If flat tax would apply evenly to all sources, investment sales taxed at same rate as wages. No deductions. How would this not be fairer than the US current tax scheme?
If a billionaire can take a salary of $80k at the hypothetical 10% tax and pay $8k tax while an IT professional making $200k has to pay $20k how is that fair? The billionaire takes money from capital gains (lower taxes) because they pay themselves in stock and funds, and/or uses loans (zero tax on loans- you know that, right?), puts his yacht under a shell company so no personal taxes on that, probably uses it for business trips so it’s use can be written off partially…and buys whatever the hell he/she wants. But pays less tax than the IT professional.
So you’re saying that’s just fine. That’s exactly how a flat tax works. That’s how rich people pay less than regular people.
No I do not think it’s fine. I did read what you said, but from your reply it’s obvious you didn’t read what I said.
I said if “apply evenly to all sources, investment sales taxed at same rate as wages” From your reply “billionaire takes money from capital gains (lower taxes)”. That’s not the same rate is it.
I said "No deductions."From your reply “so its use can be written off partially” That’s a deduction isn’t it.
The current system where rich pay a lower tax rate because they can take advantage of things like capital gains and deductions is not fair or equitable. A flat rate system that eliminated things like capital gains and deductions would not be fair, but it would be fairer because it keep the millionaire mfrom paying a lower rate than the poor (or the software engineer).
Graduated tax that eliminated things like capital gains and deductions would be fairer still.
Also gift exemption, inheritance exemption and other carveouts that unduly favor the wealthy should at least be be adjusted if not outright eliminated.
If flat tax would apply evenly to all sources, investment sales taxed at same rate as wages. No deductions. How would this not be fairer than the US current tax scheme?
You didn’t read what I said?
If a billionaire can take a salary of $80k at the hypothetical 10% tax and pay $8k tax while an IT professional making $200k has to pay $20k how is that fair? The billionaire takes money from capital gains (lower taxes) because they pay themselves in stock and funds, and/or uses loans (zero tax on loans- you know that, right?), puts his yacht under a shell company so no personal taxes on that, probably uses it for business trips so it’s use can be written off partially…and buys whatever the hell he/she wants. But pays less tax than the IT professional.
So you’re saying that’s just fine. That’s exactly how a flat tax works. That’s how rich people pay less than regular people.
No I do not think it’s fine. I did read what you said, but from your reply it’s obvious you didn’t read what I said.
I said if “apply evenly to all sources, investment sales taxed at same rate as wages” From your reply “billionaire takes money from capital gains (lower taxes)”. That’s not the same rate is it.
I said "No deductions."From your reply “so its use can be written off partially” That’s a deduction isn’t it.
The current system where rich pay a lower tax rate because they can take advantage of things like capital gains and deductions is not fair or equitable. A flat rate system that eliminated things like capital gains and deductions would not be fair, but it would be fairer because it keep the millionaire mfrom paying a lower rate than the poor (or the software engineer).
Graduated tax that eliminated things like capital gains and deductions would be fairer still. Also gift exemption, inheritance exemption and other carveouts that unduly favor the wealthy should at least be be adjusted if not outright eliminated.