--- In [email protected], Bhairitu <[EMAIL PROTECTED]> wrote: > > authfriend wrote: > > --- In [email protected], TurquoiseB <no_reply@> wrote: > > > >> > >>>>> I think some reasonable attention could be put on our social > >>>>> programs without having to resort to charges of socialism. > >>>>> > >>>>> > >>>> According to what I've read, Jim, in order to balance the U.S. > >>>> federal budget, the government would have to raise payroll > >>>> > > taxes > > > >>>> by 30% and cut all entitlements by 50%. > >>>> > >>> Or just roll back the gigantic tax cuts for Bush's > >>> superrich cronies. > >>> > >> Or, as some economists have pointed out, simply > >> institute a flat tax of 15% of income, NO deduc- > >> tions, for all working individuals and all companies > >> and corporations. NO deductions or exemptions of any > >> kind for corporations. > >> > >> According to their figures (because a great > >> number of corporations pay no taxes at all as > >> a result of loopholes and incentives), this plan > >> would raise nearly double the amount of tax > >> dollars per year as are raised now, while prov- > >> iding most people with an effective tax *cut*. > >> > > > > Actually, a flat income tax would make the tax > > system as a whole regressive, so that the poor would > > pay a greater percentage of their income in taxes, > > while the rich would pay a smaller percentage. And > > the middle class would also suffer if there were no > > deductions. Plus which, if corporations have to > > pay more tax, they'll just pass it on to consumers > > in higher prices, and to their workers in lower > > wages. > No, no, the percentage stays the same. The argument is > that 15% of a poor person's income would be a much greater > blow to them than to a rich person.
Yes, thanks, that's what I meant! There was a proposal by a 1980's third party Presidential > candidate who suggested that one wouldn't pay the flat tax until they > had an estate worth $100K. I think the same candidate was where I heard > the idea of 100% tax once someone has an estate of $12 million. We > don't need billionaires throwing their weight around and everytime they > sneeze putting 1000s out of a job. >
