Taxing the Rich does not kill Jobs
- Thread starter PocketChange
- Start date
Quote from AMT4SWA:
Fully agree!
But, I would like a FLAT quarterly paid income tax (to include any income....capital gains, wages, salary, inheritance, etc) of 15% (absolutely no deductions....none....period!) and a FLAT corporate tax of 15% of all profits after expenses (allowed expenses determined by new tax regulation for this flat tax).
I would also like payroll taxes cut by 2/3'rds and (medicare means tested with basic financial need requirements) social security turned OFF for all 40 and younger (no more withholding for those who wont get it). Those 40 and younger would have a new FORCED savings plan of 7.5% to 15% of paycheck (their choice on percentage....can be changed quarterly) into private sector investments through investment house of their choice.....Fidelity, Scwabb, etc, etc, etc. 80% of saved funds can ONLY go into most conservative of investment choices (regulated by new tax law) and 20% can go into more risky investments (stocks, gold, ETF's, etc).
All 40 and younger will have the total amount of money previously paid into Social Security deposited into their FORCED savings within a 24 month time period from US government (24 equal payments of total amount owed broken down by 24 payments). All 41 and older are stuck with the old system but can start to contribute 7.5% to 15% of paychecks to new FORCED retirement savings plan. All forced savings plans funds deposited/interest is NOT taxed until used (at 55 or older for retirement or for medical emergency). All funds in FORCED savings plan can be passed on to spouse or children due to death with no inheritance taxes....EVER! All forced savings plan funds can ONLY be disbursed at retirement (55 or older) at a rate of a fraction of the total funds per year (designed to last until a person turns 80). If you retire at 55 you can in the first year ONLY withdraw 1/25th of funds per year;
age 56 - 1/24th of funds per year
age 57 - 1/23rd of funds per year
age 58 - 1/22nd of funds per year
age 59 - 1/21st of funds per year
etc, etc, etc up to the age of 80 graduated scaling. If you retire at 80 you can get access to all your money if you want (force funds to be rationed until age 80 is hit depending on the year you retire). You pay 15% flat tax on withdrawn funds used each year that was deferred in prior years as you payed in.
That is the basics of my plan.....simple flat tax for all and FORCED savings for all. Whatever monies the US government needs to pay back the citizens their social security withholdings they can just print it out of thin air for all I care......they have done that for everyone else!
Sillly goose. If the retirement money owed by the individual in their account, how can the government steal it??
Quote from AMT4SWA:
FORCED savings for all. Whatever monies the US government needs to pay back the citizens their social security withholdings they can just print it out of thin air for all I care......they have done that for everyone else!
Isn't the forced savings a moot point if printing and inflation makes your saved dollar able to buy $0.01 of something by the time you're looking to use it?
nice idea but it has zero chance of happening because it would cause hundreds of thousands of lost jobs. you see, accountants, tax professionals and tax software makers are in business only because the IRS code is so goddamn complicated. if it were simplified as much as you propose, individuals and simple businesses could do the work themselves.
Correct.....and that would PROPERLY efficientize the whole economy, so funds WASTED by all businesses for tax accounting could go back into PRODUCING something of value again.....WOW, what a concept (and hire more people to do just that).
Hey, every 30 to 50 year economic cycle a group like the stagecoach builders just has to fall and die (no longer needed)!
Quote from Petsamo:
For those who don't believe the rich pay their fair share:
To access the full article, you have to be a subscriber to the Wall Street Journal, and I'm not a subscriber.
More info including:
In 2008 the top 0.1 percent paid 18.5 percent of the nation's federal individual income taxes.
http://www.taxfoundation.org/news/show/250.html