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View Diary: Walmart owners look to slash federal tax payments (66 comments)

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  •  I am Ready to Go Over The Cliff (0+ / 0-)

      Come on guys it is a nice little jump. I for one am sick of being manipulated by the Uber Wealthy Boogey Man.
       I actually believe that based on where all of the tax rates and cuts fall into we the average man would be better off. That living under this constant threat by loonie right wing leaders acting as if we didn't have an election that changed anything???

    •  Not sure this is what you were talking about, but (0+ / 0-)

      I think that a genuinely flat tax of 22% to 25% of all income from any source, may well be the answer. Everyone else pays the same rate. The ONLY exemption would be that those below the poverty line pay no income tax at all. NO other exemptions, exceptions, or deductions of any sort.

      I still favor a progressive income tax, because I reason that as a person's or household's income rises they receive disproportionately more services and more valuable services from the Federal Government, but a flat tax at this level would have the advantage of being simple, straight forward, and extremely difficult to manipulate.

      Businesses of any form (corporation, partnership, LLP, the works) could only deduct specific expenses from gross revenues and those expense deductions would be limited (e.g. compensation in excess of 40 times the salary of the company's lowest paid worker would not be deductible for tax purposes).

      •  A "genuinely flat tax" (1+ / 0-)
        Recommended by:
        Tim DeLaney

        with NO deductions would be a crushing burden on average working families. I am barely getting by but am not below the poverty level. However, if you added state and local taxes, fees and property taxes to a 22-25% federal tax, I would be paying  40% or more of my income in taxes — not even including sales taxes — and I would be below the poverty level.

        The flat tax is one of the most horrible and unjust of all rightwing proposals.

        Jon Husted is a dick.

        by anastasia p on Fri Nov 23, 2012 at 11:23:14 PM PST

        [ Parent ]

      •  A flat tax is a horrid idea (0+ / 0-)
        ... but a flat tax at this level would have the advantage of being simple, straight forward, and extremely difficult to manipulate.
        This is just silly. We could just as easily make a graduated tax code simple. Simplicity is NOT enhanced by flatness. We have computers, you know. Calculating taxes from a graduated tax code is an exercise that a fifth grader could master in an hour or two.

        You don't need a weatherman to know which way the wind blows. --Bob Dylan-- -7.25, -6.21

        by Tim DeLaney on Sat Nov 24, 2012 at 04:21:00 AM PST

        [ Parent ]

      •  All of this misses why our tax code is complex. (0+ / 0-)

        For one a "Flat Tax" is an awful idea. It would only serve to increase the economic disparity in this country and it would do so at lightening speed. Our tax code is complex because individuals and companies find way to avoid paying taxes leading congress to pave over those loopholes and that requires pages of federal legislation defining definitions and new tax laws and enforceability. Then add tax credits for corporations and individuals of all economic backgrounds and you add more complexity. Yes we could have a relatively simple progressive tax code, but doing so would mean getting rid of all deductions even those that benefit the middle class.

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