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Canuck_2
Senior Contributor

Re: Hey Edmund, don't worry about ....

I  guess that guy was not living in reality if he bought a new car when he should have known what your new president's policy on oil pipelines was and had been announced many months ago.

 

r3020
Senior Advisor

Re: Hey Edmund, don't worry about ....

* to American worker: "suck it up butter cup.

* to Warren Buffett: "You just hit the mother load".

sdholloway56
Senior Advisor

Re: Hey Edmund, don't worry about ....

I guess half of the 860K unemployment claims last week are on Biden.

40th some in a row with more than the the most in the GFC. Although if you only give Dennison half he'll have gone out with his best.

KNAPPer
Senior Contributor

I worry about ....

What do you think about a flat tax? That's of course only affecting income tax and has nothing to do with FICA taxes. I would hope that every company would pay their fair share just like I do. I used to be able to deduct certain things on my taxes, but since the change (which seems like a lifetime ago), I never reach the amount that lets me deduct anything. I would really like to see taxes made more fair and not laid squarely on the backs of working people, while People (I mean Corporations) can get away with paying zero taxes.

RJG640v8
Advisor

Re: Hey Edmund, don't worry about ....

r3020
Senior Advisor

Re: I worry about ....

I think the tax needs to be paid by the people who own the corp. The corp will move to where ever there is the least resistance.

sdholloway56
Senior Advisor

Re: I worry about ....

Don't know anything of your personal circumstances but if you want to raise your own taxes, be my guest.

To come anywhere close to a balanced budget a flat tax would have to be set at a rate where almost everybody making under around $100K would pay more, the working poor a lot more and people well above that would pay less- a lot less as you move way up the scale.

I think that maybe the one thing that the TCJA might have gotten right was the elimination of the SALT deduction, and maybe that removed a major obstacle to honest to goodness tax simplification.

While it is true that every loophole has its lobby, let's just eliminate almost all of the deductions and loopholes and say "these are very reasonable rates- pay up." And quit starving the IRS- give them the budget they need to find and collect the hundreds of $Bs that go uncollected. Short of just flat out not reporting income, that shouldn't be too big of a threat to low and middle income people becasue there's be few other things to fudge.

BTW, we give fairly well to charity, don't have a mortgage and property taxes are not immense. And I have to work hard to double up to get above the new higher standard deduction every other year. So I really haven't lost anything there, even if it feels like it.

KNAPPer
Senior Contributor

Re: I worry about ....

I just calculated my tax percentage and it is Federal Income Tax withheld 13.35% of my gross wages. I don't know how normal that is.

I can't offer solutions to all the issues you raised, but surely there has to be a better system.

Thanks for the thoughtful post.

rickgthf
Senior Advisor

Re: I do disagree about the elimination of SALT

I do disagree about the elimination of SALT.  As a farmer here in NY I pay a good deal of school taxes which I really have no control over because farmers are a minority here.  That SALT deduction eased the pain. I can only imagine those fellows in Nebraska felt the same way about SALT given what I've heard about the taxes they pay.  Compared to me, I understood they pay a lot more per acre than I do given NY's pretty generous ag land exemption system.

  As far as paying taxes, I'd much rather pay local taxes where I can see where they're going than pay taxes to the Federal Government and subsidize those radical cheap ***** Red States who don't give a damn about their people.