Originally Posted by
atpcliff
They need to burn down the Federal Tax System.
My first choice is a VAT, with an additional tax on the wealthy based on Net Worth.
My second choice is a National Sales Tax (exclusions for food, clothing, medicine, utilities, child care), with an additional tax on the wealthy based on Net Worth.
My third choice is a Flat Tax (NOT income) based on ALL MONIES RECEIVED, with an additional tax on the wealthy based on Net Worth.
If we can't do our taxes ourselves, on a postcard, we are DOING IT WRONG!!!
I am sick and tired of our current system. We are paying about 25% income tax, while thousands, if not more, of people who make WAY MORE THAN ME are paying WAY LESS than 25%.
If we JUST did a flat income tax of 25%, our deficit would be over and we would have money to start Making America Great Again, by doing things like making our transportation infrastructure #1 on Our Earth, like it used to be.
I love it when people think that if we tax the wealthy that the deficit would disappear.
First a couple little facts. If we taxed everyone who made more than a million dollars a year 100% it would only fund the government for 4 months.
Second there is almost no one that makes more than you pays less in taxes than you. Even the famous quote by Warren Buffet who said "I paid less of a percentage of tax than my secretary" doesn't take into account what he paid in taxes to first fund the investments he is now living off of. For example you will be living off your investments such as 401k, IRA, roth, etc. I am sure you don't want the government taxing money at the same rate they already taxed it before it went in now do you?
Third is the French tried to raise the Taxes on their wealthy and it hasn't gone as well as they thought. It brought in a lot less than they accounted for and each year it fell to the point that they were going to lose money as the rich left the country and no one with money was coming in. Needless to say they stopped the program only a couple years after implementing it.
Even the saying of lets tax the rich extra is asinine as the top 10 percent of the wage earners already pay 70% of the taxes. With the top 50% paying 97% of the taxes while half of America only pays 3% of the taxes.
Fourth even if we did raise the taxes on the rich and in some perfect universe it brought in a lot more cash the politicians would only spend more as not very many Republicans and no Democrats give a rats ass about lowering the deficit.
Just look at AOC massive increase in taxes to pay not for the deficit but for massive increases in government spending. Her plan was even endorsed by a most of the Democratic front runners for president.
So, please stop with the tax the rich because that only works until it runs out of rich people money and then you become the "rich" that needs to be taxed before it all falls apart and there is no one rich or poor left to tax.