5 Thoughts on can anyone one tell me about the flat tax i have been hearing a lot about it?
  1. Reply
    Vulcan
    April 15, 2013 at 3:39 am

    It’s another republican give-away program for the Billionaires. You get the poor people to pay most of the taxes.

    I bet FOX FAKE “News” really loves the idea since they’re the voice of the Billionaires.

  2. Reply
    Wayne Z
    April 15, 2013 at 4:05 am

    No, it is not a good idea to have a flat tax.

    Generally speaking, a flat tax benefits the rich. If you are poor or middle class, your taxes will probably go up.

  3. Reply
    Bash Limpbutt's Oozing Cyst©
    April 15, 2013 at 4:24 am

    It’s a wonderful idea if you’re Steve Forbes, Bill O’Reilly, or Rush Limbaugh. It’s a terrible idea if you’re the average working stiff. And if you’re unlucky enough to be a single mom with 3 kids and a crappy $ 9 an hour McJob it will have you on the streets or in a homeless shelter in short order.

    First off, a flat rate income tax would have to be assessed at about 25% with no exemptions, credits, or deductions of any kind for anyone to raise the same revenue as the current graduated income tax. (And keep in mind, that one is not bringing in enough as it is, so it would have to be a few points higher to have any hope at a balanced budget.)

    That single mom with 3 kids would see a loss of spendable cash on the order of $ 10,000 or more with the loss of the EIC and Additional Child Tax Credit plus a 25% tax burden. She and her kids would be on the streets, in a shelter, or on welfare in a matter of weeks.

    A typical family of 4 earning the median income of $ 46,000 per year would lose over $ 11,500 in spendable cash. They would not be far behind that single mom in the bread line. Any hope of ever owning a home would be out the window as would any retirement savings.

    Even a fairly well-off single earning $ 80k per year (full disclosure, that’s me) would take a hard hit. My federal income tax liability last year was $ 11,358 and would rise by at least $ 8,642. While that would not put me in the poor house by any means, it would wipe out my retirement savings in one fell swoop as that’s within pocket change of what I contribute through my 401(k). Actually the hit would be worse than that since the 401(k) would no longer be given preferential tax treatment going in.

    On the other hand, a $ 10 million a year CEO would see about a $ 1,000,000 windfall with a 25% flat tax. Steve Forbes would see about $ 50 million a year extra in his bank account. I’m not fool enough to think that either of them will be there to help out that single mom or the family of 4, let alone myself.

  4. Reply
    tro
    April 15, 2013 at 5:15 am

    none of the flat tax proposals are really new, the flat tax has been proposed for decades
    and as yet Congress has not found it worthy to change the entire tax code

  5. Reply
    Eric Bonet
    April 15, 2013 at 5:28 am

    A progressive flat tax based on income is what’s fair? Why? Because the more money you make the more you use in the way of government services and benefits. Ahhhhh (chuckle)….I hear conservative heads exploding already. No, but really, it’s true. I have many examples, but ‘ll give you just a few big ones for now:

    Defense – Which is 20% of the national budget BTW. Who benefits more from national defense? The rich. Why? Because they have more to lose should the country fall to invaders. The rich own far more in the way of real estate, private business, securities, etc, than the middle class and poor. Why shouldn’t they invest more to protect what they own. It’s like the guy who owns a big house, he needs a big insurance policy to protect it, right? Then he needs to pay!

    Public Education – Here again the rich benefit more because without the talent pool provided by the public education system, they would not be able to build businesses as prosperous. Yes, the rich leverage everyone elses talent to build their empires. The rich also have a higher percentage of their children in public universities.

    Massive Bailouts – Did the middle class get a government bail out in 2008? No, but the rich did.

    Corporate Welfare. Counting tax breaks and expenditures, corporations and the rich hog over $ 400 billion a year, compare that to the $ 116 billion spent on programs for the poor.

    The rich need to pay up! Go 99%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!…

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