That's my proposed tax rate. As long as we have an income tax, then let's do it the right way.
10% PERIOD. No exemptions, no deductions, no poverty exceptions and no wealth surcharges. No "employer portion" hidden in the mix. No corporate welfare, targeted tax breaks, funding exceptions, 'green initiatives', wealth transfers, wealth redistribution, or handouts to special interests.
Individuals and Corporations pay 10% on the first dollars earned. All savings and investment income is tax-free, as it will use after-tax dollars. Eliminate the Capital Gains and Estate taxes. Then, stand back and watch the economy explode with productivity.
Too bad it will never work. The entitlement mentality has been inculcated into our youth through government indoctrination. Our Media and politicians depend on vote-buying and class warfare to remain in power. We have gone too far down the Socialism path to turn it around quickly (if we ever do).
Ten Percent.
All of the GOV's fundamental duties can be supported inside that figure. Almost NOTHING beyond their constitutional authority can be supported inside that figure.
Think about it.
Anybody who complains that "XXX pet project/agency/department/regulatory function/redistribution scheme is vital to our (YYY special interest bloc)" is trying to enslave you and steal your money to enable their power over you. The problem is that you sheep have accepted your chains without protest for too long. Anybody who tries that argument better show the black-letter Constitutional authority for their claim, or shut the hell up.
Time to throw the chains off and force the GOV to live within its means. Take a scalpel to the budget? No. How about a chainsaw instead? How about a bulldozer? How about we begin eliminating entire Cabinet departments? How about we eliminate every malum prohibitum law on the books. How about we pare down to a War Department, Customs and Border Protection (and kill the rest of DHS), Coast Guard, Treasury (and Mint, eliminate the Federal Reserve), judiciary, and part-time Congress.
Restore the right to Keep and Bear Arms, without infringement (like it says in the Constitution). Get the Government out of our lives. It is time to live like Free people once more.
Are you with me?
Newbius
12 comments:
I say five, but yeah right with you.
I tend to agree with 5%, but could go 7.5, if pushed and you could show cause.
I'd go 10%. Hell, that would be a reduction for me. Get all the deadbeats (big corporations) to pay their fair share...
Right there with you, this country would once again see unbounded prosperity.
10% and Customs and Duties on Imports ( no more Chinese Dumping!), plus the 3.3 TRILLION the Fed gave away in 60 days in 2008 to Bail Out FOREIGN BANKS w/o TELLING A DAMN PERSON BACK NOW!
Why dont people get it, Corporations regardless of size dont pay taxes, if/when they do its part of the cost of business and they just raise the prices to cover it.
I would be all for a flat 5-15% tax that everyone pays, no deductions, all at once, once a year. And only if its all income, no more hiding it as COLA, Housing, perks, non-income bonuses. ITs all income, you get a company car, welcome to 25-whatever grand of income!
Bradley, some corporations DO "pay" tax, and yes it is covered by the costs that they pass through. However, since it is a cost of doing business, and sometimes they are unable to immediately defray that cost, they have to pay from retained earnings.
Our corporate tax rate of 35% is the highest in the world. We are driving businesses offshore with our insane tax policies.
I've not crunched the numbers, but 5% across the board is a good start.
And, audit the FED!
With you all the way.
I have to agree with Newbius on this one. Taxes have become ridiculous and this country needs DESPERATELY to go back to the Constitution and read it. Actually read and go back to it, not just go through the motions of doing so.
I'm also gonna agree with Bradley about a flat tax rate with no more hiding income.
Folks can we get just one thing straight?
Corporations/Companies/businesses DO NOT PAY TAXES. Yes, they send checks to the Treasury BUT those tax costs were ALREADY ADDED to the price/costs of the product/service.
THE ONLY ONES that pay taxes are consumers. They pay the corporate taxes in the price of the product/service and then sales tax on top of that plus any underlying importation or excise taxes etc.
ALSO, when the fed prints more money IT IS A HIDDEN TAX. As they increase the money supply it makes whatever funds consumers have worth less (can't buy as much with same amount) than before.
We the People are being ripped off right and left, up and down, inside and out by the criminals we've elected both federally and really at ALL LEVELS OF government.
Less government = more freedom
More government = less freedom
You choose when you vote.
Diamondback
Diamondback: I agree (see my comment from yesterday). However, regardless of where the corporation's money comes from, they do in fact cut a check to the treasury. If you eliminate the disparity between personal and corporate income for small businesses, then you also reduce the shenanigans that small businesses have to go through in order to minimize their tax burden. At the moment, the US Corporate tax rate is the highest in the world. Making it the lowest will induce and entice global companies to relocate here, or to declare their earnings in Dollars rather than Euros or whatever, to take advantage of the favorable taxation environment. This is a net win for the US if it happens. This is a Job booster. This will boost the economy.
If you eliminate corporate taxation entirely, the unintended consequence will be that small business owners will reduce their tax exposure by running their lives through their businesses, and revenue to the treasury will drop radically. (Yes, this would be a good thing for liberty, but...) If the goal is to have SOME government, but not OPPRESSIVE government, then having the rates be the same is probably the most rational path.
I'm in, absolutetly.
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