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Flat tax, with zero accounting 3 card monte. 5% for poverty level, 10% lower MC, 12.5% MC-UMC. 15% up to $500K. 20% all income over 500K. 20% on Cap Gains up to $1Bil. 30% on all Cap Gains over $1Bil. No loopholes, no write-offs, no pulling forward or late deductions. Fuck that. Flat tax. Period. Those IRS jobs that will be rendered obsolete can be repurposed to validation and monitoring. Make sure EVERYONE pays their share. Everyone.
Well, that isn't exactly a flat tax. And you are needlessly complicating it. A good flat tax would be something like 10% on all income and capital gains and that's it. No deductions, no creative accounting, no loop holes, no one is exempt, not even the poor. You make $20 you pay $2k, You make $2M you pay $200k. You invest $100k and make $50k on it, you owe, $5k. Same for homes or anything else. You lose money, tough shit, it happens. No risk, no reward, as they say.
Yeah ... I think we are in 'Violent agreement' LOL
We agree on 95% of it. I dissent with you only on the term 'flat'. I don't think one size fits all is apropos. Think about this ... If you make $100K on investments, and you gotta shell out $20K, that is a pretty painful chunk. If you make $10 Billion, and have to pay an ADDITIONAL $1Billion, you still got $7Billion. SEVEN BILLION. Sorry, That is still 'buy an island' money. I'm not feeling sympathy for those cats.
Anyway, we 100% agree on no more accounting fuckery. Know who else agrees ... POTUS.
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[–] FarPointPatriot 1 point 1 point 2 points (+2|-1) ago
Flat tax, with zero accounting 3 card monte. 5% for poverty level, 10% lower MC, 12.5% MC-UMC. 15% up to $500K. 20% all income over 500K. 20% on Cap Gains up to $1Bil. 30% on all Cap Gains over $1Bil. No loopholes, no write-offs, no pulling forward or late deductions. Fuck that. Flat tax. Period. Those IRS jobs that will be rendered obsolete can be repurposed to validation and monitoring. Make sure EVERYONE pays their share. Everyone.
[–] klobos 0 points 2 points 2 points (+2|-0) ago
Well, that isn't exactly a flat tax. And you are needlessly complicating it. A good flat tax would be something like 10% on all income and capital gains and that's it. No deductions, no creative accounting, no loop holes, no one is exempt, not even the poor. You make $20 you pay $2k, You make $2M you pay $200k. You invest $100k and make $50k on it, you owe, $5k. Same for homes or anything else. You lose money, tough shit, it happens. No risk, no reward, as they say.
[–] FarPointPatriot 0 points 2 points 2 points (+2|-0) ago
Yeah ... I think we are in 'Violent agreement' LOL
We agree on 95% of it. I dissent with you only on the term 'flat'. I don't think one size fits all is apropos. Think about this ... If you make $100K on investments, and you gotta shell out $20K, that is a pretty painful chunk. If you make $10 Billion, and have to pay an ADDITIONAL $1Billion, you still got $7Billion. SEVEN BILLION. Sorry, That is still 'buy an island' money. I'm not feeling sympathy for those cats.
Anyway, we 100% agree on no more accounting fuckery. Know who else agrees ... POTUS.