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Taxes!
Topic Started: Oct 8 2005, 08:43 AM (795 Views)
brewster
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Winemaker Extraordinaire
Quote:
 
So you offer no solution? Yet question this?

" I would still prefer to have the money in my pocket to be MINE!!!"

Good, if you could vote, then you should vote for the Fair Tax.

I offer a perfect solution! DON'T EVER PASS THAT LEGISLATION! NEVER GIVE THAT POWER TO CONGRESS!

Why in the world would I want the goverment to grab 7 - 17 whatever percent every time I want to buy something? I earned my money because I am the citizen working in a rich country. It's only fair I contribute part of my earnings. But once I have done that, Ottawa/Washington, etc. LEAVE ME ALONE!
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pentax
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Kamloops - BC Interior
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or you can write off losses for several years


You can't even do THAT up here - if you make money on the Market, you pay Capital Gains (assuming you're stupid enough to tell them in the first place)
BUT IF YOU TAKE A LOSS - too bad, so sad.....

Explain THAT one to me....
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brewster
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Fair Tax removes the choice from politicians and puts it in the hands of consumers.


Sorry Chris, you lost me on that one... That's PRECISELY what it DOESN'T do...



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corky52
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Any consumption tax makes the government a partner in every business transaction, A BIG NO THANK YOU, from me.
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tomdrobin
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Chris
You have experienced a flaw in the federal withholding formula. Whereby it thinks you make that amount of money every pay period, and withholds accordingly. You should get some of that money back when you file. It works the other way also. I have had occassions in the past where my wife and I worked part time jobs. They withheld very little according to the formula that doesn't take into account other income. And, I ended up owing much more at filing time. After that happened I had them withhold much more from her and my part time job incomes so as not to get a big surprise come tax filing time. I'm on pension and SS now. Any time I take a withdrawl from my 401K they withhold automatically 20%. That is much higher than my % tax liability, but I get it back when I file. Kind of like giving the government a 0% loan.

But, it could be worse. Like the flat tax many have proposed. Or worse yet, the national sales or value added tax. My philosophy is if they make a change your going to get screwed. So, better to leave well enough alone.
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pentax
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Kamloops - BC Interior
I remember about 20-odd years ago, a guy in Edmonton named Peter Pocklington, (a MULTI-millionaire - eg: "for fun", he owned the Edmonton Oilers when Gretzty played there) was taking a run at Politics. One of his big platforms was "flat tax".

When a multi-multi-millionaire wants a certain kind of tax system, my Radar goes on High, right now!
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brewster
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You're a wise man, Tom. :bow:
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PRT
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pentax
Oct 8 2005, 10:06 PM
Quote:
 
or you can write off losses for several years


You can't even do THAT up here - if you make money on the Market, you pay Capital Gains (assuming you're stupid enough to tell them in the first place)
BUT IF YOU TAKE A LOSS - too bad, so sad.....

Explain THAT one to me....

Mur,
Oddly enough our brokerage firms send reports to the IRS ;) They know what you made. Black and white. I wouldn't necessarily tell them, but it's not my call. They know everything.
We can write off $3,000 a year for as long as it takes - if you claim a $30,000 loss, you can do $3 for ten years.
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cmoehle
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Chris - San Antonio TX
PRT
Oct 8 2005, 08:14 PM
cmoehle
Oct 8 2005, 08:18 PM
"more you make, more it takes"

Disincentive, no?

I don't understand why that would be a disincentive. You still end up with more than you had last year.
If you invest wisely, make profits, sell stock, you pay tax on capital gains - but you did make money at it.
You can keep the money under the mattress...or you can write off losses for several years ;) At least there are choices.

Disincentive was a poor choice of words. What I meant was an income tax offers less incentive, and choice, than a consumption tax.
Politics is the art of achieving the maximum amount of freedom for individuals that is consistent with the maintenance of social order.
--Barry Goldwater
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cmoehle
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Chris - San Antonio TX
Bruce "Why in the world would I want the goverment to grab 7 - 17 whatever percent every time I want to buy something? I earned my money because I am the citizen working in a rich country. It's only fair I contribute part of my earnings. But once I have done that, Ottawa/Washington, etc. LEAVE ME ALONE!"

So you prefer to government to take nearly double that from what you earn.

"every time I want to buy something"

Under the Fair Tax, only new purchases. Also, production does not pay hidden taxes, so the cost passed on to you would be less.

"It's only fair I contribute part of my earnings."

First you don't want government to take it then you do.

Where would paying a consumption tax come from if not earnings?
Politics is the art of achieving the maximum amount of freedom for individuals that is consistent with the maintenance of social order.
--Barry Goldwater
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cmoehle
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Chris - San Antonio TX
Corky "Any consumption tax makes the government a partner in every business transaction, A BIG NO THANK YOU, from me."

That is not an argument against Fair Tax. FairTax: Frequently Asked Questions, "What is taxed? The FairTax is a single-rate, federal retail sales tax collected only once, at the final point of purchase of new goods and services for personal consumption. Used items are not taxed. Business-to-business purchases for the production of goods and services are not taxed."
Politics is the art of achieving the maximum amount of freedom for individuals that is consistent with the maintenance of social order.
--Barry Goldwater
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cmoehle
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Chris - San Antonio TX
Tom, I understand the flaw in the law aspect of it and that I might get some back later. That is true. And irritating as I could do better with it now if only because I would be earning interest not the government--to pay off interest from borrowing so heaviliy these days.


Fair Tax is not a flat tax or VAT.


"My philosophy is if they make a change your going to get screwed."

Already getting screwed--law flaw.

"So, better to leave well enough alone."

Many states employ a sales or consumption tax. Texas is one. It works. Has a proven track record.
Politics is the art of achieving the maximum amount of freedom for individuals that is consistent with the maintenance of social order.
--Barry Goldwater
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cmoehle
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Chris - San Antonio TX
Murray "One of his big platforms was "flat tax"."

I too oppose the flat tax proposal.
Politics is the art of achieving the maximum amount of freedom for individuals that is consistent with the maintenance of social order.
--Barry Goldwater
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corky52
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Chris,
Your version of the tax would be very very regressive, I spend very little of my income on things you would tax, as do many people with fairly large incomes. You'd end up paying more taxes on less income than I do.
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cmoehle
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Chris - San Antonio TX
brewster
Oct 8 2005, 09:08 PM
Quote:
 
Fair Tax removes the choice from politicians and puts it in the hands of consumers.


Sorry Chris, you lost me on that one... That's PRECISELY what it DOESN'T do...

Please peruse the Fair Tax proposal and FAQ and point out to us where your statement is supported.

Our current income tax is regulated by nearly 10000 pages of tax code.

With the Fair Tax, the only say Congress has is to raise or lower the amount of the single tax rate.

This would be highly visible to voters, not hidden in 10000 pages of exemptions and revenue enhancements.
Politics is the art of achieving the maximum amount of freedom for individuals that is consistent with the maintenance of social order.
--Barry Goldwater
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