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The 112th Congress: Debt ceiling edition

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Re: The 112th Congress: Debt ceiling edition

MinnFan said:
First of all. Its utterly false that the Hedge Fund manager doesn't pay FICA taxes. He is part of a company and the company is forced to pay those taxes. Just like small business owners are.

Buffet could pay himself a salary and it would be taxed at a far higher rate. As someone who owns Birkshire Hathaway stock I'm glad that he doesn't since its a greater incentive for him to increase the stock returns. Think about this. It the stock doesn't go up how much does Buffet make? $0

As has been discussed before. I have no problem with a flat tax and you've seemed open to it. Do realize though that the "rich" will actually wind up paying less in taxes if we go to that.
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Most FICA taxes are only taxed on the first 100,000 of income. Only Medicare\Medicaid is on the entire income and that's 3 of the 15%.

You're wrong about the flat tax. They'd pay more if it were implemented in the manner that I would implement it.

Bakunin,

You're right. Took me a while to work on the other part. I think I'll start working on ignorance not bothering me anymore. That's a fine idea.
 
Re: The 112th Congress: Debt ceiling edition

ScoobyDoo said:
Most FICA taxes are only taxed on the first 100,000 of income. Only Medicare\Medicaid is on the entire income and that's 3 of the 15%.
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So you're saying Social Security should be welfare?

ScoobyDoo said:
You're wrong about the flat tax. They'd pay more if it were implemented in the manner that I would implement it.
Click to expand...

Um. Then its not a "flat" tax rate.
 
Re: The 112th Congress: Debt ceiling edition

MinnFan said:
So you're saying Social Security should be welfare?
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Thanks, you've answered my question, you don't think Social Security is a tax. I do. And I'm willing to abolish it if I have to to have the same tax rates as the rich.
 
Re: The 112th Congress: Debt ceiling edition

We dont need a flat tax, we just need to go back to what worked. If it bothers the rich so much to go back to the 90s era tax levels (after a decade of them getting every break imaginable) then too friggin bad. Jesus I doubt they would even notice if no one told them.

But you keep pretending like life is so unfair to the rich (I mean the job creators) Minnfan...
 
Re: The 112th Congress: Debt ceiling edition

MinnFan said:
Except for the fact that we want (and need) to encourage investment in this country.
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Apple's sitting on 76 billion dollars in cash and liquid securities. Just how much more investment do we need to encourage before they and like minded companies start using said investments?
 
Re: The 112th Congress: Debt ceiling edition

MinnFan said:
First of all. Its utterly false that the Hedge Fund manager doesn't pay FICA taxes. He is part of a company and the company is forced to pay those taxes. Just like small business owners are.
Click to expand...

Proof that you don't know what the carried interest exception is or why hedge fund managers get to claim the vast majority of their income as capital gains.
Hint: When I sold stock this last year to make the down payment on my house, I didn't pay FICA taxes on those capital gains.

Do realize though that the "rich" will actually wind up paying less in taxes if we go to that.
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That entirely depends on what the flat rate would be, whether it'd be an income or sales tax, and what loopholes remained. If you're talking about the Fair Tax, you're right. Of course most real economists would tell you the Fair Tax and Flat Tax proponents grossly understate what the actual rate would end up being.
 
Re: The 112th Congress: Debt ceiling edition

MinnFan said:
Um. Then its not a "flat" tax rate.
Click to expand...

If all income is treated the same, regardless of source, and the rate is above the current long term capital gains tax rate then yes, they would pay more.

Example: Buffett recently stated that his effective tax rate last year was about 17.5%, if the flat tax was 20% or 25% (with all payroll taxes, deductions, and credits abolished) then yes, he would pay at a higher tax rate since 20%>17.5%.

That's my new tax plan: the 25% plan. 25% of every dollar earned regardless of source by every man, woman, or entity in the US is taxed at a flat 25%. No credits, no deductions, no exemptions.

My new federal spending plan:
20% Social Security
20% Medicare/Medicaid
20% National Security: Defense/Homeland Security/Inteligence/ Dept of Justice
20% Interest/National Debt repayment/Infrastructure Investment/Emergency Fund
20% Everything Else

Problem solved.
 
Re: The 112th Congress: Debt ceiling edition

Almington said:
That's my new tax plan: the 25% plan. 25% of every dollar earned regardless of source by every man, woman, or entity in the US is taxed at a flat 25%. No credits, no deductions, no exemptions.

My new federal spending plan:
20% Social Security
20% Medicare/Medicaid
20% National Security: Defense/Homeland Security/Inteligence/ Dept of Justice
20% Interest/National Debt repayment/Infrastructure Investment/Emergency Fund
20% Everything Else

Problem solved.
Click to expand...

Kudos to having a plan. Yet although I haven't done my research...I sincerely doubt that's a country I would want to live in.
 
Re: The 112th Congress: Debt ceiling edition

unofan said:
Of course most real economists would tell you the Fair Tax and Flat Tax proponents grossly understate what the actual rate would end up being.
Click to expand...
Are any of these "real" economists non-Keynesians?
 
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