doesn't involve the amount in their paycheck. It's one of the reasons the current tax code is so convoluted; it's trying to capture forms of income that aren't in dollars and cents. Even the much-maligned estate tax is simply an effort to capture otherwise untaxed capital gains when assets change ownership. A flat tax against income eliminates the progressive nature of the current tax code (a detriment, in my opinion), but it would not be free of loopholes and efforts to close them. In fact, in defining income by what's in a paycheck and taxing only that, it opens up a super massive black hole in the tax code through which savvy people will fly their private jet.
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| Ray in Houston Houston 04 Oct 16 6.01pm |
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Originally posted by Stuk
Business rates alone on their massive property portfolios would provide an enormous chunk of funds for the treasury. Never mind corporation tax on their donations/funding/earnings. The religious tax breaks are ridiculous, as there is the barest hint of a test to pass in order to qualify as a church (as highlighted by John Oliver). [Link] It's such a scam. If, as many do, churches spend much of their income on charitable works, then this is all tax-deductible against their income like for any other business, charity or person. There is no need to give them blanket immunity from taxation, which is the current system and which is abused rampantly. Joel Olsteen and his Houston-based "church" is the current poster child for such abuse. His "church" is non-denominational and, in realty, is little more than a feel-good, inspirational session during which Olsteen begs for the hard-earned money of the 20,000 or so attending in person and millions watching at home. With that money, the "church" buys helicopters, planes, Maybachs and lavish property for use by the "church", by which they mean by Olsteen.
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| Ray in Houston Houston 04 Oct 16 6.06pm |
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Originally posted by Stuk
Very strange. How is the incumbent secretary to the treasury, or whoever does it, supposed to balance their budgets without being able to change tax rates or introduce new ones if required? That's not their job. They're part of the administration whose job it is to administer the laws and codes as laid down by Congress. It's Congress that sets the budget (when they can be bothered) and controls spending and taxation (among many other things).
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| Rubin 04 Oct 16 6.11pm |
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Interesting website: (ClintonKaine . com)
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| Ray in Houston Houston 04 Oct 16 6.14pm |
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"Paid for by Donald J. Trump for President, Inc."
We don't do possession; we do defense and attack. Everything else is just wa**ing with a football. |
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