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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.
[+]klobos0 points0 points0 points
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[–]klobos0 points
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If you make $100k of investments, you owe nothing until you make money. So you buy $100k in ABC stock, when you sell it for $120k, you owe 10% on the $20k, so $2k in taxes.
When you get into your billions talk I'm lost, you math is nigger level. Ha. But making a billionaire pay 10% on what he earns is a lot more then zero, which is the current way it works with all the deductions, loopholes, funneling profits through this company and all losses through this and that company. The effective tax rate for large corporations and those massive family trusts is near zero. And your island example, a "company" buys the island, and all the maintenance, shipping food and water, transportation to and from, all tax deductible and all bullshit.
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[–] 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.
[–] klobos ago (edited ago)
If you make $100k of investments, you owe nothing until you make money. So you buy $100k in ABC stock, when you sell it for $120k, you owe 10% on the $20k, so $2k in taxes.
When you get into your billions talk I'm lost, you math is nigger level. Ha. But making a billionaire pay 10% on what he earns is a lot more then zero, which is the current way it works with all the deductions, loopholes, funneling profits through this company and all losses through this and that company. The effective tax rate for large corporations and those massive family trusts is near zero. And your island example, a "company" buys the island, and all the maintenance, shipping food and water, transportation to and from, all tax deductible and all bullshit.