Eliminate ALL Federal Taxes

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Re: Eliminate ALL Federal Taxes

Postby Phatscotty on Tue Dec 04, 2012 1:16 am

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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Re: Eliminate ALL Federal Taxes

Postby bedub1 on Tue Dec 04, 2012 11:26 am

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Re: Eliminate ALL Federal Taxes

Postby Lootifer on Tue Dec 04, 2012 3:33 pm

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.
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Re: Eliminate ALL Federal Taxes

Postby IcePack on Tue Dec 04, 2012 3:39 pm

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.

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Re: Eliminate ALL Federal Taxes

Postby thegreekdog on Tue Dec 04, 2012 3:44 pm

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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Re: Eliminate ALL Federal Taxes

Postby bedub1 on Tue Dec 04, 2012 4:08 pm

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Re: Eliminate ALL Federal Taxes

Postby GabonX on Thu Dec 06, 2012 8:16 pm

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.
Last edited by GabonX on Fri Dec 07, 2012 2:15 pm, edited 1 time in total.
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Re: Eliminate ALL Federal Taxes

Postby patrickaa317 on Fri Dec 07, 2012 12:27 am

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?
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Re: Eliminate ALL Federal Taxes

Postby Phatscotty on Fri Dec 07, 2012 12:34 am

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Re: Eliminate ALL Federal Taxes

Postby TA1LGUNN3R on Fri Dec 07, 2012 4:49 am

Phatscotty wrote:Image


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

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Re: Eliminate ALL Federal Taxes

Postby thegreekdog on Fri Dec 07, 2012 8:24 am

GabonX wrote: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.


I read yesterday that one of the Berkshire Hathaway folks poured $20 million into a tax increase proposal that went directly on the California ballott.
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Re: Eliminate ALL Federal Taxes

Postby GabonX on Fri Dec 07, 2012 3:34 pm

thegreekdog wrote:
GabonX wrote: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.


I read yesterday that one of the Berkshire Hathaway folks poured $20 million into a tax increase proposal that went directly on the California ballott.


He probably looks at it as an investment, and it may prove to be a good one for him!
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Re: Eliminate ALL Federal Taxes

Postby thegreekdog on Fri Dec 07, 2012 3:37 pm

GabonX wrote:
thegreekdog wrote:
GabonX wrote: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.


I read yesterday that one of the Berkshire Hathaway folks poured $20 million into a tax increase proposal that went directly on the California ballott.


He probably looks at it as an investment, and it may prove to be a good one for him!


It was a she, and yes that's correct.
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Re: Eliminate ALL Federal Taxes

Postby Phatscotty on Fri Dec 07, 2012 4:19 pm

TA1LGUNN3R wrote:
Phatscotty wrote:Image


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

-TG


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Re: Eliminate ALL Federal Taxes

Postby stahrgazer on Fri Dec 07, 2012 9:48 pm

TA1LGUNN3R wrote:
Phatscotty wrote:Image


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

-TG


Have to disagree here; Heinlein was pretty anti-big-bro.
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Re: Eliminate ALL Federal Taxes

Postby stahrgazer on Fri Dec 07, 2012 9:52 pm

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?


I'm thinking that we should do to China what Mexico did to us when Mexico owed us money: "Sorry, we're broke, we can't pay." I'm just not sure China would say what we did, "Okay, your debt slate is now clean, by the way, here's some more money you won't be able to repay; and to top it off, we'll send you a few dozen factories that were clogging up our cities."

Then we wouldn't have to worry quite as much about taxes.
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Re: Eliminate ALL Federal Taxes

Postby TA1LGUNN3R on Fri Dec 07, 2012 10:11 pm

stahrgazer wrote:
TA1LGUNN3R wrote:
Phatscotty wrote:Image


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

-TG


Have to disagree here; Heinlein was pretty anti-big-bro.


My point exactly. Phatscotty likes to bumble on about big gov't, but he proves himself a typical right-winger every time the issues come up where you actually have to stand beside your claims. Phatcotty is the biggest fraud here in the CC forums.

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Re: Eliminate ALL Federal Taxes

Postby GabonX on Sat Dec 08, 2012 1:33 pm

thegreekdog wrote:
GabonX wrote:
thegreekdog wrote:
GabonX wrote: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.


I read yesterday that one of the Berkshire Hathaway folks poured $20 million into a tax increase proposal that went directly on the California ballott.


He probably looks at it as an investment, and it may prove to be a good one for him!


It was a she, and yes that's correct.


But quick, before that happens...

Washington Post to pay dividend early

WASHINGTON (AP) -- The Washington Post Co. will pay its 2013 dividends before the end of this year to try to spare investors from anticipated tax increases.

The media and education company said Friday that its dividend of $9.80 per share is payable Dec. 27 to shareholders of record as of Dec. 17. The payout is instead of regular quarterly dividends next year.

Washington Post is the latest company to move up its quarterly payout or issue a special end-of-year payment to protect investors from potentially having to pay higher taxes on dividend income starting in January.

Since 2003 investors have paid a maximum 15 percent on dividend income. But that historically low rate will expire in January unless Congress and President Barack Obama reach a compromise on taxes and government spending. As it stands, dividends will be taxed as ordinary income in 2013, the same as wages, so rates will go up depending on which income bracket a taxpayer is in. For the highest earners, the dividend rate would jump to 43.4 percent.

The Washington Post's dividend payment also stands to benefit those with a significant stake in the company, such as Warren Buffett's firm Berkshire Hathaway. Berkshire is its largest shareholder with an estimated 1.7 million shares, which means it could get a roughly $17 million dividend payment.

http://hosted.ap.org/dynamic/stories/U/ ... 7-16-53-14

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