House tax plan released

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Billyd

Senior Member
May 8, 2014
3,102
105
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#1
How much of a tax cut will you get?

House GOP unveils tax overhaul

Is what is proposed worth a $1.5T increase in the national debt over 10 years worth what is being proposed? IMHO, given the past performance of GOP tax cut estimates, I'd have to say no.
 

Jenizona

Senior Member
Aug 8, 2015
629
22
0
#2
How much of a tax cut will you get?

House GOP unveils tax overhaul

Is what is proposed worth a $1.5T increase in the national debt over 10 years worth what is being proposed? IMHO, given the past performance of GOP tax cut estimates, I'd have to say no.
I just wanted a flat tax rate for everyone...

 
E

Ellsworth1943

Guest
#5
One advantage to being on SS and poor, I have not paid income tax for 11 years now.:cool:
 

Jenizona

Senior Member
Aug 8, 2015
629
22
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#6
Oh! Getting rid of the Estate Tax is in there!! Yeah, awesome!!! FINALLY!
 

Billyd

Senior Member
May 8, 2014
3,102
105
63
#7
I just wanted a flat tax rate for everyone...

IMHO, no.

Remember, 90% of the current revenue is now generated by those now earning over $1M per year. They are now taxed at a rate of 36.5%.

In order to generate the current revenue, the federal flat tax rate would be at least 27% (probably closer to 30%). Do you want to take 30% from those earning less than $10K, or $20K, or even $50K.

If we really want to balance the budget and maintain the current spending levels., we would need a flat tax rate of at least 35%. (Probably closer to 40%.)
 

Jenizona

Senior Member
Aug 8, 2015
629
22
0
#8
Or you could get rid of income tax altogether and just bump up the sales tax.
 

Billyd

Senior Member
May 8, 2014
3,102
105
63
#9
Oh! Getting rid of the Estate Tax is in there!! Yeah, awesome!!! FINALLY!
I know a several families that have passed large estates to their heirs. None have paid estate tax. Getting rid of that tax is just a "feel good" thing. If you have a large estate, get an estate attorney now.
 

Billyd

Senior Member
May 8, 2014
3,102
105
63
#10
Or you could get rid of income tax altogether and just bump up the sales tax.
Since those now controlling 90% of the nations income, spend a tiny portion of their income on taxable goods and services, the sales tax rate would need to be close to 50%.

I like the rate structure of the proposed bill. I would like to see closing loop holes and deductions (all of them), and exempt the first $25K ($50K for families) from taxes. All should come together into a balanced budget.
 
S

Society

Guest
#13
Finally the farmers and ranchers won't lose their land to the government when they die.
Do you even have a clue what the estate tax is or who it applies to? it effects families that are worth other 10 million or more. Only 2 out of every 1000 estates are even affected by it.
 

Jenizona

Senior Member
Aug 8, 2015
629
22
0
#14
Do you even have a clue what the estate tax is or who it applies to? it effects families that are worth other 10 million or more. Only 2 out of every 1000 estates are even affected by it.
Yes, I do, actually... and it applies to ranches and farms as well, whether or not the family has enough assets to cover the outrageous taxes assessed at the ranch owner's death. Don't you think it should go to the children instead of to the government? I do.
 

Jenizona

Senior Member
Aug 8, 2015
629
22
0
#16
Do you even have a clue what the estate tax is or who it applies to? it effects families that are worth other 10 million or more. Only 2 out of every 1000 estates are even affected by it.
Hmm, it seems your numbers are wrong... it applies to estates worth more than 5.6 million or more. Not "10 million or more." According to the IRS website. If I'm wrong, please send a link with the correct information! Thank you!
 

Tommy379

Senior Member
Jan 12, 2016
6,165
206
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#18
If you got rid of all the spending on legislation the constitution doesn't authorize congress to legislate, the federal government wouldn't need but a quarter of the revenue it currently takes in.
 

Susanna

Senior Member
Jan 21, 2013
2,578
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#19
If you got rid of all the spending on legislation the constitution doesn't authorize congress to legislate, the federal government wouldn't need but a quarter of the revenue it currently takes in.
What a debbie downer you are. Imagine all the lawmakers that will be losing their income over this?

We can't have a Constitution that is preventing the lawmakers from passing any law they like.

Ludicrous.

That would be...CONSTITUTIONAL!

LOL.
 

notuptome

Senior Member
May 17, 2013
11,317
364
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#20
Is that a serious suggestion? Are you planning on running for office any time soon?
As a basket of deplorable's you cannot manage your money. You need to give it all to the wiser elites of our great society and permit them to do the good and honorable thing with it. If any is left over they might let you have some to fritter away on some meaningless enterprise. Only the government is able to care for you and look out for your best interests.

You must trust the government. Believe in Santa? Just kidding.

Pr 21:1 The king’s heart is in the hand of the LORD, as the rivers of water: he turneth it whithersoever he will.

We have the government God has established for us. We are over taxed because we have withheld from God that which is His first. Judgment begins at the house of God.


For the cause of Christ
Roger