Are there any taxes you don't think are immoral?
Trump Tax Reform
- Thread starter patrick jane
- Start date
Are there any taxes you don't think are immoral?
drbrumley
Well-known member
No
drbrumley
Well-known member
Tax Freedom Day for 2017
This year, Tax Freedom Day falls on April 23rd, 113 days into the year.
Tax Freedom Day is a significant date for taxpayers and lawmakers because it represents how long Americans as a whole have to work in order to pay the nation’s tax burden.
Americans will pay $3.5 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of more than $5.1 trillion, or 31 percent of the nation’s income.
Americans will collectively spend more on taxes in 2017 than they will on food, clothing, and housing combined.
If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 14 days later, on May 7.
This year, Tax Freedom Day falls on April 23rd, 113 days into the year.
Tax Freedom Day is a significant date for taxpayers and lawmakers because it represents how long Americans as a whole have to work in order to pay the nation’s tax burden.
Americans will pay $3.5 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of more than $5.1 trillion, or 31 percent of the nation’s income.
Americans will collectively spend more on taxes in 2017 than they will on food, clothing, and housing combined.
If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 14 days later, on May 7.
I think you are right.
drbrumley
Well-known member
The best tax is always the lightest. ~ Jean-Baptiste
There cannot be a good tax nor a just one; every tax rests its case on compulsion. ~ Frank Chodorov
Taxation is theft, purely and simply even though it is theft on a grand and colossal scale which no acknowledged criminals could hope to match. ~ Murray Rothbard
There can be no such thing as “fairness in taxation.” Taxation is nothing but organized theft, and the concept of a “fair tax” is therefore every bit as absurd as that of “fair theft.” ~ Murray Rothbard
Since the very fact of taxation is an interference with the free market, it is particularly incongruous and incorrect for advocates of a free market to advocate uniformity of taxation. ~ Murray Rothbard
A deduction or exemption is only a “loophole” if you assume that the government owns 100% of everyone’s income and that allowing some of that income to remain untaxed constitutes an irritating “loophole.” Murray Rothbard
The real issue is total spending by government, not tax reform. ~ Ron Paul
Does it reduce or eliminate an existing tax? ~ Lew Rockwell
Any decrease in taxes or tax rates is a good thing and any increase is a bad thing and any increase in tax deductions or credits is a good thing and any decrease is a bad thing. ~ Laurence Vance
There cannot be a good tax nor a just one; every tax rests its case on compulsion. ~ Frank Chodorov
Taxation is theft, purely and simply even though it is theft on a grand and colossal scale which no acknowledged criminals could hope to match. ~ Murray Rothbard
There can be no such thing as “fairness in taxation.” Taxation is nothing but organized theft, and the concept of a “fair tax” is therefore every bit as absurd as that of “fair theft.” ~ Murray Rothbard
Since the very fact of taxation is an interference with the free market, it is particularly incongruous and incorrect for advocates of a free market to advocate uniformity of taxation. ~ Murray Rothbard
A deduction or exemption is only a “loophole” if you assume that the government owns 100% of everyone’s income and that allowing some of that income to remain untaxed constitutes an irritating “loophole.” Murray Rothbard
The real issue is total spending by government, not tax reform. ~ Ron Paul
Does it reduce or eliminate an existing tax? ~ Lew Rockwell
Any decrease in taxes or tax rates is a good thing and any increase is a bad thing and any increase in tax deductions or credits is a good thing and any decrease is a bad thing. ~ Laurence Vance
drbrumley
Well-known member
I apologize, I didn't understand any of that....can you restate it.
I have an IRA account. Since 2009, my gain has been over an amount were taxes due are over a family wage, the average. I have to pay the highest tax, and dislike it, sure we all want to keep what we earn, but in the next year the account grows to where I have to take out the same amount and pay high tax, this has been going on almost all the past eight years.
This is why I care most about the tax cut on corporations, they make the money for me.
What I keep i give to my kids for their Roth accounts. This is tax paid money they have tax deferred until they retire.
Get it?
Do you get double taxed?
No, I pay the high bracket tax which is lower but not as much in the Trump tax ball.
Now he money I get to keep after taxes paid, I give that money to my kids in IRA accounts I originally had set up for them. These Roth accounts have stock funds and bond funds in them, and they grow in value. Now as long as my kids are working, they do not have to pay any taxes on the gains, so the new money making dividends and interest are not taxed.
If I kept the money in my own taxable account, then it would be taxed each year.
Do you like the tax 'reform' or do you have mixed feelings about it?
The only part I cared about is the corporate tax cut. That is the biggest gain for me. As to personal taxes, I'd rather see it be best for those who work hard but do not make the big bucks. I think we can do better for working people.
drbrumley
Well-known member
Reduce the number of tax brackets: good
Broaden the tax bracket income ranges: good
Retain the 39.6 top rate: very bad
Eliminate the alternative minimum tax: very good
Retain refundable tax credits: very bad
Increased the standard deduction: good
Eliminate the personal exemption: bad
Retain the Net Investment Income Tax: very bad
Retain the Obamacare individual mandate tax: very bad
Expand the Child Tax Credit: good
Increase the child credit phase-out threshold: good
Eliminate deductions for student loan interest and moving expenses: bad
Eliminate itemized deductions for medical expenses and taxes paid: bad
Eliminate the adoption credit: bad
Cap the property tax deduction: bad
Add a new $300 credit: good
Phase out the new $300 credit after five years: bad
Double the estate tax exemption amount: good
Phase-out the estate tax: very good
Limit the home mortgage interest deduction: bad
Retain the charitable deduction: good
Impose a 6 percent surcharge on millionaires: very bad
Broaden the tax bracket income ranges: good
Retain the 39.6 top rate: very bad
Eliminate the alternative minimum tax: very good
Retain refundable tax credits: very bad
Increased the standard deduction: good
Eliminate the personal exemption: bad
Retain the Net Investment Income Tax: very bad
Retain the Obamacare individual mandate tax: very bad
Expand the Child Tax Credit: good
Increase the child credit phase-out threshold: good
Eliminate deductions for student loan interest and moving expenses: bad
Eliminate itemized deductions for medical expenses and taxes paid: bad
Eliminate the adoption credit: bad
Cap the property tax deduction: bad
Add a new $300 credit: good
Phase out the new $300 credit after five years: bad
Double the estate tax exemption amount: good
Phase-out the estate tax: very good
Limit the home mortgage interest deduction: bad
Retain the charitable deduction: good
Impose a 6 percent surcharge on millionaires: very bad
I like flat income taxes.
I am not saying tax the working poor though.
I like flat income taxes.
We been through that and it did nit work out. Times change, and their i just more tax money redistribution going on now. All you can do is make more money and take the taxes.
I head the top tax will be 37%, so that is a bit less.
drbrumley
Well-known member
Unless your a millionaire, then it really is like 45 or thereabouts
It worked until class warfare. 10 percent on incomes, and 20 percent on profits would be enough to feed a minimal federal and state government which we don't have.
And yes, the millionaire loopholes have existed in the IRS since the beginning.
Yet you can't substantiate why. :greedy: