Boehner: House Will Approve Payroll Taxcut Bill.....

[Morningstar]

Really? What product or service would be exempt from taxes? Our nation takes in trillions each year...a 6-10% flat sales tax with no taxes being taken out of your pay check would make every swingin' dick pay taxes. No one would be exempt. The wealthy throw lavish parties that cost many times hundreds of thousands of dollars...I have a backyard bar-b-que for my friends and spend a hundred bucks. The coke dealer would spend his ill-gotten gains and guess what...pay taxes that he doesn't currently.

Most of Bill Gates' money isn't spent on yachts and parties.

Most of it is invested.

And furthermore, I just don't believe that poor people should pay any form of income tax. I don't even like middle class people paying much of an income tax.

I like the idea of taxes being collected after a point where it doesn't matter anymore, as far as maintaining a high quality of life.

I think the Bush tax rates are fantastic, as regards earned income. But I think that they should tax so-called "unearned income" at the same rates, the way they used to.

[coolwalker]

Smaller government, flat sales tax on goods and services. I stand by that. It's the loop-holes that give rich individuals a leg up. The income tax originally was a flat 3% of your earnings. Congress changed that for some unknown reason to include loop-holes (for their rich friends who sponsor them I guess).

[Morningstar]

Furthermore, coolwalker, I have been poor at times in my life.

In my adult life, the poorest I ever was was while I was trying to get a small business (sole proprietorship) off the ground.

I wasn't paying many income taxes in those years, and thank God, or I'd have been in big trouble. I wasn't making much, and I had deductions galore.

But a sales tax would have gotten that 6-10%, and I don't know if I could have weathered that.

[Peter1469]

Most of Bill Gates' money isn't spent on yachts and parties.

Most of it is invested.

And furthermore, I just don't believe that poor people should pay any form of income tax. I don't even like middle class people paying much of an income tax.

I like the idea of taxes being collected after a point where it doesn't matter anymore, as far as maintaining a high quality of life.

I think the Bush tax rates are fantastic, as regards earned income. But I think that they should tax so-called "unearned income" at the same rates, the way they used to.

But if you own you own business you first pay the corporate tax rate, and then the personal income tax rate.

[Morningstar]

But if you own you own business you first pay the corporate tax rate, and then the personal income tax rate.

A) Only if it is organized as a corporation

B) Doesn't the S-Corp solve the double taxation problem?

[Peter1469]

A) Only if it is organized as a corporation

B) Doesn't the S-Corp solve the double taxation problem?

Yes. But that wasn't applicable to Mitt.

[ptif219]

So the wealthy who spend a much smaller portion of their overall earnings on stuff pay a lower percentage of tax.

No thanks, but I'm sure wealthy ass-kissing RWNJ's everywhere would love a plan that causes them to pay a greater portion of the tax burden than wealthy people, which is pretty much what we have now anyway.

They spend more and buy higher priced stuff so will still pay the most taxes as they do now

[Captain Obvious]

They spend more and buy higher priced stuff so will still pay the most taxes as they do now

Not as a percentage of overall earnings though, that was the point.

[Morningstar]

They spend more and buy higher priced stuff so will still pay the most taxes as they do now

Nope.

[Morningstar]

It's just idiotic. Why do we want poor people paying income taxes? So we can turn around and send it back to them?