View Poll Results: Would You Support a Tax Plan Like This?

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  • Yes, as written.

    2 20.00%
  • Yes, but with changes. (Explain)

    4 40.00%
  • No.

    4 40.00%
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Thread: Viktyr Korimir's Tax Plan

  1. #31
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    teamosil's Avatar
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    Re: Viktyr Korimir's Tax Plan

    Quote Originally Posted by maquiscat View Post
    That's not necessarily saying anything. What was the cause of the high mortality rate then compared to now? Where does medical science stand along that line? What is the comparison for inflation adjusted dollars for our rate of growth prior and after the 16th amendment? Given that the 16th amendment was followed almost immediately by the Great Depression does not exactly bode well, although I am one to note that causality is not necessarily the seemingly evident cause. There's a phase for that but I can't recall it at the moment. But that also follows that our increase in GDP growth over the last century vs the prior century is due to the 16th amendment and the collecting of income tax.
    Yeah, I'm not saying there is any causation. You had said that before the 16th we were pretty "gung ho". I don't think that's an accurate depiction at all. We were kind of floundering somewhere between second world and third world status at the time. Only 8% of the world's GDP. When we took off economically was after WWII.

    Quote Originally Posted by maquiscat View Post
    But gifts are not taxed unless you give over a certain amount. In other words, a given family can be given 100 gifts valuing $150 each by 100 individuals and the receiving family would never need to report that on their income taxes, and would never think to if the items were all materials items like TV, and DVD's and even basic cell phones (my trac phone only cost $20). And what about imputed income from charity? Any food, clothing, or other gifts are imputed income regardless of their source. Would you have that taxed as well? Do you tax grants?

    BTW the annual gift tax exclusion currently is $13,000 per Donee(person receiving the gift) as per the IRS web site.
    Yeah that's right. You get a $13k/year exclusion for gift income and you get a $2.5 million exclusion for inheritance presently. Above that, you pay both on the same rate schedule. It's actually the same tax. I'm fine keeping the gift exclusion. That's peanuts and it would be a hassle to have to report $100 xmas presents and whatnot. The $2.5 million exclusion for inheritance is ludicrously high in my view though.

  2. #32
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    Re: Viktyr Korimir's Tax Plan

    Quote Originally Posted by maquiscat View Post
    You had noted in creating a tax cap that the last bracket would be what ever percentage hit 90% or above. And I can agree with you that the ridiculous amount needed to get to 90% might warrant that rate, but I can never condone a 100% rate, regardless of how much the person makes because then the person would have no income. At that point the person's income would then drop to 0 because he wouldn't bother to work any more and just live off what he has. For that matter, at the level your plan would propose he wouldn't even need to live off interest. Place it all in an escrow account and pull out what's needed. Then that would be all that money not doing any real work in the system.
    I believe you misunderstand the nature of the progressive income tax. Your tax bracket isn't the tax rate you pay on all income; you pay that percentage for all of the income within that tax bracket. So the first portion of money you earn, up to the poverty line, is untaxed. Then, the money you earn between 100% and 200% of the poverty line is taxed at the the base tax rate, the money between 200% and 400% is taxed at 1.5X the base tax rate, from 400% to 800% at 2X the base tax rate, and so forth. The 100% tax rate wouldn't mean that a person received no income, it would mean that they could no longer receive income above that amount.

    Which I'm still opposed to, but not opposed enough that I was worried about it until a solution occurred to me.

  3. #33
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    Re: Viktyr Korimir's Tax Plan

    On first look, I like it. It has two similar idea as some of my suggested tax plans had...tying all tax rates to a singular base number so that you can't lower or raise taxes on just one group, and making a sort of "bare minimum" line that doesn't get taxed and then everything over that begins the taxing. Very nicely worked up.

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