All your money are belong to us

[maxiep]

http://www.cnbc.com/id/39265847

The idea this is a serious proposal scares the shit out of me, even if it's in another country. How long before this idea comes to our shores?

 

[EL PRESIDENTE]

Re: Are your money are belong to us

I'm in favor of this in the form of a flat tax.

 

[maxiep]

Re: Are your money are belong to us

Mod, please change the title of this thread to "All your money are belong to us". My apologies for the error.

 

[maxiep]

Re: Are your money are belong to us

I'm in favor of this in the form of a flat tax.

It's after the comma that turns my colon into a semi-colon

The UK's tax collection agency is putting forth a proposal that all employers send employee paychecks to the government, after which the government would deduct what it deems as the appropriate tax and pay the employees by bank transfer.

 

[EL PRESIDENTE]

Re: Are your money are belong to us

that's the problem with a cascading tax rate. I'm in favor of this versus putting in your deductions and all that other voodoo bullshit. no one understands that crap, not even the fucking treasury secretary.

yeah yeah yeah, what the government would deduct it deems appropriate is scary sounding, but really if they go by a tax table and automate it, its not that much of a problem. most payroll processors do that shit anyway.

 

[maxiep]

Re: Are your money are belong to us

that's the problem with a cascading tax rate. I'm in favor of this versus putting in your deductions and all that other voodoo bullshit. no one understands that crap, not even the fucking treasury secretary.

yeah yeah yeah, what the government would deduct it deems appropriate is scary sounding, but really if they go by a tax table and automate it, its not that much of a problem. most payroll processors do that shit anyway.

It doesn't bother you that the money goes to the government then they decide how much you get? That money is mine, not theirs.

 

[EL PRESIDENTE]

Re: Are your money are belong to us

It doesn't bother you that the money goes to the government then they decide how much you get? That money is mine, not theirs.

I think its just easier to deduct a pre-determined amount from a paycheck rather than deal with deductions and withholdings. If they came up with a good system to do that and then eliminate the need to file income taxes, then I'm all for it.

 

[maxiep]

Re: Are your money are belong to us

I think its just easier to deduct a pre-determined amount from a paycheck rather than deal with deductions and withholdings. If they came up with a good system to do that and then eliminate the need to file income taxes, then I'm all for it.

"xericx, this is the IRS. We're running a bit short this month, so we're going to keep your entire paycheck this month. kthx."

 

[EL PRESIDENTE]

Re: Are your money are belong to us

...which is why I like flat taxes. I like the general idea of the proposal, however, not one where there is any kind of flexibility of the rules.

It all depends on what "deems appropriate is" if its a set percentage or variable based on economic condition. I'm guessing the former.

 

[maxiep]

Re: Are your money are belong to us

...which is why I like flat taxes.

I actually think a consumption tax is preferably to an income tax. I actually don't mind a progressive income tax structure. In any case, you first receive your money, then you pay it out. Anything else is a non-starter.

 

[EL PRESIDENTE]

Re: Are your money are belong to us

I'm anti-progressive income tax. I'm in favor of flat taxes, elimination of deductions and instituting a consumption tax/V.A.T or whatever.

so if the government auto-deducted their flat tax, don't have anything to worry about on April 15th.

 

[BLAZER PROPHET]

Re: Are your money are belong to us

I'm in favor of this in the form of a flat tax.

Agreed. A flat tax is fair, easy to collect and generates more revenue than what we use now.

 

[MARIS61]

Flat tax puts an massively unfair burden on the poor and eliminates the possibility of a regular guy ever attaining the American Dream. It would have to be tiered with a higher rate on higher incomes like our current system, but with no credits, deductions, exemptions, loopholes...

Consumption tax puts a massively unfair burden on the poor and eliminates the possibility of a regular guy ever attaining the American Dream. It also would quickly destroy what's left of our economy as most people with money to spare would buy all their toys in other countries to avoid paying it. In reality, money is just another commodity so we actually have a consumption tax that is more effective than what maxiep is talking about anyway.

Both these tax ideas are always pushed by people who have been blessed with (comparative) riches by this country who feel they don't have a duty to pay it forward. Greed such as this is what kills economies, and ultimately kills countries.

 

[MARIS61]

Re: Are your money are belong to us

Agreed. A flat tax is fair, easy to collect and generates more revenue than what we use now.

Only if the rate is higher than what we use now, so again you are asking the poorest of the poor to carry Paul Allen's cape for him.

 

[BLAZER PROPHET]

Re: Are your money are belong to us

Only if the rate is higher than what we use now, so again you are asking the poorest of the poor to carry Paul Allen's cape for him.

100% false. A 7% flat tax raises 40% more tax than is generated now. And that is according to Ron Wyden, who strongly supports a flat tax. Stop thinking like a communist.

 

[barfo]

Re: Are your money are belong to us

100% false. A 7% flat tax raises 40% more tax than is generated now. And that is according to Ron Wyden, who strongly supports a flat tax. Stop thinking like a communist.

I'd like to see where Wyden said that. It's quite a bit different than his "flat tax" proposals, which have had 3 tiers of 15%, 25%, and 35%.

barfo

 

[MARIS61]

Re: Are your money are belong to us

100% false. A 7% flat tax raises 40% more tax than is generated now. And that is according to Ron Wyden, who strongly supports a flat tax. Stop thinking like a communist.

Ron Wyden, whom I have met and heard at town halls here in Beautiful Central Oregon, is most likely the only incumbent I will vote for next time around. I am quite familiar with his tax proposal and it is not a flat tax in any true sense of the word. It has 3 personal income tax tiers of 15%, 25% aqnd 35% rather than 6, and a single rate of 24% for corporate taxes. While eliminating many exemptions and loopholes it turns around creates some new ones, especially for small businesses. While preferable to what we have, there is nothing to stop the constant addition of exemptions and loopholes every legislative session which is why our current system sucks. So I see it as a big waste of time and a smoke and mirrors approach. In 5-6 years we would end up back where we are after having spent more tax dollars to accomplish nothing. It needs to be made un-alterable for a specified period of time, say 10 years minimum to give it time to work.

http://wyden.senate.gov/issues/legislation/details/?id=fb5b603a-ed94-48a8-8ff1-c220c1052b3f

Gotta like this though: http://wyden.senate.gov/imo/media/doc/sample1040.pdf

As long as corporations and PACS and churches and unions and charities and just plain old filthy rich people can buy political favoritism through monetary donations we will never have a stable and fair taxation system in this country.

 

[MARIS61]

http://www.cnbc.com/id/39265847

The idea this is a serious proposal scares the shit out of me, even if it's in another country. How long before this idea comes to our shores?

Well, since I'm reading it here, it has already come to our shores.

But consider the source.

A country based on the worship of the uber-wealthy combined with a total disdain for simple dental hygiene.

A country whose ass we kicked and whose ass we later saved, twice.

A country that represents nearly everything this country was created to escape from.

A country no forward-thinking country would ever emulate.

 

[BlazerWookee]

I can't even begin to comprehend how anyone would consider giving ownership of their income to the government before having the government decide to give back what they deem appropriate. The first thing I see happening is the government delaying payment for a day or two "processing time" so they can draw interest on it. Color me Canadian if this starts here, lol...