Would you support an elimination of every single tax loophole known to man or business?
Please explain.
I would support starting with a blank slate and rewriting them, but not outright eliminating them. Many of the "loopholes" are of course things like charitable deductions, child tax credits, and so forth. These help many people or just seem like the right thing to do to encourage giving, so I don't believe you would find a majority of people that are against these.Would you support an elimination of every single tax loophole known to man or business?
Please explain.
Would you support an elimination of every single tax loophole known to man or business?
Please explain.
probably not as I noted with one city giving its residents a credit for taxes paid in a different city where a job is locatedOC raises a good point in that we need a good definition of loophole. Is any deduction a loophole?
probably not as I noted with one city giving its residents a credit for taxes paid in a different city where a job is located
Would you support an elimination of every single tax loophole known to man or business?
Please explain.
Right, but what is and isn't a loophole? It's hard to give an answer without knowing that.
Agreed. And I like the consumption tax although I believe we won't see it in my lifetime. I would go one further..................all food stamp purchases should be taxed at 3% and under our current tax structure, all welfare checks should include a 3% witholding. What can you realistically purchase for $100 that you can't purchase for $97..........if you need the other $3, scrape together some pennies. :shrug: I know many will say that this is just cutting entitlements and........I agree, but it's not simply a "blanket" welfare cut as it addresses "individual" entitlement and at least it "dresses up" a little better. EVERYBODY pays their fair share.......EVERYBODY.Yes I would.
I would implement a 20-25% consumption tax on everything anyone buys, including food and medications. No write-offs. No exemptions. No sin/capitol-gains/inheritance/property/etc/etc tax. Minimal IRS. No annual/quarterly filing.
The rich would still pay more taxes because the rich obviously spend more dollars. The poor can finally start paying their fair share.
Agreed. And I like the consumption tax although I believe we won't see it in my lifetime. I would go one further..................all food stamp purchases should be taxed at 3% and under our current tax structure, all welfare checks should include a 3% witholding. What can you realistically purchase for $100 that you can't purchase for $97..........if you need the other $3, scrape together some pennies. :shrug: I know many will say that this is just cutting entitlements and........I agree, but it's not simply a "blanket" welfare cut as it addresses "individual" entitlement and at least it "dresses up" a little better. EVERYBODY pays their fair share.......EVERYBODY.
That's a bit of a dangerous road. For instance many business deductions under the current system are necessary for expansion, if one can't write off a loss it's much more difficult to justify the risk of expansion loans, growing inventory, or hiring new employees. That's one instance I can think of but the main point is that many deductions are there as protections in the tax code. I still think simpler, more even, and less is better.For the sake of keeping it simple, tax loopholes = any deduction or credit.
If you think some deductions are important and necessary, please post them. The only one I can think of that might make me change my mind is the deduction for your minor children.
For the sake of keeping it simple, tax loopholes = any deduction or credit.
If you think some deductions are important and necessary, please post them. The only one I can think of that might make me change my mind is the deduction for your minor children.
So you think a system which disallows losses and costs to sell something is a good one?
I don't see how many businesses can survive a high gross tax.
Might work under a national consumption tax program. I'd definitely like to see it happen. Question is, however, what can we do to make taxation more equitable under our CURRENT tax structure? Sadly, unless our current Chief Executive and 70% of our current legislators get abducted by aliens today, I don't see the consumption tax getting any real attention at any time in the near future. :shrug:When it comes to hand-outs, imo if the government is going to do it then it should cut out the bull**** and just write a check to bring the household income up to $40K. No special programs for HEAQP, TANIF, SNAP, Title19, etc. You get up to $40K with a lot of strings attached and you buy everything you need with it....while yes paying 20-25% consumption tax just like everyone else.
Strings include but are not limited to: Raising a child under the age of 18 (yes I would be happy to pay a parent to stay-at-home); if married, minimum of one spouse must either have a full-time job or be a full-time student in an accredited program; single people must either be a full-time student, have a full-time job, or be legally disabled.
Might work under a national consumption tax program. I'd definitely like to see it happen. Question is, however, what can we do to make taxation more equitable under our CURRENT tax structure? Sadly, unless our current Chief Executive and 70% of our current legislators get abducted by aliens today, I don't see the consumption tax getting any real attention at any time in the near future. :shrug:
For the sake of keeping it simple, tax loopholes = any deduction or credit.
If you think some deductions are important and necessary, please post them. The only one I can think of that might make me change my mind is the deduction for your minor children.
Redress, which would you keep and which would you get rid of?
OC raises a good point in that we need a good definition of loophole. Is any deduction a loophole?
Yes I would.
I would implement a 20-25% consumption tax on everything anyone buys, including food and medications. No write-offs. No exemptions. No sin/capitol-gains/inheritance/property/etc/etc tax. Minimal IRS. No annual/quarterly filing.
The rich would still pay more taxes because the rich obviously spend more dollars. The poor can finally start paying their fair share.