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

The Viking wrote:

LadyJazzer wrote: No, it's FAIR when the rich pay at least the same PERCENTAGE of their income in taxes as the middle class and poor do. Please pay attention.

Go look at my examples. The lower and middle class will pay A LOT less percentage wise than the wealthy. You argument holds no water.

But it's OK that lower and middle classes will pay a larger percentage than they pay now? Plus you forget that the wealthy will no longer pay taxes on capital gains....a very big tax cut for them. I think this will be a hard sell to the average American, probably as difficult as selling Cain's plan has been.

archer wrote:

The Viking wrote:

LadyJazzer wrote: No, it's FAIR when the rich pay at least the same PERCENTAGE of their income in taxes as the middle class and poor do. Please pay attention.

Go look at my examples. The lower and middle class will pay A LOT less percentage wise than the wealthy. You argument holds no water.

But it's OK that lower and middle classes will pay a larger percentage than they pay now? Plus you forget that the wealthy will no longer pay taxes on capital gains....a very big tax cut for them. I think this will be a hard sell to the average American, probably as difficult as selling Cain's plan has been.

So you WANT taxes on Capital gains? And are you also for the death tax which is double taxation?

The Viking wrote:

archer wrote:

The Viking wrote:

LadyJazzer wrote: No, it's FAIR when the rich pay at least the same PERCENTAGE of their income in taxes as the middle class and poor do. Please pay attention.

Go look at my examples. The lower and middle class will pay A LOT less percentage wise than the wealthy. You argument holds no water.

But it's OK that lower and middle classes will pay a larger percentage than they pay now? Plus you forget that the wealthy will no longer pay taxes on capital gains....a very big tax cut for them. I think this will be a hard sell to the average American, probably as difficult as selling Cain's plan has been.

So you WANT taxes on Capital gains? And are you also for the death tax which is double taxation?

Did I say that? no

........but if you are going to give the wealthy a big tax break, then you hadn't better try to make up the difference by raising taxes on the lower and middle classes. It will never fly. A flat tax that is only on wages, not all income, is never fair to the lower income citizens. See, this whole changing of the tax code is not quite as simple as our candidates want us to think, it's not something a candidate with a couple advisers can come up with over coffee....it takes experts, and study, and time. Any plan that a candidate puts together in a few weeks is suspect. I am glad they are looking to options to our current tax code, but putting something out there without fully vetting it is just stupid.

Look, we are talking about two different things here so far as what the rich pay vs. the middle class and lower income.

The middle class and lower have always paid a much lower effective tax rate than the wealthy, and that's as it should be. Nothing new here and nothing much has changed.

But LJ was talking about the latest Democratic talking point. It's not about what most of the upper income people pay, but mainly about the filthy rich. Specifically those hedgefund managers like Warren Buffet and George Soros (and I know there are Republicans that escape me at the moment) that make most of their income from capital gains.

The capital gains rate is lower than the 25% income tax bracket of many in the middle class. That was fine when the Dems were in control, and as I mentioned, Bill Clinton even reduced the capital gains rate from 28% to 20%. Good for him! The economy did great after he reduced the rate.

But now it's evil that the capital gains rate is lower than 25% and LJ is outraged. Go figure. :faint:

The Viking wrote: So you WANT taxes on Capital gains?

Yes, capital gains should be taxed. So should interest and dividends.

But I'd tax cap gains and dividends at a lower rate. You take risk to get them, and you are investing in the economy which helps create jobs.

If you drop capital gains to zero, you add thousands of multi-millionaires that will pay zero income tax. And companies aren't dumb. They'll figure out how to adjust compensation for the high paid execs so that most of their income comes from capital gains (like stock options) instead of salary. They are already doing it now when the difference is a 35% tax on income vs. 15% for capital gains. Imagine what they will come up with when the difference is 35% vs. zero.

Reading over the first few pages all I see is the same people who want to raise taxes on the wealthy to subsidize increased government spending or maybe to help cut the deficit screaming when a tax increase occurs. You speculate about how the rich will fare instead of focusing on increasing taxes, reducing government and the federal deficit. I suppose the only solution you consider is that the middle class does not contribute to solving our federal problem and let that be handled exclusively by all above a middle class status. Once again socialism at its best. Let's face it. Everyone needs to contribute if you want to even have a remote chance of this nation surviving beyond the next few years. It's hard on the middle class, but there sure are a lot of them and don't they make use of our national infrastructure and government protection (whatever that is?) Are you trying to tell me that for them it is free?

Here you go. Forbes talks about Perry's plan and is about to endorse him.

http://video.foxnews.com/v/122918638900 ... s-flat-tax

As Forbes said in the video clip, they have a flat tax in 25 other countries and it has worked in every one of them.

If you want a flat tax, then make it so. It matters not where or how the income originates. If it is income, be it from investments, labor, or sale of goods, tax it. How difficult is that?

OK, watching the video, there might be NO taxes on ANYONE up to $36,000. So that throw raising the taxes on the lower class out the window.