America's biggest problem right now is that they spend far more than they earn. The best way to curb this is not to tax incomes and discourage people from making money but to tax spending with a national sales tax. Another thing that could help replace income tax would be a carbon tax. That would solve a lot of problems. It would discourage oil imports that drain the American economy. It would also help prevent global warming and hopefully set a good example for the rest of the world. Perhaps because of this good example, America could re-establish itself as a respected world leader. Any large inheritances should be taxed to the maximum. You want to reward people who have worked hard and contributed to the economy, not reward people just because of the family they were born into. Mortgages shouldn't be tax deductible. They only encourage people to borrow more money than needed and inflate the price of real estate. Unfortunately all these measures would be hugely unpopular with most people. Few people would realize the advantages.
No reason to be rude with the put down "when (IF)" comment. OK your wealthy, congrats. In the last 12 months I paid over $30,000 in federal taxes not including state taxes, franchise taxes, city and state permit,licensing taxes, etc. and still owe at least $10,000 to the fed. unless my accountant can work some magic. Probably not big numbers to you but I'm choking under the tax burden. But you are missing the point, it is spending that is the problem. The congress is going to spend x amount of dollars. Do you really think there is any system where the poor and middle class can take the load off of your tax payments. It isn't going to happen politically or economically, the numbers don't add up.
Does anyone else think it is kind of ironic that bigarrow criticizes the irresponsible spending of congress while he himself spends beyond his available resources? M
i live in a state that has no income tax also. its not all its cracked up to be. we have very high property taxes. they will get the money from you one way or another.
Perhaps under the fair tax system and provision also can be made to give tax rebates to those who pay excessive property tax also. Adjustment for certain groups can be made to suit everyone under this system.
My spelling is off today. Let me try this again: Perhaps under the fair tax system a provision also can be made to give tax rebates to those who pay excessive property tax also. Adjustment for certain groups can be made to suit everyone under this system.
Exactly, look at Florida. I have looked into moving there or buying a second home, but when I look at property taxes and home owner's insurance I think twice.
Why the personal attack? The money is in the bank, if you really care. My taxes are complicated, to me anyway, and I'd rather keep my money until my accountant gives me the exact amount to pay, this in case I don't owe the full amount I'm estimating.
Imagine you run a store that sales electronic equipment, in the town that you run your business there are 2 other stores that sale electronic equipment too. How would you feel about those 2 other stores? Wouldn't you always dream of owning those 2 stores and so dominating the electronic equipments sales market in your town? Now let's say you dominate that market in your town, you would then dream of dominating the same market in the state level, then the national level, and so on. Once you have dominated the electronic sales market in full you would then dream of dominating another market, again in the highest level possible, this greed is endless, and goes to encompass everything. Running a business that earns from every market and business available and possible, is possible by taking a large percentage from every such business and market. To talk about fair tax defeats the purpose of taxation, greed at its ultimate level, earning a percentage from everything; every sale, every income, every circulation of money for any reason. To think about fairness in this world is ridiculous let alone to talk about it. The only fair tax model I know of is that of UAE; zero income taxes, zero sales taxes and zero corporate taxes. A good place to see fairness in this world is to look at statistics on wealth distribution (you can find some info by looking at tables on this page; http://en.wikipedia.org/wiki/Globalization ). This will never change for the better, for advancements in electronics and computers has given more power to governments than it has to the people, it has made the control of billions of people so much more easier, obviously the IRS incorporates very powerful computers running sophisticated applications to calculate the annual tax for each entity down to the last penny. For that reason I always write a check 5-10 percent more than the tax I have calculated for each given year, so in case I have made a small mistake IRS doesnât come wasting my time for a few crappy dollars. click on image for full resolution