Creative destruction out of California: flat tax consideration

Discussion in 'Economics' started by bond_trad3r, Jun 6, 2009.

  1. This is why we should celebrate the economic downfalls of others. Born from failed economies' mistakes comes a push to change the status quo with ideas and concepts that may have never had a serious chance to be implemented before.

    The monster which is California's tax code may be replaced with a single 15% flat tax.

    Schwarzenegger suggests state consider flat tax
    12:56 PM | June 5, 2009

    Could the flat tax come to California?

    Gov. Arnold Schwarzenegger said today that he would like to see such “radical” proposals come out of a commission now studying an overhaul of the state’s tax system. The governor told the editorial board of the Sacramento Bee that he hoped the commission would not be afraid to propose something like “a 15% straight tax.”

    “That’s the kind of radical, daring kind of a proposal that I want to see on the table so we can look at it and say, ‘Oh, let’s study this, maybe that is the way to go,’ ” Schwarzenegger said during the discussion, which was webcast.

    The current system, based on highly unstable income tax revenue that fluctuates with the economy, “doesn’t work,” Schwarzenegger said.

    Advocates of a flat tax, which applies a single tax rate to all income, say it increases compliance with the tax codes because it is so simple and easy to understand. But opponents dislike that it taxes the wealthy at the same rates as the poor.

    Steve Forbes and Jerry Brown both pushed for it during their presidential campaigns.

    Schwarzenegger said he was concerned that the commission might be too timid in what it suggests and rule things out in advance thinking that either Democrats or Republicans would object.

    “I hope and I pray that they don’t think they have to make a political decision,” he said.

    -- Michael Rothfeld in Sacramento
    http://latimesblogs.latimes.com/lanow/2009/06/flat-tax.html
     
  2. F*ck this. I pay almost 10% now!

    I gotta get out of Cali... :mad:
     
  3. yup

    Go to Nevada, Texas, or even Washington.

    When I originally posted, I thought it would have been a flat tax of 15% replacing sales tax, property tax, etc... but I was kidding myself.
     
  4. Actually....this is interesting....

    ....................................................

    How about this....

    Each state democratically elects a flat tax and the rate of the tax....Each state controls their own....no other taxes....

    The Fed implements a 5% flat tax....

    No individual or corporate taxes....
    ............................................................

    This accomplishes ....

    Localized management....

    Each state/city votes via internet how the money is spent....

    Each state submits the desires of the people via internet results how the 5% fed is spent....

    ...........................................................

    The end result should be about 10% state....5% fed....

    No deficit spending....

    Eliminate the fed reserve....
     
  5. LOL! That would NEVER work!

    America would become a BUZZ SAW of economic activity, we'd soon have FULL EMPLOYMENT, and vastly expand the middle class.

    Congress and the government will have NONE of that! :mad:

    (But a 15% income tax? On top of Sales Tax and Property Tax... + Federal Income Tax and SS Tax? Sheesh.... sounds like EVERYBODY will be working for the government... directly or indirectly. Might as well make things simple... everybody send EVERYTHING THEY EARN TO THE GOVERNMENT and have the government send each of us a monthly allowance.)
     

  6. .........................................................

    The terminator of CA....should lead by example....and terminate the current tax system....

    The lobbied bits and pieces via state and fed lobbies have ruined the US....

    A 5% fed, 10% state directed by internet vote would eliminate the two party by advertising special interest revolving door joke of a US fascist govt. that the US has evolved into.....

    Next eliminate the fed reserve and implement the gold standard....

    Of course eliminate all other taxes....no fed no corporate....

    ...................................................

    At the moment ....you are right ....people will have few options other than going into the military or some other g scale nonsense....

    In fact there will probably be govt uniforms to separate the g scale levels by color....so that everyone will know their place....

    The recent grads unemployment rate has to be astronomically high....

    The seeds are being planted for an entirely different state....
     
  7. BSAM

    BSAM

    What we need: A NEW CONSTITUTION.
     
  8. Or, we could just USE THE ONE WE ALREADY HAVE!! :mad:
     
  9. Jefferson, Franklin, Washington...


    Dodd, Frank, Pelosi....
     
  10. with flat tax there won't be enough money for the government. The only way a flat tax is gonna work without extreme deficits is NO army. I don't see America surviving without an army.
     
    #10     Jun 6, 2009