Maybe, maybe not but we’ll see what happens won’t we? Coming up with the more simpler income tax system might be better than just getting rid of it entirely…
I’m going to wait and I hear from Trump, and tell them I don’t wanna personally get my hopes up. My point don’t pay any attention to rumors.
Giant corporations and the super rich write the tax playbook, so only they can afford the top accountants to avoid tax through many loopholes.
They pay a smaller percentage of their turnover than smaller businesses.
I have always said, instead of "tax deductions" for "business costs". Just have a straight up tax.
Based on tiers.
This would apply to everyone, as an example (just a guide).
The first 20,000. Zero tax
if you make 40,000., then STILL zero on the first 20, and 2.5% (e.g.) on the 2nd 20,000.
Make 60,000, zero on the 20, 2.5% 20 - 40 part. And then 5% on the above 40.
And so on, all the way up to the millions+. These numbers are just made up, so real percentages and levels would have to be worked out etc.
I think this would be fair, even a multi-millionaire would get the same tax free funds at the lower levels.
My idea for this came from the fact, that here in the UK, you could get a wage increase from 29,999 to 32,000, but end up with less take home money than when you earned 29,999 , because you went into a higher tax band. To make it worth your while you needed a much larger pay increase (again, I just made those numbers up as an example).
Going into a higher tax band can be bad, but with a fairly tiered system, you would not feel it, because your lower level funds are not suddenly taxed at a higher level if you cross a threshold.
Hong Kong literally uses this kind of tax system, but with an additional rate cap at 15% of entire income. Half of the wage earners in HK pay less than 2% of their income.
Or how about this, let's say I go shopping at a grocery store right and when I buy something, the added TAX is divided between state and federal Government.
Its good to think about and talk about. The way it is now, has been set up to enslave people.
I am against, Death - Inheritance tax, even though the wealthier benefit from it, it does not seem right.
I am against Property Taxes (or Council Tax Poll Tax as is our closest similar thing here).
Once you have paid for your house, if you choose, you should be able to quit the rat race and grow your own food, not worry about paying thousands a year to authorities just for having a roof over your head.
There is no legitimate way for govt to tax income: it REQUIRES invading your privacy to learn how much you made, so they can determine how much of it they want to rob from you.
All the discussion in this thread and others about HOW to tax your income, and how MUCH of your income to let government rob from you and how OTHER countries steal from their citizens after invading their privacy to determine how much they dared to earn,...it'a all akin to rearranging deck chairs on the Titanic.
Just say NO to the dreaded illegal income tax.
Slash the size of govt. by 90 percent.
Slash the insane millions of costly regulations.
Dump millions of teat-slurping bureaucrats into the workforce to GENERATE income for the economy for a change.
Raise money from tariffs, not by punishing the American people for their hard work and success.
I like the comments to this point BUT there is ONE thing I want to point out...President Trump is going to shrink the size of government AND BOTH HOUSES CLEANED, like a BABY'S BUTT and individuals that benefited from writing these codes cleansed from OUR GOVERNMENT...
PDJT is in "guerrilla" warfare mode to get these a$$holes out of government!!!!
Talking about these "things" now is making some to start thinking is it worth it to go down that pike...OOOOHHHH MY...THE BROWN STAIN IN THE SHORTS MOMENT WILL BE ARRIVING SOON ENOUGH!!!!!
Cleanse the top and bottom gets cleaned also...NO MORE GRAVY TRAIN!!!!!
So no getting rid of income taxes?
Maybe, maybe not but we’ll see what happens won’t we? Coming up with the more simpler income tax system might be better than just getting rid of it entirely…
I’m going to wait and I hear from Trump, and tell them I don’t wanna personally get my hopes up. My point don’t pay any attention to rumors.
There should definitely be a simpler system.
Giant corporations and the super rich write the tax playbook, so only they can afford the top accountants to avoid tax through many loopholes.
They pay a smaller percentage of their turnover than smaller businesses.
I have always said, instead of "tax deductions" for "business costs". Just have a straight up tax.
Based on tiers.
This would apply to everyone, as an example (just a guide).
The first 20,000. Zero tax
if you make 40,000., then STILL zero on the first 20, and 2.5% (e.g.) on the 2nd 20,000.
Make 60,000, zero on the 20, 2.5% 20 - 40 part. And then 5% on the above 40.
And so on, all the way up to the millions+. These numbers are just made up, so real percentages and levels would have to be worked out etc.
I think this would be fair, even a multi-millionaire would get the same tax free funds at the lower levels.
My idea for this came from the fact, that here in the UK, you could get a wage increase from 29,999 to 32,000, but end up with less take home money than when you earned 29,999 , because you went into a higher tax band. To make it worth your while you needed a much larger pay increase (again, I just made those numbers up as an example).
Going into a higher tax band can be bad, but with a fairly tiered system, you would not feel it, because your lower level funds are not suddenly taxed at a higher level if you cross a threshold.
Hong Kong literally uses this kind of tax system, but with an additional rate cap at 15% of entire income. Half of the wage earners in HK pay less than 2% of their income.
I thought I invented it!
That's great and it should be more widespread, it seems a common sense and fair approach.
Still think that business expense deductions should get the chop too. Does Hong King use it on just wages/income or does it apply to businesses?
No.
No more govt intrusion into your private life to see how much you made
That's what Elon has been hinting at
Taxes are slavery.
Or how about this, let's say I go shopping at a grocery store right and when I buy something, the added TAX is divided between state and federal Government.
Its good to think about and talk about. The way it is now, has been set up to enslave people.
I am against, Death - Inheritance tax, even though the wealthier benefit from it, it does not seem right.
I am against Property Taxes (or Council Tax Poll Tax as is our closest similar thing here).
Once you have paid for your house, if you choose, you should be able to quit the rat race and grow your own food, not worry about paying thousands a year to authorities just for having a roof over your head.
Give it time.
There is no legitimate way for govt to tax income: it REQUIRES invading your privacy to learn how much you made, so they can determine how much of it they want to rob from you.
All the discussion in this thread and others about HOW to tax your income, and how MUCH of your income to let government rob from you and how OTHER countries steal from their citizens after invading their privacy to determine how much they dared to earn,...it'a all akin to rearranging deck chairs on the Titanic.
Just say NO to the dreaded illegal income tax.
Slash the size of govt. by 90 percent.
Slash the insane millions of costly regulations.
Dump millions of teat-slurping bureaucrats into the workforce to GENERATE income for the economy for a change.
Raise money from tariffs, not by punishing the American people for their hard work and success.
Replacing the tax code might be Step 1. Then, clean up government spending so only tariffs are needed.
I like the comments to this point BUT there is ONE thing I want to point out...President Trump is going to shrink the size of government AND BOTH HOUSES CLEANED, like a BABY'S BUTT and individuals that benefited from writing these codes cleansed from OUR GOVERNMENT...
PDJT is in "guerrilla" warfare mode to get these a$$holes out of government!!!!
Talking about these "things" now is making some to start thinking is it worth it to go down that pike...OOOOHHHH MY...THE BROWN STAIN IN THE SHORTS MOMENT WILL BE ARRIVING SOON ENOUGH!!!!!
Cleanse the top and bottom gets cleaned also...NO MORE GRAVY TRAIN!!!!!
meh DJT Jr just saying.. maybe they'll get rid of income tax..surprise me