What Obama means by tax the wealthy

iVillage Member
Registered: 03-19-2003
What Obama means by tax the wealthy
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Sat, 06-28-2008 - 11:14am
What Obama means by tax the wealthy
Here's a closer look at how the Democratic candidate defines well-off for different households, and what his proposals will mean for them.

http://money.cnn.com/2008/06/27/news/economy/obama_wealthy_taxes/index.htm?postversion=2008062809


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iVillage Member
Registered: 08-31-2003
Wed, 07-09-2008 - 2:29pm

This is a link to a chart assembled by the fairtax.org group comparing the present system, flat tax, and fair tax.


It's a 3 page PDF document, so I can't cut an paste it.


http://www.fairtax.org/PDF/FairTaxFlatTaxIncomeTaxComparisonChart.pdf

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iVillage Member
Registered: 01-02-2008
Wed, 07-09-2008 - 2:31pm

Well, that certainly fits your argument, but it isn't true. If you think about EVERYONE paying 10-15%, considering how many right now pay less than that or NOTHING (either because of tax loopholes or legit deductions), the government would be just fine.

The flat tax proposals at 17-20% are inflated because they allow two deductions: (1) a generous personal exemption and (2) an immediate write-off of all investments in capital goods. A flat tax proposal at 10-15% would not include/allow those deductions. So I suppose I'd be for either one of them when you consider a rate of 17% but with those additional deductions would bring my rate down further to around 14-15%. Just seems to me that giving everyone the same rate with no deductions at all is easier and more fair, but even at 17-20% with the deductions...its' better than our current system.

Furthermore, do you have any proof of your out of thin air assertion that a flat-tax would not be enough? Or is that just your opinion? I'm curious because it matters to me...because studies have shown that the flat tax will generate MORE than enough revenue, and if they're wrong, then I'd have to reconsider the whole flat tax idea:

"Advantage of the flat tax: pro-growth. Because the flat tax is pro-savings and pro-investment, it would add as much as 2 percentage points to the nation's economic growth rate. And even if it only increased the annual growth rate from the current 2.5 percent to the 3.3 percent rate of the Reagan era:

Over six years, that would add $2.3 trillion to the nation's output of goods and services.

It would produce $550 billion of additional revenues for government - more than enough to pay for all the tax cuts in the Contract With America, including the $500 child tax credit."
http://www.ncpa.org/ba/ba195.html
http://www.heritage.org/Research/Taxes/bg1866.cfm

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iVillage Member
Registered: 01-02-2008
Wed, 07-09-2008 - 2:33pm

10% is 10% is 10%. Of course it seems like the "burden" is higher when you compare it to someone who makes more than you do. Someone who makes more than you do is always going to look like they've got it better.

That's the nice thing about math. 10% for me is no more a percentage of my income than 10% is for Bill Gates.

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iVillage Member
Registered: 03-19-2003
Wed, 07-09-2008 - 2:49pm
I agree with you on this issue!!
iVillage Member
Registered: 09-08-2006
Wed, 07-09-2008 - 3:18pm

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iVillage Member
Registered: 01-02-2008
Wed, 07-09-2008 - 3:38pm
You don't think investments help us or improve the strength of our dollar or better our economy??

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iVillage Member
Registered: 09-08-2006
Wed, 07-09-2008 - 3:41pm


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iVillage Member
Registered: 08-16-2005
Wed, 07-09-2008 - 4:27pm

I am by no means an expert on fair tax, but this site is pretty comprehensive on all that would be in it.

http://www.fairtax.org/site/PageServer?pagename=about_main


iVillage Member
Registered: 09-08-2006
Wed, 07-09-2008 - 4:35pm

Thanks Laura, but I have read a lot about the Fair tax.

 

iVillage Member
Registered: 03-26-2003
Wed, 07-09-2008 - 4:37pm

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I disagree with you, but I'm pretty sure

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