The Liberty Amendment Options

[Timbo]

http://libertyamendment.org/

What excites me the most is the bit about Ron Paul's legislation.

[impala454]

timbo, if you replaced the current income tax system with a flat tax or national sales tax, you still cut the govt budget by an insane amount, as well as completely screw over the poorest people & middle class. i'm not sure if you realize how income tax currently works, as the more money you make, the larger the % the govt takes.

i got the 2.2 trillion number from some shitty website... forgot where. not sure if it's accurate but it seems consistent with our GDP of ~13 trillion.

[theIncredibleEdi...]

i'm not sure if you realize how income tax currently works, as the more money you make, the larger the % the govt takes.

Isn't there some kinda cap on that? Doesnt that percentage plateau at some point and those people making millions actually save some money? Or am I mistaken?

[impala454]

Isn't there some kinda cap on that? Doesnt that percentage plateau at some point and those people making millions actually save some money? Or am I mistaken?

here's the tax bracket breakdown for 06 for single people:
10% $0 -- $7,550
15% $7,551 -- $30,650
25% $30,651 -- $74,200
28% $74,201 -- $154,800
33% $154,801 -- $336,550
35% $336,551+

basically the way it works right now, the richest people pay the most in taxes by far. they don't ever really "save" money since it's a percentage, they simply take home a smaller percentage of what they make.

[Billy]

here's the tax bracket breakdown for 06 for single people:
10% $0 -- $7,550
15% $7,551 -- $30,650
25% $30,651 -- $74,200
28% $74,201 -- $154,800
33% $154,801 -- $336,550
35% $336,551+

basically the way it works right now, the richest people pay the most in taxes by far. they don't ever really "save" money since it's a percentage, they simply take home a smaller percentage of what they make.

The rich pay the least in taxes. Literally. Talk to some accounting professors if you don't believe me. It is very likely you pay more taxes than those making several million a year.

[impala454]

The rich pay the least in taxes. Literally. Talk to some accounting professors if you don't believe me. It is very likely you pay more taxes than those making several million a year.

how the hell do you figure this?

if i make $55,000, my tax comes out to: $10,308, which is roughly 18.75% of my total income

if i make $750,000, my tax comes out to: $238,138, which is roughly 31.75% of my total income

[Billy]

how the hell do you figure this?

if i make $55,000, my tax comes out to: $10,308, which is roughly 18.75% of my total income

if i make $750,000, my tax comes out to: $238,138, which is roughly 31.75% of my total income

It's called tax write offs. The wealthy write everything off, from private jet and then the depretiation for that jet, to vacation to Australia (for business of course and then later they conveniently visit friends and family), donations to charities (often times their own charities). And so instead of actually paying taxes, they get to accumalate all these assets that they can use for both business and personal use. And it is not a fair system. But because the wealthy tend to control the laws, it is no surprise they make these tax laws for their benefit. I highly recommend taking a tax accounting class to educate yourself on how unfair the current system really is.

Under a national sales tax, there would be no more "deductables" or loopholes. What you consume is all you have to pay in tax. There wouldn't be tax forms to fill out. You could actually own your home without having to pay tax on it. Everything you earn, you get to keep. On top of that, the economy may be easily regulated. In times of high inflation, tax may be increased. In times of recession, tax be decreased. The federal reserve won't be the only thing that can control the economy.