Rick Perry's plan calls for Forbes Flat tax. Great plan!

pineinthegrass wrote:

The Viking wrote: Doesn't the child tax credit get taken out BEFORE it is taxed? And if not I need to readjust mine because the tax credit for this plan is $5000 for each child (much higher than the $2000 currently) and I took that off the groos income. So we can adjust that up $10,000, tax them another $1700 and then subtract $10,000 from the end total and they will recieve even MORE money back than your plan. Thanks for pointing that out! They save even MORE money the way you did it.

No, the child tax credit is subtracted after you figure out the tax due under our current system.

But you don't do that with a flat tax. There are no credits for a true flat tax. Instead, they kind of rolled the equivalent of the child tax credit into their one big "exemption". But that is subtracted before calculating the tax, just as you did it in your examples.

And by the way, I didn't even get into the home mortgage. The family making $75K probably owns a home. If so, they can itemize and subtract even more than the standard deduction off their income. With a home, they'd owe even much less under our current system.

The fact is, the flat tax hits the middle class very hard just as the 9-9-9 would. And it's much easier to calculate the effect of the flat tax as well. Right now, the middle class (middle 20%) pays on average about 7% of their income in taxes after deductions, exemptions, and credits (I can get the CBO numbers if you want).

I actually don't mind some of the concepts of the flat tax, though. But I feel you need at least two tax brackets, and maybe three. Other Republicans like Paul Ryan and I think Huntsman have already suggested something like that.

And I do know when credits and deductions are taken out. So is the Perry plan going to make them credits or Deductions? And the credits now are only $1000 per child under Obama not $2000. So your numbers are off on that.

You retards speak for people that wouldn't let low rent human garbage like you in their house to clean their toilets..

Now thats a fact..

I just did a little research, I admit, I was wrong, I was just guessing..Actually 98% of American would pay more taxes under your brilliant your Flat Tax idea..Great idea Chumley!

Vice Lord wrote: You retards speak for people that wouldn't let low rent human garbage like you in their house to clean their toilets..

Now thats a fact..

I just did a little research, I admit, I was wrong, I was just guessing..Actually 98% of American would pay more taxes under your brilliant your Flat Tax idea..Great idea Chumley!

Far better to end up like Greece, right asshole?

The Viking wrote: Doesn't the child tax credit get taken out BEFORE it is taxed? And if not I need to readjust mine because the tax credit for this plan is $5000 for each child (much higher than the $2000 currently) and I took that off the groos income. So we can adjust that up $10,000, tax them another $1700 and then subtract $10,000 from the end total and they will recieve even MORE money back than your plan. Thanks for pointing that out! They save even MORE money the way you did it.

And my understanding is that the Child tax credit just went down to $1000 under this year under obama. SO your number are skewed.

http://20somethingfinance.com/child-tax-credit/

I see you added the last part to your post. But no, the child tax credit hasn't changed. It's still $1000 PER child. Hence the $2000 credit in the two examples of a family with two children.

Exemptions and deductions subtract from your adjusted gross income to calculate your taxable income. Credits are much better because they subtract from your taxes owed. And some credits are better than others. The child tax credit and the earned income credit are refundable credits. With refundable credits you get the full amount of the credit, even if you owe little or no tax. Hence, you can even get a "refund". Other credits like the energy credits are not refundable. You can just subtracted them from taxes owed until you get to zero. After that, you lose the rest of credit.

Now, Perry could always make some modification to the true flat tax in his proposal when we see it. Perhaps he might add a second tax bracket? Maybe add some credits? Maybe add the home mortgage? But it would no longer be a true flat tax and it would get more and more complicated.

Vice Lord wrote: You retards speak for people that wouldn't let low rent human garbage like you in their house to clean their toilets..

Now thats a fact..

I just did a little research, I admit, I was wrong, I was just guessing..Actually 98% of American would pay more taxes under your brilliant your Flat Tax idea..Great idea Chumley!

We all know you are lying. There is no research. So show a link or go back and play in your sandbox.

pineinthegrass wrote:

The Viking wrote: Doesn't the child tax credit get taken out BEFORE it is taxed? And if not I need to readjust mine because the tax credit for this plan is $5000 for each child (much higher than the $2000 currently) and I took that off the groos income. So we can adjust that up $10,000, tax them another $1700 and then subtract $10,000 from the end total and they will recieve even MORE money back than your plan. Thanks for pointing that out! They save even MORE money the way you did it.

