Originally Posted by
Timbo
Stock gains are only taxed at 15%, that's why Warren Buffet pays a lesser tax rate then his secretary. Even Warren says our tax structure is messed up!
How about a 'flat tax' where everyone, top to bottom, pays the same rate, no deductions, no write offs, nothing. We could eliminate the entire IRS tomorrow.
A flat tax raisea taxes on lower income people and lowers taxes for the very wealthy. It's the opposite of what we need. Our current progressive tax system is complicated but logical. If you are raising a family on 35,000 a year, you get a lower rate and deductions to help you. If you are single and making 500,000 you pay a lot in taxes...exactly how it should be. The things that make the system so damn complicated are there for a reason. The guy raising a family on 35k is spending every dime he makes to support the family (housing, food, education) takes up all the income. The guy making 500k is spending a tiny fraction of his income on the essentials, and thus should have plenty of money left over to pay taxes.
A flat tax is nothing but a pipe dream for the very high income makers.