Anybody Buying in to This New Tax Proposal
 

Sounds like more BS from the BS king . Raising taxes on the rich will only end up costing more for the poor and middle class.

This is probably a reaction to the negative publicity about him losing the middle-class voter.

dude is a serious communist, socialist, fascist

You do realize that fascism and communism are on opposite ends of the political spectrum, right?

So if taxing rich people only increases costs for the poor and middle class, then why don't we just eliminate taxes for the rich all together. Of course taxing the middle class will only cost the poor more money. Therefore we should just have the poor pay ALL of the taxes. It's because we want to help the poor that we have pushed all of the tax burden onto them. Brilliant logic as usual Froggy.

Imo the best tax system is the simplist to understand, most cost effective to administer and hardest to evade.

My preference is a universal consumption/sales tax (vat/gst) + income tax at zero below lower 25‰ income flat rate above + company tax @same rate.

Ie 20% on every good and service purchased
First 30k of income tax free
Every dollar over 30k taxed at 25%
Company tax 25%

No tax breaks, no deductions. When industry's spring up to manage your tax burden it is a sign the system is broken. Enforcement and compliance costs are the devil. Taxing the needy to give it back to them as benefits makes no sense on many levels. Needless inefficency at a macro level to the economy.

The capital gains tax increase still hurts middle class people, so why would he would want to increase that? It's going to do nothing more than make people want to pull out of their investments.

Capital gains should be set up with a stepped structure similar to income tax with a higher rate for a higher gain thereby leaving the middle class alone. If this isn't part of Obama's plan then I would disagree with that. Not that it matters as Obamas plans have less chance of getting passed by congress than any of the more ridiculous GOP plans have at getting passed an Obama veto.

Are you suggesting that an individual should pay 45% tax (20% sales & 25% income tax) on every dollar Ithey earn over the first 30K or am I reading it wrong?

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I plucked the numbers out of my wazzo but yes that what I am suggesting. You are paying more tax than that now but most of it is hidden in tarrifs, dutys and individual taxs on fuel, alcohol, cigarettes etc.

My suggestion is all other taxation is scrapped, with just, sales, income and company tax to remain.

Checked my numbers and the tax rates in the us are much lower than here, I guess because we run more of a nanny state with free health care and education. So you can rejig the numbers maybe 10% sales and 20% income but it is the principle that is important. The reason why you have some component of sales tax is it encourages savings and the collection costs are very low, borne by the retailer and very hard to evade. Income tax is harder to administer but better for redistribution of wealth because of the trigger point and scaling nature of fixed percentage on an increasing income.

Also remember you only pay sales tax when you buy something not when you earn it

It's all just part of the plan to make themselves look good at the others expense for 2016. They would all be fired if they had to work for a living at a real company that expects goals to be met. Most couldn't run a kool-aid stand. Both parties are garbage and most people are probably caught somewhere in between the 2 extremes IMO.

I get that it is hypothetical but this seems strong. There are so many layers and hands in the pocket nothing would change. All the money saved in enforcement and compliance would be sucked back up in new expenses and further governmental control to distribute it back to all the different entities that tax us now.

You make some good points but redistribution of wealth is the path to socialism. I don’t mind helping those that can’t help themselves but there are just too many people in America these days that are capable but refuse to contribute. I’m guessing you’re not proposing new taxes on legal citizens while at the same time opening your doors for 11 million plus to jump on the entitlement train either.

I'm not commenting on the level of taxation or the amount of benefits, just how to collect it

The so called rich already pays most of the tax and supply's all of the jobs . Taxing them higher will only reduce employment and increase cost of goods needed by the middle class and poor. They will be the ones that actually pay the increase. This is just another diversion to detract from the failed policies of a failed presidency.

Fair Tax! even better of what ralph is suggesting. but same premise.
http://en.wikipedia.org/wiki/FairTax

Wow, It would be much easier if the Dems. would just take all of our money and dole it equally. http://www.bloombergview.com/article...ass?cmpid=yhoo