[GCFL-discuss] Flat Tax

[gcfl-discuss at gcfl.net]

Perhaps your right, regardless, a flat tax won't work in this country. We
are to independent of each other to allow a flat tax. The rich wouldn't
allow it.  Despite what I said to Franks post, if I had the wherewithal, I
wouldn't want to pay out15% of say $500,000 yearly income without some kind
of adjustment.


----- Original Message ----- 
From: <gcfl-discuss at gcfl.net>
To: "Shirley Heit" <sdmheit at verizon.net>
Cc: "Discussion of the Good, Clean Funnies List" <gcfl-discuss at gcfl.net>
Sent: Monday, May 31, 2004 11:18 PM
Subject: Re: [GCFL-discuss] Flat Tax


> Hi Dave, good to see we don't instantly agree on everything. I'm looking
> forward to what Jeff might suggest.
>
> The idea of a flat tax is that $1500 to someone who makes $10,000 is
> exactly the same sacrifice as $150,000 to a millionaire.
>
> The idea of a graduated income tax is, that the first statement just
> ain't so.
>
> If your income barely covers food, clothing and shelter, then taking 15%
> of it cuts to the bone. If your income allows you to build a mansion as
> your primary residence, two summer homes, a winter getaway, and a couple
> of condominiums on tropical islands, then $150,000 just cuts down on the
> number of diamond necklaces and exotic racing cars you can afford this
> year.
>
> We could resolve this dilemma be exempting a really large amount, like
> $50,000 from tax, and putting a flat tax on the rest. Some people say
> that is unfair because a minority of the people would pay almost all the
> taxes, and the majority would pay none at all, and have no sense of
> responsibility.
>
> So, maybe we could exempt the first $10,000, put a 1% tax on income from
> $10,000 to $50,000, and the main flat tax on all other income, maybe 20%.
> But already its no longer a flat tax, but a graduated income tax.
>
> When the income tax was first passed at the federal level, it only
> applied to about 10% of the population, and the tax return was one page.
> Over the years, it grew in every direction. Something simple would be a
> good idea, but I still favor putting heavier burdens on those who are
> really wealthy. I never heard of anyone passing up a chance to make a
> million dollars because they would only get to spend $500,000 of it.
> Actually, forty years ago, the top federal tax bracket was 70% -- I don't
> remember what the income level it applied to was.
>
> Siarlys
>
>
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