Conquer Club

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bedub1 wrote:Taxes don't apply to everybody equally. Some people create loopholes to get around them. Some just cheat on their taxes. I think it's time to end all federal taxes. I think the federal government should get it's money by printing it. This will probably cause small amounts of inflation, but it will effect all money equally. It doesn't matter what loopholes you try to make, you can't get around them. It doesn't matter if you aren't an American, you have our money, you will also experience inflation.

Thoughts?

The church asks for 10% income tax. Should we pay that instead?

Also, inflation already happened. The amount of gold you can buy with an American dollar has decreased by 85% since 2002. That's what I call inflation.

http://www.nytimes.com/2012/11/26/opini ... l?hp&_r=2&

From Warren Buffett.

I was going to create a new thread, but thought I would get some backlash.

This outrage points to the necessity for more than a simple revision in upper-end tax rates, though that’s the place to start. I support President Obama’s proposal to eliminate the Bush tax cuts for high-income taxpayers. However, I prefer a cutoff point somewhat above $250,000 — maybe $500,000 or so.

Precisely why there should be a flat income tax or a flat sales tax: people would actually be treated equally.

Night Strike wrote:Precisely why there should be a flat income tax or a flat sales tax: people would actually be treated equally.

Just make sure that if a sales tax is ever instituted, that income tax is abolished. That's the only way I would agree to a national sales tax.

DoomYoshi wrote:The church asks for 10% income tax. Should we pay that instead?

The church asking for 10% and the federal government confiscating whatever they deem is necessary are two different things.

bedub1 wrote:Taxes don't apply to everybody equally. Some people create loopholes to get around them. Some just (have permission to) cheat on their taxes.

...but...financial discrimination is a favorite pastime!

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bedub1 wrote:

Night Strike wrote:Precisely why there should be a flat income tax or a flat sales tax: people would actually be treated equally.

This isn't true though. Some people still avoid paying taxes. Some people don't buy US products to avoid the sales tax. Some people aren't us Citizens and thus aren't subject to our taxes, but they still have lots of USD's. Inflation effects ALL equally.

Non-citizens are still taxed.

If I go to the US, I pay all the local sales taxes except a few specific exemptions when crossing the border. And if I get a work permit and work there, I will have income tax withheld at the same rate as you. A higher rate, most likely, because I will not be eligible for some deductions that you will get.

In 2011, the US federal government spent approximately $11,000 per capita. A very simple, and extremely fair tax system would be to just take the first $11,000 each person earns in each year. The share for children not yet old enough to earn money would be the responsibility of the parents (this would also serve as an effective deterrent to stupid people reproducing).

Totally fair. Totally simple. Totally the best tax system ever.

Timminz wrote:In 2011, the US federal government spent approximately $11,000 per capita. A very simple, and extremely fair tax system would be to just take the first $11,000 each person earns in each year. The share for children not yet old enough to earn money would be the responsibility of the parents (this would also serve as an effective deterrent to stupid people reproducing).

Totally fair. Totally simple. Totally the best tax system ever.

So a head tax. this is a terrible system of taxation.

Timminz wrote:In 2011, the US federal government spent approximately $11,000 per capita. A very simple, and extremely fair tax system would be to just take the first $11,000 each person earns in each year. The share for children not yet old enough to earn money would be the responsibility of the parents (this would also serve as an effective deterrent to stupid people reproducing).

Totally fair. Totally simple. Totally the best tax system ever.

Let's see.

[TGD checks 2011 tax return] - $26,000 of tax
[TGD checks 2012 family] - 4 members
[TGD does math] - $44,000 of tax!

Screw you Timminz!

thegreekdog wrote:

Timminz wrote:In 2011, the US federal government spent approximately $11,000 per capita. A very simple, and extremely fair tax system would be to just take the first $11,000 each person earns in each year. The share for children not yet old enough to earn money would be the responsibility of the parents (this would also serve as an effective deterrent to stupid people reproducing).

Totally fair. Totally simple. Totally the best tax system ever.

Let's see.

[TGD checks 2011 tax return] - $26,000 of tax
[TGD checks 2012 family] - 4 members
[TGD does math] - $44,000 of tax!

Screw you Timminz!

Although, if that $11,000 replaced ALL other forms of taxation, do all your other taxes combined surpass $44k?

Night Strike wrote:

thegreekdog wrote:

Timminz wrote:In 2011, the US federal government spent approximately $11,000 per capita. A very simple, and extremely fair tax system would be to just take the first $11,000 each person earns in each year. The share for children not yet old enough to earn money would be the responsibility of the parents (this would also serve as an effective deterrent to stupid people reproducing).

Totally fair. Totally simple. Totally the best tax system ever.

Let's see.

[TGD checks 2011 tax return] - $26,000 of tax
[TGD checks 2012 family] - 4 members
[TGD does math] - $44,000 of tax!

