I am going to make myself unpopular...

<div class='quotetop'>QUOTE(rudiger @ Aug 25 2006, 06:16 PM) [snapback]309524[/snapback]</div>

That's not funny, that's sick. Humanity is insane.

 

<div class='quotetop'>QUOTE(hyo silver @ Aug 25 2006, 03:23 PM) [snapback]309528[/snapback]</div>

I agree.

 

Not quite a flat tax but...........
Just for discussion purposes I propose the following income tax system:
1. Determine the income below which no income tax is applied.
2. Eliminate all income tax exemption loopholes except 1. above and,
3. no corporation or business taxes. ( these just pass any tax along to the consumer anyway)
4. Provide particularly severe penalties for income tax evasion. ( use our myriad of present tax folks for chasing the buggers down.)
5. Annually, determine a percentage of ANY income, from whatever source, to be submitted by every citizen by a date certain each year.
6. An income tax form, no larger than a postcard, be designed which provides spaces for a individual's identification number, total annual income and tax submitted.

In order for such a system to work a national law must be enacted which applies to every individual, business or financial institution that any monies paid to another individual for services, supplies or income from investments must be reported to the income tax department annually.

Most important of all, is that any individual responsible for adhering to an annual budget ,who exceeds that budget, could be found criminally negligent and subject to prison and/or a significant fine. (this would shake up our politicians who feed out of the trough)

 

<div class='quotetop'>QUOTE(hyo silver @ Aug 25 2006, 02:33 PM) [snapback]309494[/snapback]</div>

Mass transit is heavily subsidized by Federal, state and local governments, so you are getting a break every time you drop your 40% of the cost of the ride into the little bucket thing. And if you don't have a car, and can walk to work, you spend far less of your money on transportation. Most of us don't live close enough to do that, but it would sure be nice, wouldn't it?

 

<div class='quotetop'>QUOTE(rudiger @ Aug 25 2006, 03:16 PM) [snapback]309524[/snapback]</div>

Errr... that was increased to $100k a while back. Not sure if it has been reduced back to "just" $25k now. There was a time that buying a $60k Hummer could end up costing you about the same as buying a Prius.

 

<div class='quotetop'>QUOTE(europhile @ Aug 25 2006, 10:53 PM) [snapback]309664[/snapback]</div>

I agree.

<div class='quotetop'>QUOTE(darelldd @ Aug 26 2006, 01:15 AM) [snapback]309719[/snapback]</div>

Sounds like a subsidy to non-public transportation to me.



<div class='quotetop'>QUOTE(fshagan @ Aug 26 2006, 12:57 AM) [snapback]309714[/snapback]</div>

Indeed it is.

 

<div class='quotetop'>QUOTE(azzieo @ Aug 25 2006, 03:46 PM) [snapback]309447[/snapback]</div>

Or just buy Turbo Tax, somehow we figured it out.

 

<div class='quotetop'>QUOTE(europhile @ Aug 25 2006, 11:12 AM) [snapback]309395[/snapback]</div>

I don't think anyone I know would argue that the Tax system hasn't gotten so bloated it takes whole industries to keep up with it. But the Tax credit is working, so is the HOV lane pass. Whatever we can do to lessen our country on the Middle East is money well spent. The Israelis just bought two Nuclear Missile Subs and we are dependent on that area for our well being, stupid. We should have taken all the money spent on Iraq and gained our independence of that region.

I am not an isolationists nor a liberal, just a historian. Any country that relies on a turbulent area like the Middle East has never faired well. Our strength has always been our independence and that is being stressed to the max now. Oh well, I am glad to do all I can to help. I bought mine used so I did not get a Tax credit but I think that it was a very wise investment on our governments part.

 

<div class='quotetop'>QUOTE(europhile @ Aug 25 2006, 02:12 PM) [snapback]309395[/snapback]</div>

For me, it wasn't a joke, but I know everyone's financial situation is different. I didn't find it hard to figure out the tax credit and I'm not an accountant.

 

<div class='quotetop'>QUOTE(rfred @ Aug 25 2006, 05:16 PM) [snapback]309482[/snapback]</div>

If you believe that the current administration is the only one that has squandered money, I have a bridge I'd like to sell you.



The cost of Hummers, etc. could be depreciated very quickly - that's true. But if you sell that Hummer for more than your adjusted basis, you have to recapture the depreciation and pay taxes on it.