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Re: Tax Day Should Be Simpler

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Message 1 of 15
@CriticalThinking wrote:

The solution is very simple, a FLAT TAX based upon gross income for INDIVIDUALS (not corporations)

 

1. You pay a flat percentage based upon your gross income.

 

2. That percentage rises when your gross income is higher, everybody doesn't pay the same percentage. For example, if you make $45,000 a year, you pay 5%. But if you earn $200,000 a year, you would pay 15% or 20% of your gross income.

 

3. There are only 2 deductions:

  • Social Security income is not taxed
  • The first $50,000 of pension income is not taxed

It should take about 5 minutes to complete your tax return.

I think that is at least a starting point for discussion - the details as to how much is brought in now and how much that would bring in would have to be resolved. 

 

A FLAT TAX always brings in much more than our current system, which has tons of deductions and loopholes. That's why our tax rates are currently so high, the IRS must compensate for the millions of taxpayers who scam their way out what they owe. 

 

But they can't do that with a flat tax, therefore, we can lower the rates and actually bring in more money to the Treasury if we go to a flat tax system

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Re: Tax Day Should Be Simpler

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Message 2 of 15

@CriticalThinking wrote:

The solution is very simple, a FLAT TAX based upon gross income for INDIVIDUALS (not corporations)

 

1. You pay a flat percentage based upon your gross income.

 

2. That percentage rises when your gross income is higher, everybody doesn't pay the same percentage. For example, if you make $45,000 a year, you pay 5%. But if you earn $200,000 a year, you would pay 15% or 20% of your gross income.

 

3. There are only 2 deductions:

  • Social Security income is not taxed
  • The first $50,000 of pension income is not taxed

It should take about 5 minutes to complete your tax return.


I think that is at least a starting point for discussion - the details as to how much is brought in now and how much that would bring in would have to be resolved. 

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Re: Tax Day Should Be Simpler

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Message 3 of 15

@wilful wrote:

 


'Tain't funny, McGee. There are some here who think that all the money belongs o the government and it decides who gets what.

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Re: Tax Day Should Be Simpler

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Message 4 of 15

@wilful wrote:

 


Looks like a tax form for middle class families if Trump gets away with eliminating all personal exemptions and Ryan gets away with eliminating all the deductions and tax credits middle class families rely upon.

DUMP TRUMP AND DITCH MITCH TO MAKE AMERICA GREAT AGAIN!!!
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Re: Tax Day Should Be Simpler

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Message 5 of 15

Want simple that isn't a very old joke? Start with a Standard Deduction of $30,000, then use the following for ALL your income above $30,000. (Head of Household same as Married filing jointly, Single same as Married filing separately).

 

 

 

 Married Filing Jointly   Married Filing Separately 
MarginalTax Brackets MarginalTax Brackets
Tax RateOverBut Not Over Tax RateOverBut Not Over
14.0%$0$7,086 14.0%$0$3,543
15.0%$7,086$14,172 15.0%$3,543$7,086
16.0%$14,172$21,259 16.0%$7,086$10,629
17.0%$21,259$28,345 17.0%$10,629$14,172
19.0%$28,345$56,690 19.0%$14,172$28,345
22.0%$56,690$85,035 22.0%$28,345$42,517
25.0%$85,035$113,380 25.0%$42,517$56,690
28.0%$113,380$141,725 28.0%$56,690$70,862
32.0%$141,725$170,070 32.0%$70,862$85,035
36.0%$170,070$198,415 36.0%$85,035$99,207
39.0%$198,415$226,760 39.0%$99,207$113,380
42.0%$226,760$255,104 42.0%$113,380$127,552
45.0%$255,104$283,449 45.0%$127,552$141,725
48.0%$283,449$311,794 48.0%$141,725$155,897
50.0%$311,794$368,484 50.0%$155,897$184,242
53.0%$368,484$453,519 53.0%$184,242$226,760
55.0%$453,519$538,554 55.0%$226,760$269,277
58.0%$538,554$623,589 58.0%$269,277$311,794
60.0%$623,589$708,623 60.0%$311,794$354,312
62.0%$708,623$850,348 62.0%$354,312$425,174
64.0%$850,348$992,073 64.0%$425,174$496,036
66.0%$992,073$1,133,798 66.0%$496,036$566,899
68.0%$1,133,798$1,275,522 68.0%$566,899$637,761
69.0%$1,275,522$1,417,247 69.0%$637,761$708,623
70.0%$1,417,247- 70.0%$708,623-

 

 

No capital gains, no real estate exemptions, no deferred interest, no deficit and hundreds of billions for revenue sharing so you don't have to rent your kids school books anymore.

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Re: Tax Day Should Be Simpler

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Message 6 of 15


@GailL1 wrote:

@wilful wrote:

 


That sure is a tiny little box for questions and comments. Woman Wink


        ************************************************

 

LOL Gail - I'm glad you noticed my favorite part of the form!!

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Re: Tax Day Should Be Simpler

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Message 7 of 15

@wilful wrote:

 


That sure is a tiny little box for questions and comments. Woman Wink


* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: Tax Day Should Be Simpler

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Message 8 of 15

@GailL1 wrote:

 once a friend of mine bought a form of taxact at a dollar store and he is one of the smartest people I know when it comes to money and investing.  Now, he keeps looking for them every year.



--

I download a free copy of TaxAct from their site every year.  I do so because it makes filling out and printing the form a lot easier.  And I have the information electronically on file on my computer. 

 

It carries over the basic information from last year's return that I save, and all I have to do is fill in other information, print and mail.  Or transcribe to a free internet filing service.

 

 

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Tax Day Should Be Simpler

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Message 9 of 15

The solution is very simple, a FLAT TAX based upon gross income for INDIVIDUALS (not corporations)

 

1. You pay a flat percentage based upon your gross income.

 

2. That percentage rises when your gross income is higher, everybody doesn't pay the same percentage. For example, if you make $45,000 a year, you pay 5%. But if you earn $200,000 a year, you would pay 15% or 20% of your gross income.

 

3. There are only 2 deductions:

  • Social Security income is not taxed
  • The first $50,000 of pension income is not taxed

It should take about 5 minutes to complete your tax return.

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Re: Tax Day Should Be Simpler

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Message 10 of 15

 

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