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DFM
I am with you 100% on this, Mondo.
Mon Nov 6, 2017 1:31pm
2602:30a:2c0c:99d0:dae:ddb0:4192:bc90

First of all, a FLAT TAX RATE. No "Progressive" bullshit that just leads to income splitting and reassignment.

Second, NO deductions, NO tax credits, NO tax-free bonds, NO tax shelters, NO Capital gains tax rate, NO mortgage deduction (I already said that, but I repeat for emphasis), NO medical deductions, ABSOLUTELY NO LOOPHOLES of any kind.

We have a 70,000+ page tax code of which about ten pages are the tax code itself, and the rest are special deals for special people.

If you think that I am lying about the 70,000+ pages, here is the Tax Code in all of its Glory: https://www.law.cornell.edu/uscode/text/26

The biggest problem is that everybody has a few deductions that he really wants and will fight for them. However, as soon as so much as ONE deduction is permitted, they will proliferate like flies on a manure pile. So, for those who will see their favorite deductions lost, I say this: By elimination of ALL deductions, credits, ... (see above) you will save far more than you lose with the loss of your deduction. In a simple system, there is absolutely no place to hide "special deals" for special people. NO deductions is fairest for everybody.

In fact, I would like to see this embodied in a Constitutional Amendment that specifies a FLAT RATE INCOME TAX with zero hanky-panky, and exactly TWO parameters that Congress may adjust: Tax Rate and Personal Exemption. No other fiddling allowed.

And, while we are doing this, we should abolish Corporate Income Tax because it is a double taxation: Profit is taxed when it goes to the corporation and a second time when it is distributed to the shareholders. Eliminate the "C" filing and consider all corporations under the "S" filing rules: Corporate income is reported as personal income (pro-rated) to the shareholders. Also, require 50% of all reported profits to be distributed as dividends. This will also prevent the overstatement of earnings, since half of these earnings must be sent to the shareholders, so they had better be real.

DFM


  • Get rid of tax deductionsMondo Fuego™ , Mon Nov 6 12:40pm
    1. Eliminate home mortgage interest and property tax deductions. No reason for people who don't own a home to subsidize homeowners. 2. Eliminate state/local income tax deductions. No reason for low... more
    • I am with you 100% on this, Mondo. — DFM, Mon Nov 6 1:31pm
      • I Differ With You...Amadeus, Mon Nov 6 2:19pm
        I say, consider the purpose of the tax code. What should it do ? Those who have achieved great wealth and great income should contribute more to society than those who have less. The contribution is... more
        • We used to have very high progressive rates. But NOBODY EVER PAID THEM. They were negated by the numerous tax breaks. Some people made MILLIONS each year and paid ZERO taxes because of breaks like... more
          • The Only Sensible Thing To Do...Amadeus, Tue Nov 7 7:39am
            *stop* No, it is not the only sensible thing to do. The answer here is not constrained to the dichotomy of all or nothing. Simple can be good, but simpler is not always better. As I said, there are... more
            • no one else has to compromise on theirs. You want us to get rid of all of the deductions you don't like, but keep the deductions you DO like. So does everyone else. End result? Everyone keeps their... more
            • LOLMondo Fuego™ , Tue Nov 7 8:57am
              Flailing with meaninglessness. "I" ... "I" ... "I". Conjures up the frail ghost of BoZoBaMa.
        • Your arguments are baselessMondo Fuego™ , Mon Nov 6 2:57pm
          1. You fail to state what the tax code "should" do. You are not in any position to state what the tax code "should" do. You are merely ne opinion out of millions. You don't speak for DFM or me or... more
          • rather applying an emotional cost... How much it HURTS to pay... So, his focus is making the rich HURT more, not just pay more. I forget the source of the concept but the idea starts out taxing the... more
            • Not Really...Amadeus, Tue Nov 7 7:44am
              I am looking at the financial impact. For someone who barely makes enough to get by before taxes are considered, a 25% tax is very financially painful. While for someone who makes much more money, a... more
              • ... anything else, for that matter. You run your agenda shit into the ground, and you never listen to sane people who are telling you that you are full of shit. Shelley wrote this poem with folks... more
              • Your own words convict you... "painful"...Sprout, Tue Nov 7 7:49am
                It's got nothing to do with value... but in HURTING a social group you do not like.
                • Really?Amadeus, Tue Nov 7 12:06pm
                  You have to be purposefully misreading what I'm writing to get your conclusion. If anything, I'm viewing the entire society as an organism and taxes as a needed injection that will cause some pain.... more
                • Pointing out the obvious.HeavyHemi, Tue Nov 7 8:22am
                  Hurting financially. Pretending his point was their 'feelings', you literally feigned ignorance to create an argument.
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