["That was a resounding yes among Mormons. Gifts of cash are definitely
considered income," Smith reported.]I did not know that.
Incidentally this is double taxation... er uh... double tithing.
IRS already knows how to hide its finances and avoid audits.
An interesting proposition, a flat tax of 10% on all, irrespective of income,
that would mean that the rich would have to pay taxes too!!!! No I don't believe
it, the rich paying 10% like everyone else. Yep lets go for 10% flat tax, then
everyone is equal.
RE: atl134No such thing.You simply pay 10% of whats an
increase to YOU.What you do with the rest is irrelevant.Clearly a flat tax would be the the very best system. a system whre everyone
contributes and at the same rate. it is unfortunate that greed and
envy and entitlementism and hate has blinded the progressive left to this
@the truth"You simply pay 10% of whats an increase to
YOU."Conservatives say the estate tax is a tax on gift money
that has already been taxed so it would be double taxation, by that logic it
would apply to this too. As for a flat tax, that would only increase the already
increasingly concentrated wealth at the top. Also it'd raise taxes on those who
can least afford it or make the gov't take in less revenue than it curntly does
which means higher eficits. Basically nothing about the flat tax is good...at
@atl134 - actually, I can see a flat tax working really well. To fix the issues
you mentioned, just give everyone a tax deduction equal to the current poverty
rate (or some factor of), then don't allow any deductions of any kind.
Corporations would have to be taxed on their net profits, which would encourage
them to invest more of their money (better for the economy).This would
produce a fair taxation, more income for the governemnt, reduced cost (basicly
get rid of the IRS), and still cut low-income people some slack.Then only
segment it would be unfair to are those of retirement age who invested for years
in a pre-tax vehicle. They would be taxed again on the investment when they
pull it out. We would need to find a solution for this group. Perhaps allow a
tax deduction on income coming from a pre-taxed investment.
Uh, Jim, have you ever looked at the tax brackets?