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Thread: Thought regarding a tax system

  1. #51
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    Re: Thought regarding a tax system

    I applaud you for coming up with something pretty reasonable. The only things I would change would be no deductions for having kids and I would let capital gains go back up from 15 to 20 percent.

  2. #52
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    Re: Thought regarding a tax system

    Quote Originally Posted by Luna Tick View Post
    I applaud you for coming up with something pretty reasonable. The only things I would change would be no deductions for having kids and I would let capital gains go back up from 15 to 20 percent.
    Capital gains taxes are a rip off. If I sell a piece of equipment, I shouldn't have to pay taxes on the money, if I manage to make a profit.
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    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  3. #53
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    Re: Thought regarding a tax system

    Quote Originally Posted by apdst View Post
    Capital gains taxes are a rip off. If I sell a piece of equipment, I shouldn't have to pay taxes on the money, if I manage to make a profit.
    Some people make their entire living by investing in things like stocks or foreign currencies, which is fine. If they have the expertise to do so, then great. They pay just 15% in taxes, which is a far lower rate than many people who earn far less. That's just not fair. The capital gains tax cut from 20 to 15 was originally supposed to be temporary. Just let it expire. Investors will still get to keep 80 percent of their profits, which is far more than they could in most countries.

  4. #54
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    Re: Thought regarding a tax system

    Quote Originally Posted by Luna Tick View Post
    Some people make their entire living by investing in things like stocks or foreign currencies, which is fine. If they have the expertise to do so, then great. They pay just 15% in taxes, which is a far lower rate than many people who earn far less. That's just not fair. The capital gains tax cut from 20 to 15 was originally supposed to be temporary. Just let it expire. Investors will still get to keep 80 percent of their profits, which is far more than they could in most countries.
    Right, and that income shouldn't be defined as, "capital gains", since they are in the business to sell those things.

    I'm in the trucking business. I'm not in the equipment sales business, but I do sell equipment, when it needs to be replaced, or it's no longer of use to me and I feel like I'm getting ass ****ed if I have to pay taxes on the money I make off those sales.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  5. #55
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    Re: Thought regarding a tax system

    Even though it doesn't have a catchy name, like the "999 Plan", I like the concept. The baseline would be have to be determined by the whatever it would take for the plan to be revenue neutral.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  6. #56
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    Re: Thought regarding a tax system

    Quote Originally Posted by apdst View Post
    Right, and that income shouldn't be defined as, "capital gains", since they are in the business to sell those things.

    I'm in the trucking business. I'm not in the equipment sales business, but I do sell equipment, when it needs to be replaced, or it's no longer of use to me and I feel like I'm getting ass ****ed if I have to pay taxes on the money I make off those sales.
    Are you making a profit off the equipment you sell? If you bought a piece of equipment for 10K and sold it for 10K or less, you're not making any profit on it and therefore shouldn't have to pay any tax on it. If you sell it for 12K, then you should only be taxed on the 2K in profit, not on the full 12K.

  7. #57
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    Re: Thought regarding a tax system

    Quote Originally Posted by Zyphlin View Post

    The only deduction would be from Chlidren.
    I have a problem with any gross tax no matter who it's levied on. Whatever the rate is will destroy any firm or business that has a lower net margin then the tax rate.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  8. #58
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    Re: Thought regarding a tax system

    Quote Originally Posted by obvious Child View Post
    I have a problem with any gross tax no matter who it's levied on. Whatever the rate is will destroy any firm or business that has a lower net margin then the tax rate.
    Okay, I don't own a business so I do have some questions....

    On a small business, is the owner of that taxed on all the money the business makes on his personal income tax? Or is it taxed under some corporate or business tax? Or is it taxed only in regards to profit

    I would likely say, with a business, the tax should be on profit, not necessarily total capital.

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    Re: Thought regarding a tax system

    Quote Originally Posted by Luna Tick View Post
    I applaud you for coming up with something pretty reasonable. The only things I would change would be no deductions for having kids and I would let capital gains go back up from 15 to 20 percent.
    I'm honestly not sure about capital gains, but my off the cuff suggestion was to set it between Bracket 3 and 4, making it Baseline * 5.

    Bracket 3 and 4 meet at $144,000 a year. I know capital gains is largely related to stock trading yes? I also know that significant work with the stock market happens at the upper reaches than the lower. However, if you place a tax on it too high it makes it entirely inaccessable and useful for the lower brackets. Thus the placement roughly in between.

    That'd mean that if it was decided to set baseline at 3% it'd make Capital Gains 15%. If baseline was set to 5% Capital Gains would be 25%.

    Like I said, I'm not as familiar with that and this was mostly focusd towards individual income tax, but that'd be my quick guess as to a possible way to intigrate it.

  10. #60
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    Re: Thought regarding a tax system

    I have never understood why capital gains isn't just simple income.

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