toldailytopic: If you were in charge how would you fix the ailing economy?

[Tyrathca]

What about the flat 10% (or thereabouts) tax which has been proposed? It would allow no one to be exempt. All would pay the tax except those at the poverty line.
I'm curious about people's thoughts on this proposal. I am not knowledgeable about economics so must listen to others.
Could this work?

Are you referring to a tax on income or purchases? If the later it sounds a lot like our goods and services tax (GST) here in Aus which I think has a flat rate of 10% for all goods and services (duh ) excluding essentials (such as bread and other basic foodstuffs, i.e. cookies still get taxed). Some items still have taxes on top of the GST but these are the exception rather than the norm.

It actually garnered a lot of opposition when it was first attempted to be introduced but since then (mid 90's I think) it has turned out to have been a good idea. It certainly simplified our tax if nothing else, which is good for the tax office (easier to track) and small businesses (less confusing).

 

[bybee]

I'm thinking!

I'm thinking!

Are you referring to a tax on income or purchases? If the later it sounds a lot like our goods and services tax (GST) here in Aus which I think has a flat rate of 10% for all goods and services (duh ) excluding essentials (such as bread and other basic foodstuffs, i.e. cookies still get taxed). Some items still have taxes on top of the GST but these are the exception rather than the norm.

It actually garnered a lot of opposition when it was first attempted to be introduced but since then (mid 90's I think) it has turned out to have been a good idea. It certainly simplified our tax if nothing else, which is good for the tax office (easier to track) and small businesses (less confusing).

I was thinking of the Federal income tax only.
Thanks for the response.

 

[bybee]

Agreed!

Agreed!

Personally, I'm all for a flat tax of 10 to 15 percent. The only thing I disagree with you on is that everyone, age 21 to 65, should have to pay it. Until 21, most kids are still under their parent's roofs. And, after paying taxes for more than 40 years, I believe that the seniors deserve a break.

Yes, it is tragic when seniors get taxed out of their homes!
I just noticed that you are from Indiana. I've spent many happy days in your state and I must say that Indianians are some of the nicest most accommodating Americans. I'm especially fond of the folks in South Bend!

 

[serpentdove]

I would give all the people [taxpayers] their money back.

"Their" money--the key word. :thumb:

It's the :squint: makers vs. the :Commie: takers (Ex 20:15). :smokie:

 

[Ktoyou]

First, I would make AT&T hire only American assistance attendants!

Then stop policing the world.

 

[Ktoyou]

Personally, I'm all for a flat tax of 10 to 15 percent. The only thing I disagree with you on is that everyone, age 21 to 65, should have to pay it. Until 21, most kids are still under their parent's roofs. And, after paying taxes for more than 40 years, I believe that the seniors deserve a break.

Would that be for working older folks, or income generating from assets older folks, or both?

 

[chrysostom]

okay here is my take on this

I would put Ron Paul in charge of the Federal Reserve
and
then it is going to really hurt for a long time

the real question is what can you do about this in the mean time?

reduce your debt and cost of living
and
save as much as you can
and
if we are all lucky deflation will be the problem
and
not inflation

 

[ebenz47037]

Yes, it is tragic when seniors get taxed out of their homes!
I just noticed that you are from Indiana. I've spent many happy days in your state and I must say that Indianians are some of the nicest most accommodating Americans. I'm especially fond of the folks in South Bend!

I'm a native Californian (born and bred there). :chuckle: Betcha couldn't tell by my political beliefs.

 

[ebenz47037]

Would that be for working older folks, or income generating from assets older folks, or both?

My opinion is that anyone age 65 and older, no matter how they get there income, shouldn't have to pay taxes anymore. I think that 45 years is plenty of time for a person to pay taxes.

 

[Ktoyou]

My opinion is that anyone age 65 and older, no matter how they get there income, shouldn't have to pay taxes anymore. I think that 45 years is plenty of time for a person to pay taxes.

Good deal! It irks me when people talk about ending social security, they have no idea how much I paid into SS; it would take me to age 80 to break even!