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Thread: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

  1. #11

    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by Lisa View Post
    That consumption tax would be highly destructive to the economy and the middle class because the poor and middle class spend far more of what they earn than the rich who only spend a small fraction.
    Thats an inaccurate assessment of how it would work.

    Rich people not only buy more things, but they buy more expensive things too. They would still pay the majority of the taxes collected. Tha particular system i looked at also provides a probate check from the government which refunds the tax burden on the things that are considered necessities. This of course benefits the poor much more than the affluent.

    It also would tax a real estate mougal like Trump on every purchase of a property. Say for instance the federal tax rate was 30% and he purchased 1 billion worth of property. The federal gov would collect 300 million from him in taxes. Theres no way to hide it.

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  2. #12
    Guru Condor060's Avatar
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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by OscarLevant View Post
    what he did change was to give himself and his rich cronies more tax breaks, .
    Really, Like what. What are these tax breaks that Trump was able to isolate to his rich cronies?

  3. #13
    Salem ac Leporem Lisa's Avatar
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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by trouble13 View Post
    Thats an inaccurate assessment of how it would work.

    Rich people not only buy more things, but they buy more expensive things too. They would still pay the majority of the taxes collected. Tha particular system i looked at also provides a probate check from the government which refunds the tax burden on the things that are considered necessities. This of course benefits the poor much more than the affluent.

    It also would tax a real estate mougal like Trump on every purchase of a property. Say for instance the federal tax rate was 30% and he purchased 1 billion worth of property. The federal gov would collect 300 million from him in taxes. Theres no way to hide it.

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    I like the current progressive system if we would stop handing out tax cuts to the rich because some people have been convinced of the fallacy of supply side economics or the silly claim that taxes are a punishment.
    Condor060 said; Who was talking about Jesus? I posted scriptures from the bible. Try and keep up

  4. #14
    Salem ac Leporem Lisa's Avatar
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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by condor060 View Post
    really, like what. What are these tax breaks that trump was able to isolate to his rich cronies?
    tcja2017.
    Condor060 said; Who was talking about Jesus? I posted scriptures from the bible. Try and keep up

  5. #15
    Guru Condor060's Avatar
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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by Lisa View Post
    Billionaires love that idea. Do you might wonder why that would be? How do you plan to tax the poor at the same rate as multi billionaires?
    If you had a flat tax of 15-20% across the board with no deductions, the revenue of this country would skyrocket. Do you know of anybody who is paying less?

  6. #16

    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by apdst View Post
    Flat tax.
    Flat tax is still an income tax. It may be a better version than our current tax but i have a fundamental disagreement with taxing a persons income.

    I like the idea of taxing a persons spending. The more you spend the more in taxes you pay. If your rich and you have to have the latest model car every year you pay a tax on that purchase. If your poor and cant afford that car you buy a used vehicle and avoid the tax all together because the tax is only applied to new purchases. The system rewards people who lives within thier means.

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  7. #17

    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by Lisa View Post
    I like the current progressive system if we would stop handing out tax cuts to the rich because some people have been convinced of the fallacy of supply side economics or the silly claim that taxes are a punishment.
    Thats fine, but if your happy with the current system then theres no reason to compkain about someone applying it in the way the best suits their situation.

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  8. #18
    Guru Condor060's Avatar
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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by Lisa View Post
    tcja2017.
    Did you not get the memo? The Tax Cuts and Jobs Act of 2017 reformed itemized deductions and the alternative minimum tax, an expanded standard deduction and child tax credit, and lower marginal tax rates across brackets.

    You are claiming that these tax breaks are that Trump was able to isolate to his rich cronies?

    How does the TCJA of 2017 do this exactly?

  9. #19
    Salem ac Leporem Lisa's Avatar
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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by trouble13 View Post
    Flat tax is still an income tax. It may be a better version than our current tax but i have a fundamental disagreement with taxing a persons income.

    I like the idea of taxing a persons spending. The more you spend the more in taxes you pay. If your rich and you have to have the latest model car every year you pay a tax on that purchase. If your poor and cant afford that car you buy a used vehicle and avoid the tax all together because the tax is only applied to new purchases. The system rewards people who lives within thier means.

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    Taxing spending is regressive and moves the tax burden to the middle class and the poor.
    Condor060 said; Who was talking about Jesus? I posted scriptures from the bible. Try and keep up

  10. #20
    Salem ac Leporem Lisa's Avatar
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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by Condor060 View Post
    Did you not get the memo? The Tax Cuts and Jobs Act of 2017 reformed itemized deductions and the alternative minimum tax, an expanded standard deduction and child tax credit, and lower marginal tax rates across brackets.

    You are claiming that these tax breaks are that Trump was able to isolate to his rich cronies?

    How does the TCJA of 2017 do this exactly?
    Facts differ.
    By 2027, according to the Joint Committee on Taxation, every income group below $75,000 will actually see a tax increase. Only those income ranges above $75,000 will still see a cut by 2027. And according to the Tax Policy Center, only taxpayers higher than the 90th percentile -- that is, those earning about $225,000 and above -- will have better-than-even odds of getting a tax cut in 2027.
    Condor060 said; Who was talking about Jesus? I posted scriptures from the bible. Try and keep up

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