Simplify taxes. Everyone pay the same tax percentage. Eliminate the tax bracket. Eliminate deductions. Eliminate loopholes. Everyone pay for, example 10 percent.
I believe this would go a long way to cutting the federal budget as well. With a flat tax, there would be no reason for an IRS division and the money allocated for the IRS can go back into the budget.
49 Likes
Would a flat sales tax treat everyone equal by taxing people on the lifestyle they choose to live and partake in?
9 Likes
I believe a flat sales tax would, a flat income tax wouldnât.
Whatever you tax you get less of. Given the citizens lack of personal savings and the nations trade deficit I think a flat sales tax that disincentivizes spending is better than a flat income tax that disincentivizes working.
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Remove the ability to receive a ârefundâ when no taxes are paid in as with child tax credits even if someone didnât have any withholdings.
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I wish, the problem is people are generally too stupid to understand this. Also, the bottom 45% of the country, who contribute nothing and only suck and waste resources and pay NO TAXES presently, would now be taxed by the system, and this would be sold as âMASSIVE TAX HIKE ON ALL AMERICANS!â
Frankly I do not care about the rich ânot paying their fair shareâ. I care about the morbidly obese shuffling around Walmart with an EBT card buying fried chicken with my tax money not contributing their âfair shareâ more.
12 Likes
We should pair the flat tax with a consumption tax. It would be similar to sales tax which obviously taxes the individual based strictly on consumption.
In my mind this creates the âpay your fair shareâ and âtax the wealthyâ. Consumption tax also wouldnât hurt small businesses or even wealthy business owners if they choose to re-invest into our economy.
4 Likes
I would love a 10% flat tax or even a 10% national sales tax.
If we go the flat tax route where everyone has to pay the same percentage, I think we make a threshold, zero taxes paid on the first $50k, and 10% on everything over that, to all the naysayers who say that poor people would be affected disproportionately.
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There are a number of ways to approach it, but none of that will matter unless you get rid of the IRS. Every state has a sales tax, income tax, or both. In TN we have a high sales tax and NO income tax.
Let the STATES collect the taxes, a function they already have in place, and they have to send a percentage to the federal government. The less we depend on DC, the better off we will be.
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They should also consider raising the FICA Cap to save Social Security. A balanced approach on total tax outlays on citizens.
Flat tax with no deductions or sales tax and increase FICA cap.
My worry about sales tax is it would hurt the sales of big ticket items. And cause companies to go into bankruptcy because their products would only be affordable by the wealthy.
I think this sounds good - every dollar earned is taxed at the same rate. This would eliminate loop holes and getting back more than you paid in. It also makes everyone have skin in the game where their tax dollars are spent. 50% of the people in this country donât have to pay taxes or get more in tax returns than they paid in.
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I absolutely agree that the tax system is overburdensome on the people. A lot of people need to pay specialists to pay their taxes! Simplifying taxes to a flat rate across the board is an excellent idea.
I remember back in the 2012 election cycle being very in favor of Herman Cainâs 9-9-9 plan.
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Not just flat tax, but maybe individual income tax should be broken up between the county and state, with NO federal taxes. Then the States pay the federal government a % based on the number of residents living in the state. This would mean I am paying a flat tax to repair the roads I drive on an pay for the police & fire that I use.
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10 percent for people and 15 for businesses.
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If everyone is paying, a 10% tax seems too high. A 2 or 3% federal tax seems easier to stomach. Maybe go as high as 5% . Has anyone (individual accounts, think tanks) run the numbers? This would have to take into account spending reductions proposed.
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Too many suggestions on here like end all income or property taxes. Please remember how federalism works. You do not want the federal government to tell the states what and how to tax.
For federal taxes, yes reduce the size of the IRS by 90% leaving only those to process the flat tax.
10% flat tax on income. Zero deductibles, zero credits, zero brackets, zero capital gains. Trump was correct when he said you should be able to complete your taxes on a note card.
10 Likes
A flat sales tax would result in a loss of all current financial planning.
Rothâs, 401ks, tax free Veteran Benefits, etc.
While it sounds good, it would decimate the poor and old the most.
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I would like to see this idea developed more. To make our votes really count, we need to provide as much detail as possible. Vague policy ideas will disappoint us in the long run.
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If you do a flat sales tax we could pretty much defund the IRS. 10% federal tax on every purchase would make everyone pay.
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The financial industry is a parasite gutting the country, fooling low IQ people into believing financialization and trading securities somehow builds national wealth while it promotes off-shoring and short term financial gimmicks. The eternal allure of something for nothing⌠if a flat tax destroyed it, that would be a victory.
1 Like