9-9-9

[oldtime]

and to make it easy on the IRS, only people with a net worth greater than x need to file and they must file 30 days after their birthday each year, so no more April 15 crap.

 

[Wallet]

Quote from oldtime:

What possible benefit to the average taxpayer would a flat tax be? About the only deductions ever taken are mortgage, charitable and medical. And computing those is not that complicated. Why would a flat tax make a difference to me? I don't care if your rate is different than mine. What the hell is a flat tax anyway? Isn't that what we already have? If you make 100k you pay one flat rate.

All income is taxed at one rate, which would be substantially lower, no more trying to find a way to duck into the next lower bracket..... personal deductions out the window, you pay X% on the gross. simple and avoid of interpretation.

Personally I'd go with the sale tax on new retail purchases including services exempting wholesale, prescription drugs and whole food items (WIC items and such, not dining out and junk foods) , and scrap the existing tax code altogether.

 

[oldtime]

Quote from Wallet:

All income is taxed at one rate, which would be substantially lower, no more trying to find a way to duck into the next lower bracket..... personal deductions out the window, you pay X% on the gross. simple and avoid of interpretation.

Personally I'd go with the sale tax on new retail purchases including services exempting wholesale, prescription drugs and whole food items (WIC items and such, not dining out and junk foods) , and scrap the existing tax code altogether.

ok, so if I have a landscaping business and I gross 200k that's what I have to pay taxes on? What about the cost of machinery and gasoline and travelling expenses and the amount I pay my accountant to tell me that I don't need her anymore? If my Rate is 28% and I only clear 40k, won't I be out of business as soon as I pay my taxes?

 

[oldtime]

if all I had was ordinary income I could do my taxes in 20 minutes, so it's already pretty simple.

 

[oldtime]

how would a flat tax change the return for Procter & Gamble? They still have to prove to the IRS that all that gross revenue is not profit.

 

[oldtime]

no sales tax on used items? That's easy, once we drive a new car from our factory to the parking lot across the street it is now used and exempt from the nine.

 

[oldtime]

Quote from oldtime:

no sales tax on used items? That's easy, once we drive a new car from our factory to the parking lot across the street it is now used and exempt from the nine.

need a new washing machine? Try it for a week, if you don't like it bring it back, and then buy it used.

 

[BSAM]

Quote from oldtime:

no sales tax on used items? That's easy, once we drive a new car from our factory to the parking lot across the street it is now used and exempt from the nine.

Huh?

 

[BSAM]

All you people who seem so opposed to Cain's 999 plan and the elimination of the IRS (as we know it); are you happy with the current tax code and are you satisfied that it is not rife with corruption?

 

[Wallet]

Quote from oldtime:

no sales tax on used items? That's easy, once we drive a new car from our factory to the parking lot across the street it is now used and exempt from the nine.

There's such a thing as a manufacturer's statement of origin, MSO. New vehicles are given such in lieu of a Title, the MSO can be transferred only between New Car Dealers that share the vehicles make, i.e wholesale....... once the vehicle is sold outside those parameters the MSO has to be surrendered and replaced by a State Title showing ownership or a retail purchase. you'd tax it then.

I guess you love the existing IRS tax code by your lame debates