And my understanding is that the Child tax credit just went down to $1000 under this year under obama. SO your number are skewed.

http://20somethingfinance.com/child-tax-credit/

I see you added the last part to your post. But no, the child tax credit hasn't changed. It's still $1000 PER child. Hence the $2000 credit in the two examples of a family with two children.

Exemptions and deductions subtract from your adjusted gross income to calculate your taxable income. Credits are much better because they subtract from your taxes owed. And some credits are better than others. The child tax credit and the earned income credit are refundable credits. With refundable credits you get the full amount of the credit, even if you owe little or no tax. Hence, you can even get a "refund". Other credits like the energy credits are not refundable. You can just subtracted them from taxes owed until you get to zero. After that, you lose the rest of credit.

Now, Perry could always make some modification to the true flat tax in his proposal when we see it. Perhaps he might add a second tax bracket? Maybe add some credits? Maybe add the home mortgage? But it would no longer be a true flat tax and it would get more and more complicated.

Got it. Sorry, thought you were putting $2000 PER child.

The Viking wrote:

Conservation Voice wrote: And you call me a moron.

Neither obstacle will be overcome.

le

I ask why and this is your answer? No answer. Why not? Or is it throwing crap out there again with no real reason other than you don't like the candidates?

While Perry enjoys a following among conservatives, he is unelectable among all voters and has high negatives among moderates and Democrats. Heck, he wouldn't even win the Republican nomination, let alone a general election. Just because you wet yourself over Perry doesn't mean everyone else will.

Congress will not vote to scrap the current taxing system. Period.

If the flat tax idea is as great as you think it is, don't you think current politicians would have already come up with it and passed it? It's not like Perry is the first one to ever think of this idea.

The Viking wrote:

Vice Lord wrote: You retards speak for people that wouldn't let low rent human garbage like you in their house to clean their toilets..

Now thats a fact..

I just did a little research, I admit, I was wrong, I was just guessing..Actually 98% of American would pay more taxes under your brilliant your Flat Tax idea..Great idea Chumley!

We all know you are lying. So show a link or go back and play in your sandbox.

FACT: My daughters boyfriend is a billionaire..I described you to him and he said he wouldn't let you clean the toilets at his hotel

pineinthegrass wrote:

The Viking wrote: Doesn't the child tax credit get taken out BEFORE it is taxed? And if not I need to readjust mine because the tax credit for this plan is $5000 for each child (much higher than the $2000 currently) and I took that off the groos income. So we can adjust that up $10,000, tax them another $1700 and then subtract $10,000 from the end total and they will recieve even MORE money back than your plan. Thanks for pointing that out! They save even MORE money the way you did it.

And my understanding is that the Child tax credit just went down to $1000 under this year under obama. SO your number are skewed.

http://20somethingfinance.com/child-tax-credit/

I see you added the last part to your post. But no, the child tax credit hasn't changed. It's still $1000 PER child. Hence the $2000 credit in the two examples of a family with two children.

Exemptions and deductions subtract from your adjusted gross income to calculate your taxable income. Credits are much better because they subtract from your taxes owed. And some credits are better than others. The child tax credit and the earned income credit are refundable credits. With refundable credits you get the full amount of the credit, even if you owe little or no tax. Hence, you can even get a "refund". Other credits like the energy credits are not refundable. You can just subtracted them from taxes owed until you get to zero. After that, you lose the rest of credit.

Now, Perry could always make some modification to the true flat tax in his proposal when we see it. Perhaps he might add a second tax bracket? Maybe add some credits? Maybe add the home mortgage? But it would no longer be a true flat tax and it would get more and more complicated.

And I think he should stick with 17%, keep the adult deductions, and make the child deductions as lower child credits and keep the home mortgage as insentive to buy homes. And no it would not be an exact flat tax but it adds what is needed to help the lower and middle class and homeowners to help stimulate the economy again. It is still a much more simple tax plan.

And where did you get the number that the middle class pays an average of 7% and what income range is that considered in?

Vice Lord wrote:

The Viking wrote:

Vice Lord wrote: You retards speak for people that wouldn't let low rent human garbage like you in their house to clean their toilets..

Now thats a fact..

I just did a little research, I admit, I was wrong, I was just guessing..Actually 98% of American would pay more taxes under your brilliant your Flat Tax idea..Great idea Chumley!

We all know you are lying. So show a link or go back and play in your sandbox.

FACT: My daughters boyfriend is a billionaire..I described you to him and he said he wouldn't let you clean the toilets at his hotel

Again you prove that you have never had anything worth reading to add to a conversation. Just ignorance.