we finally get some money back from the feds to fund much needed repairs to roads and righties whine about WHERE the money comes from.
its thats what it has come down to?
for shame wanting to deprive American citizens of good roads to drive on.
Allan
tnt
528
No. Flat taxes are regressive.
I favor treating all income equally with a progressive tax. But treating all income equally would allow us to drastcially reduce tax rates for everyone, but I realize some will still end up paying more.
I fail to see why income from digging a ditch should be potentially taxed higher than income from managing a stock portfolio.

tnt:

Eagle-Keeper:

tnt:
think all income should be treated the same. Wages, capital gains, tipsā¦
We can easily help the lower income folks by adjusting the federal income tax threshold.
Treat all income the same.
So you favor a flat tax?
No. Flat taxes are regressive.
I favor treating all income equally with a progressive tax. But treating all income equally would allow us to drastcially reduce tax rates for everyone, but I realize some will still end up paying more.
I fail to see why income from digging a ditch should be potentially taxed higher than income from managing a stock portfolio.
But the current marginal/progressive tax rates do not treat all income as equal that would be a flat tax. And under the current marginal tax rates people digging ditches making $20/hr ($40,000/yr) are taxed less than a portfolio manager making $300,000/yr.
1 Like
tnt
530

Eagle-Keeper:
But the current marginal/progressive tax rates do not treat all income as equal that would be a flat tax. And under the current marginal tax rates people digging ditches making $20/hr ($40,000/yr) are taxed less than a portfolio manager making $300,000/yr.
I was alluding to the carried interest loop hole which allows fund managers to be taxed at a lower rate.
That income is taxed at roughly 24%, which is still much higher than people digging ditches.
1 Like
Samm
533

biggestal99:

Samm:
The Federal Highway Trust Fund comes from user fees, not income taxes.
You didnāt answer my question ⦠Is New Jersey reneging on their agreement to maintain the roads that they built with Federal money? No real need to answer, I guess. If they had, they wouldnāt need the money that Biden borrowed from future generations to buy votes with by calling it inflation reduction. What a scam you guys are running.
we finally get some money back from the feds to fund much needed repairs to roads and righties whine about WHERE the money comes from.
its thats what it has come down to?
for shame wanting to deprive American citizens of good roads to drive on.
The shame is, your state reneged on its obligation to maintain its roads and now expects the workers of America to pay for it.
By the way, how did borrowing all that money you are spending on fixing your neglected roads reduce inflation? Can you explain that please?
Samm
534

tnt:

Eagle-Keeper:

tnt:
think all income should be treated the same. Wages, capital gains, tipsā¦
We can easily help the lower income folks by adjusting the federal income tax threshold.
Treat all income the same.
So you favor a flat tax?
No. Flat taxes are regressive.
I favor treating all income equally with a progressive tax. But treating all income equally would allow us to drastcially reduce tax rates for everyone, but I realize some will still end up paying more.
I fail to see why income from digging a ditch should be potentially taxed higher than income from managing a stock portfolio.
A flat tax with a substantial standard deduction (say $40-50,000) is not the least bit regressive.
2 Likes
You donāt know the definition of regressive.
A flat tax would be a major windfall for me!
1 Like
Samm
536
That is not the definition of regressive. Thatās actually what weāre going for. Middle class paying less taxes.
1 Like
tnt
538
Thatās better, but not what was discussed.
And still regressive when comparing middle class tax payers to the to 5%.
tnt
539
Purple is not middle class.
WuWei
540
A flat tax is not regressive.
Samm
541

tnt:
Thatās better, but not what was discussed.
And still regressive when comparing middle class tax payers to the to 5%.
There was no discussion. The only thing said was āflat tax.ā Nobody has seriously proposed a flat tax on every dollar of income.
Middle class is currently between about &40,000 to $130,000. A $40,000 exemption means they would pay the flat tax on zero to $90,000 of their income making a 10% (for example) flat tax be between zero and 6.9%. People making $130,000 today pay closer to 12-14% on their taxable income.
For a top 5%er, ($336k and up) the $40k exemption is far less significant and thus they would be taxed near the full 10%.
Note, I used 10% to make the math easy in my head. It could just as easily be 15 or even 20% if Congress decided to go that way. The point is, it demonstratively is NOT a regressive tax.
a flat tax like that would be more progressive than the current tax structure. But leftists wonāt get the endorphin rush of sticking it to the rich.
2 Likes
Thatās a Kinsley Gaffe, right there