View Poll Results: Federal (Income) Tax. You Pick the Rate.

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  • 5%

    22 37.93%
  • 10%

    10 17.24%
  • 15%

    4 6.90%
  • 20%

    7 12.07%
  • 25%

    5 8.62%
  • 30%

    2 3.45%
  • 35%

    3 5.17%
  • 40%

    2 3.45%
  • 45%

    1 1.72%
  • 50% and higher

    2 3.45%
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Thread: Federal Income Tax. You Pick the Rate.

  1. #1
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    Federal Income Tax. You Pick the Rate.

    What do you consider a "fair" rate of taxation.
    Flat Tax or Consumption Tax.
    Same rate for all.

    No graduated taxation in this poll.
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    Re: Federal Income Tax. You Pick the Rate.

    10% seems fair, especially if you allow for a persona exemption that will reduce the burden on the poor.

    For 2008, I paid 3.93% in Federal income tax (line 37/ line 61)

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    Re: Federal Income Tax. You Pick the Rate.

    5% across the board would cover all Constitutional federal outlays.

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    Re: Federal Income Tax. You Pick the Rate.

    A non-graduated income tax is a pretty terrible idea, so the only way this could even conceivably work is if it were a consumption tax with credits for the poor.

    Even so, it would be horribly inefficient and subject to more gaming and fraud than the current system.
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    Re: Federal Income Tax. You Pick the Rate.

    Quote Originally Posted by zimmer View Post
    What do you consider a "fair" rate of taxation.
    Flat Tax or Consumption Tax.
    Same rate for all.

    No graduated taxation in this poll.
    A flat tax or consumption tax would not be fair at ANY rate.

    When the recession ends, I would favor having the marginal rate of the top bracket revert to 39-40%...as it was prior to the Bush tax cuts. I would also favor the creation of a NEW top bracket for income above $3-4 million per year, which would be taxed at 42-43%.
    Last edited by Kandahar; 03-18-09 at 03:34 PM.
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  6. #6
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    Re: Federal Income Tax. You Pick the Rate.

    Quote Originally Posted by Kandahar View Post
    A flat tax or consumption tax would NOT be fair at any rate.

    When the recession ends, I would favor having the marginal rate of the top bracket revert to 39-40%...as it was prior to the Bush tax cuts. I would also favor the creation of a NEW top bracket for income above $3-4 million per year, which would be taxed at 42-43%.
    Instead of raising the top rate, a more efficient system would just be to keep the rates where they are, and do away with some of the deductions on the higher brackets.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

  7. #7
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    Re: Federal Income Tax. You Pick the Rate.

    If we had to stick to an income tax, 10%, the church only asks for that and we have a government asking for around 35% in the top tax brackets, that being just federal, when you add state taxes and fees and then local some areas have citizens paying somewhere around 47-51% of their income in taxes and then there are the hidden ones, plus specialized taxes on certain items after you've paid everything else. I'd rather just a national sales tax on every new purchase, used being exempt, with the pre-bate for poorer families, that would be the most fair taxation because there would be some form of choice for taxation, the rate stays the same, and the wealthy would pay more taxes, but I feel happily so because the principle of choice exists, they don't get robbed of their earnings via the 16th amendment.
    Neither side in an argument can find the truth when both make an absolute claim on it.

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    Re: Federal Income Tax. You Pick the Rate.

    Quote Originally Posted by SouthernDemocrat View Post
    Instead of raising the top rate, a more efficient system would just be to keep the rates where they are, and do away with some of the deductions on the higher brackets.
    I disagree. That would be less efficient. The reason that deductions exist is because we as a society have deemed that there are certain uses of income which somehow benefit society, and therefore shouldn't be taxed.

    If spending on charity or medical bills or education is good for society when poor people do it, then it also holds for rich people. On the other hand, if we as a society no longer feel that certain deductions are worthwhile (e.g. mortgage interest), then they should just be eliminated from the tax code entirely...instead of getting an even more complex system where some people can deduct them and others cannot.

    If it was up to me, people would be able to deduct all out-of-pocket medical expenses (including their share of insurance premiums), all out-of-pocket education expenses, and all charitable contributions. Little else would need to be deductible, and it would apply to everyone regardless of income.
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    Re: Federal Income Tax. You Pick the Rate.

    Quote Originally Posted by Kandahar View Post
    I disagree. That would be less efficient. The reason that deductions exist is because we as a society have deemed that there are certain uses of income which somehow benefit society, and therefore shouldn't be taxed.

    If spending on charity or medical bills or education is good for society when poor people do it, then it also holds for rich people. On the other hand, if we as a society no longer feel that certain deductions are worthwhile (e.g. mortgage interest), then they should just be eliminated from the tax code entirely...instead of getting an even more complex system where some people can deduct them and others cannot.

    If it was up to me, people would be able to deduct all out-of-pocket medical expenses (including their share of insurance premiums), all out-of-pocket education expenses, and all charitable contributions. Little else would need to be deductible, and it would apply to everyone regardless of income.
    The problem is that anytime you have a wide disparity between the stated tax rate and effective tax rates, then you have a very economically inefficient tax.

    Its a problem with corporate taxes as well. We have a very high corporate tax rate, however our effective corporate tax rate is fairly low. This encourages economically inefficient actions on the part of the individuals and companies being taxed.
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    Re: Federal Income Tax. You Pick the Rate.

    Quote Originally Posted by SouthernDemocrat View Post
    The problem is that anytime you have a wide disparity between the stated tax rate and effective tax rates, then you have a very economically inefficient tax.

    Its a problem with corporate taxes as well. We have a very high corporate tax rate, however our effective corporate tax rate is fairly low. This encourages economically inefficient actions on the part of the individuals and companies being taxed.
    Oh I definitely agree that we need to simplify the tax code by eliminating lots of unnecessary deductions, which certainly alter economic behavior and create that wide disparity . I just question whether it makes sense to have deductions that only apply to poor people and not rich people.

    I think I could rewrite our entire income tax code to fit on a page or two.
    Last edited by Kandahar; 03-18-09 at 03:52 PM.
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