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Thread: Death and Taxes

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    Veteran Member bonehead's Avatar
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    Death and Taxes

    actually, more appropriately, healthcare and tax reform - but that's not as catchy for a title. these are two of the most discussed subjects on the hearts of the American citizens today. this affects every citizen. so let's deal with them as a "matched pair" since they are interdependent. first, tax reform.
    so what is reasonable? each individual will have a totally different idea of that. for purposes of this discussion, I will deal with federal taxes only. I've stated this before in a slightly different form, but restate for clarity. income is defined as any compensation received for a service rendered. so, federal income taxes would, in this proposal, be levied as follows:
    1) SSA and Medicare - as now, with an increase of Medicare tax to 6.5% (from the current 1.45%) to cover a national healthcare system.
    2) deductions and exemptions (individual) - $40,000 single taxpayer, $60,000 married or individual with dependents. for those who have wage income only, there will be no tax forms at the end of the year.
    3) deductions and exemptions (business) - wages and benefits paid to employees, raw materials and portion of utilities required to produce their product. $60,000 deduction also applies.
    4) tax rate - from $0 to the applicable deductible amount 12.75% flat tax until deductible is met ($40,000 or $60,000). after the deductible and up to the SSA maximum an additional 2.25% for a total of 15%. after the SSA deductible is met, a total of 25% will be levied (10% more than the after SSA limit). and that's all there is.

    next is healthcare. the system would cover all citizens with benefits equal to the current medicare outline with the addition of prescription drugs as is now the case in almost every state rules. additional "supplemental" plans will be available nationally for added coverage at the option of the individual - similar to the current Medicare supplement system. Medicare, medicaid, PPACA and vet care will cease to become a separate systems and their funding will be transferred to the new system.

    and there you have the condensed version of both of these contentious concerns for America.

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    Veteran Member bonehead's Avatar
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    wow! not even the usual "that's a dumb plan" or even "have you lost your mind". I'm truly shocked.

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    Southern Strategy Liberal OldGaffer's Avatar
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    Is that enough tax revenue to pay for our government expenses? It seems light...

    Currently, the richest 1% hold about 38% of all privately held wealth in the United States. while the bottom 90% held 73% of all debt. According to The New York Times, the "richest 1 percent in the United States now own more wealth than the bottom 90 percent".

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    Moderator HCProf's Avatar
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    The tax rate could be a little low. We will never have a program as large as healthcare with individuals paying 0% tax. Even if it is 200.00 a year it would help fund the program. We would have to end the EIC. When Reagan introduced EIC, the Country did not have the needs like it does currently. We had a stronger middle class then. Today, we can't afford to do this any longer. Everyone must have skin in the game. The 12.5, IMO, should be around 20%.

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    Veteran Member bonehead's Avatar
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    Quote Originally Posted by HCProf View Post
    The tax rate could be a little low. We will never have a program as large as healthcare with individuals paying 0% tax. Even if it is 200.00 a year it would help fund the program. We would have to end the EIC. When Reagan introduced EIC, the Country did not have the needs like it does currently. We had a stronger middle class then. Today, we can't afford to do this any longer. Everyone must have skin in the game. The 12.5, IMO, should be around 20%.
    as income increases above the Medicare limit, income tax goes to 25%.

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    Southern Strategy Liberal OldGaffer's Avatar
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    Quote Originally Posted by bonehead View Post
    as income increases above the Medicare limit, income tax goes to 25%.
    What about cap gains and inheritance taxes?

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    Moderator HCProf's Avatar
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    Quote Originally Posted by bonehead View Post
    as income increases above the Medicare limit, income tax goes to 25%.
    25% is a good number.

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    Veteran Member bonehead's Avatar
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    Quote Originally Posted by OldGaffer View Post
    Is that enough tax revenue to pay for our government expenses? It seems light...
    it's a flat tax up to the deductible amount - 6.5% for healthcare (dedicated tax) and matching 6.5% for business. 6.25% for SSA. after the deductible amount and Medicare limits are exceeded, it's 25% flat tax. not enough?

  9. #9
    Southern Strategy Liberal OldGaffer's Avatar
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    Quote Originally Posted by bonehead View Post
    it's a flat tax up to the deductible amount - 6.5% for healthcare (dedicated tax) and matching 6.5% for business. 6.25% for SSA. after the deductible amount and Medicare limits are exceeded, it's 25% flat tax. not enough?
    The tax system needs to stop the funneling of all the countries wealth into the top 1% and the decimation of the middle class, which is what has been happening for the last 40 years or so. Whatever structure that takes. We are already as bad as 1929 and getting worse...we know what happens when we reach a tipping point....

  10. #10
    Veteran Member bonehead's Avatar
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    Quote Originally Posted by OldGaffer View Post
    What about cap gains and inheritance taxes?
    as stated, any compensation for services is considered income. the 6.5% healthcare tax will also apply to citizens on Social Security income.

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