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Something to think about

Discussion in 'Off Topic Threads' started by TC, Apr 7, 2010.

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  1. TC

    TC TS Member

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    Tax Day is a dreaded deadline for millions, but for nearly half of U.S. households it's simply somebody else's problem.

    About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization
     
  2. rd

    rd TS Member

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    It is 47% of Households. I would bet, since those are the lower income households that it would mean they have larger families generally, and that therefore it would be well MORE than half of the population pay no Federal income tax. I would favor a VAT if there were NO income tax, because then you would pay tax on what you consume, and ALL would pay something. A VAT on top of our massive income taxes would completely kill the economy, and you can kiss any chance of recovery goodbye!
     
  3. rd

    rd TS Member

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    Thanks, but I'm on call- I have to stay around for warrants and bond deviations. I hope to get back to shooting locally soon.
     
  4. tachyon

    tachyon Member

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    We have reached a tipping point in America. The percent of households who did not pay income taxes was pretty steady between 20-25% since WW2 until the mid 90's. For 47% of the households an increase in income tax will mean nothing to them. They will be in favor of any income tax increase. In a few years that will be over 50% and the system will break.

    In addition many in the bottom half of wage earners not only get all what has been deducted from their paycheck back they get an "Earned Income Tax Credit". Billions of dollars are taken from the tax you pay and given directly to other wage earners. A great redistribution of wealth.
     
  5. tachyon

    tachyon Member

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    A real option for the 1% who pay 40% of our income taxes (soon to be a lot more to pay for obamacare) is to just leave the country. There are a number of countries that are actively recruiting the very rich to move to their country. They will help them move their assets out of the U S then you just stop paying U S taxes.

    When John Templeton (Templeton funds) became a citizen of the Bahama's and stopped paying income taxes in the United States he stated that he saved over $100 million in one year.

    The government has tried to set up an Exit tax to punish any rich citizen that tries to exit the US. Only problem is that if you plan well, reduce your personal property and gently move your other assets you can avoid most of the Exit tax or just ignore it if you don't plan on returning to the states.
     
  6. TC

    TC TS Member

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    I have always felt that if I have to pay income tax, everybody else should pay income tax. 15% of $10,000 is as fair of a tax burden as 15% of $50,000. The idea that some people should not pay anything because we have decided their income is too low is not right!
    People will vote for every project, bond issue, etc. especially if they don't have to pay for it. They also vote for every politician that promises to give them more than the other candidate!
     
  7. crusha

    crusha TS Member

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    In the end, the Income Tax will just be a "rich man's tax" (defined as anybody making more than 100k or something like that)...and the VAT Tax will make up the rest of the revenue from all those people who aren't paying anything.



    But I believe Jack Kemp sold us down the river. All that "Compassion for the Poor" shit he peddled from the Republican party in the 80's and 90's, Enterprise Zones, etc. played perfectly into the hands of the Clintons. They said, "Sure Jack, and we'll one-up you on that...let's not make the poor pay ANY taxes...you as a Conservative should be all for somebody paying no taxes, right Jack?"



    And here we are.
     
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