Screw you Timminz!

Although, if that $11,000 replaced ALL other forms of taxation, do all your other taxes combined surpass $44k?

No. And actually, I had 3 family members last year, so tax would have been $33,000. Still not acceptable.

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Interesting flag on the expectations of inflation in the very near future. Not like everybody didn't see it coming anyways...

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Night Strike wrote:Precisely why there should be a flat income tax or a flat sales tax: people would actually be treated equally.

Oh now you want equality?!

Progressive tax rates have a very rational reason for existing.

Dukasaur wrote:

bedub1 wrote:

Night Strike wrote:Precisely why there should be a flat income tax or a flat sales tax: people would actually be treated equally.

This isn't true though. Some people still avoid paying taxes. Some people don't buy US products to avoid the sales tax. Some people aren't us Citizens and thus aren't subject to our taxes, but they still have lots of USD's. Inflation effects ALL equally.

Non-citizens are still taxed.

If I go to the US, I pay all the local sales taxes except a few specific exemptions when crossing the border. And if I get a work permit and work there, I will have income tax withheld at the same rate as you. A higher rate, most likely, because I will not be eligible for some deductions that you will get.

This. I'm not a US citizen but live and work here (legally). If I'm "not taxed" like like to know where the f*ck those 10's of 1000's of $ went from my check marked state and federal taxes.
I pay all taxes US citizen pays, but I don't benefit from large portions of the US "support" system. (even though I help pay those taxes for US citizens) Please don't tell me I don't pay taxes, it's simply untrue.

IcePack

IcePack wrote:

Dukasaur wrote:

bedub1 wrote:

Night Strike wrote:Precisely why there should be a flat income tax or a flat sales tax: people would actually be treated equally.

This isn't true though. Some people still avoid paying taxes. Some people don't buy US products to avoid the sales tax. Some people aren't us Citizens and thus aren't subject to our taxes, but they still have lots of USD's. Inflation effects ALL equally.

Non-citizens are still taxed.

If I go to the US, I pay all the local sales taxes except a few specific exemptions when crossing the border. And if I get a work permit and work there, I will have income tax withheld at the same rate as you. A higher rate, most likely, because I will not be eligible for some deductions that you will get.

This. I'm not a US citizen but live and work here (legally). If I'm "not taxed" like like to know where the f*ck those 10's of 1000's of $ went from my check marked state and federal taxes.
I pay all taxes US citizen pays, but I don't benefit from large portions of the US "support" system. (even though I help pay those taxes for US citizens) Please don't tell me I don't pay taxes, it's simply untrue.

IcePack

I should have weighed in earlier on this - I think bedub is talking about foreign citizens who do not pay taxes on US investments (of which you would not be one of them, presumably).

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bedub1 wrote:Taxes don't apply to everybody equally. Some people create loopholes to get around them. Some just cheat on their taxes. I think it's time to end all federal taxes. I think the federal government should get it's money by printing it. This will probably cause small amounts of inflation, but it will effect all money equally. It doesn't matter what loopholes you try to make, you can't get around them. It doesn't matter if you aren't an American, you have our money, you will also experience inflation.

Thoughts?

A simple thought from a simple man. Such would cause massive inflation, and those with the knowledge and resources would protect themselves by trading and doing business outside the dollar.

Those with insufficient resources who depend on savings and currency would suffer.

thegreekdog wrote:http://www.nytimes.com/2012/11/26/opinion/buffett-a-minimum-tax-for-the-wealthy.html?hp&_r=2&

From Warren Buffett.

I was going to create a new thread, but thought I would get some backlash.

This outrage points to the necessity for more than a simple revision in upper-end tax rates, though that’s the place to start. I support President Obama’s proposal to eliminate the Bush tax cuts for high-income taxpayers. However, I prefer a cutoff point somewhat above $250,000 — maybe $500,000 or so.

Interestingly enough, considering how he's built his empire one could make a strong argument that increasing taxes on the wealthy would actually increase Buffet's wealth as much of the taxes levied would likely come back to Berkshire companies in the form of government contracts.

Buffet is a sharp guy.

bedub1 wrote:Taxes don't apply to everybody equally. Some people create loopholes to get around them. Some just cheat on their taxes. I think it's time to end all federal taxes. I think the federal government should get it's money by printing it. This will probably cause small amounts of inflation, but it will effect all money equally. It doesn't matter what loopholes you try to make, you can't get around them. It doesn't matter if you aren't an American, you have our money, you will also experience inflation.

Thoughts?

Is there a limit on how much the federal government can print?

And what would you do to interest rates (both saving & lending) to offset the costs of inflation?

Phatscotty wrote:

I can assure you, Phat ol' buddy, that Mr. Heinlein would not approve of you quoting him.

-TG