Tax Rates In The United States, Explained.

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Tax rates in the united states, explained.
 Bismarck.Josiahflaming
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By Bismarck.Josiahflaming 2019-12-21 11:03:36
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JcMata 1 hour ago (edited) said:
U didn’t include all the benefits “poor” people get, like housing and that’s not taxed, or food stamp where they don’t pay sales tax on some items.

Mike Travis 6 hours ago said:
Now factor in transfers (basically the value of benefit from the govt) and realize that the 3rd lowest quintile actually earns money on the net.
The poorest 60% actually earn money. Only the top 40% pay into the system. Not to dismiss the facts of this video, but hiding this important part of the equation leads you to a different point.

Joe Sanderson 35 minutes ago said:
Cool Day 2 hours ago said:
For consumption tax

So you want rich people to spend billions of dollars on useless stuff?
No - the argument is get rid of sales tax (or VAT, as we call it) entirely as it is a regressive tax and add the deficit from that tax onto other progressive taxes. No increase in overall taxation, just a change to who pays it.
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By fonewear 2019-12-21 11:31:06
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Donny please.

Also taxes !


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 Asura.Saevel
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By Asura.Saevel 2019-12-21 12:20:30
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Oh look more "eat the rich!" biased discussions by people who don't understand economics.

Progressive taxes are dangerous, especially when they are used to fund everything. Humans operate on incentives not compassion, progressive taxes remove the most basic human incentive to seek a better life. Why make good decisions early in life, study hard, avoid getting into legal troubles, and all the things that lead to social mobility when the net result is the same lifestyle regardless? Our current tax system transfers wealth from the top performers to the most under-performing as a way of buying the votes of those under-performers.
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 Asura.Saevel
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By Asura.Saevel 2019-12-21 12:21:22
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Also Vox should be the last place anyone goes for economical information. They are the equivalent of using healing crystals and essential oils to treat cancer.
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 Bismarck.Josiahflaming
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By Bismarck.Josiahflaming 2019-12-22 01:58:15
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Asura.Saevel said: »
Also Vox should be the last place anyone goes for economical information. They are the equivalent of using healing crystals and essential oils to treat cancer.
What would you change to fix the current tax system in place?
 
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 Asura.Saevel
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By Asura.Saevel 2019-12-22 07:19:51
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Bismarck.Josiahflaming said: »
Asura.Saevel said: »
Also Vox should be the last place anyone goes for economical information. They are the equivalent of using healing crystals and essential oils to treat cancer.
What would you change to fix the current tax system in place?

Low the income tax, raise a sales tax on luxury items. "Luxury" being items from companies homed in other nations or the upper end products. A $1300 PC from HP is regular, a $3000 Mac would be "Luxury".

Believe it or not this is actually what most of the nations in the world do and what we mean when we say "non-tariff trade barriers". It's a way of advantaging local brands while also getting the wealthy to pay more. It's human nature to show off wealth, we *like* to brag and you'll find that taxing the top models of brands will do just that.

Of course it'll never happen. Conservatives don't like it cause taxes, Liberals don't like it because it doesn't let them do central planning of economies.
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 Bismarck.Josiahflaming
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By Bismarck.Josiahflaming 2019-12-22 09:02:19
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Caitsith.Shiroi said: »
kireek said: »
if you tax those people too hard they will simply move to Canada

They'd have to tax them ridiculously hard to have them consider moving to Canada.
Didn’t the news say a few years ago that Burger King would save like 300 million if they moved their hq to Canada after buying Tim’s?
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By Asura.Saevel 2019-12-22 09:04:51
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Caitsith.Shiroi said: »
kireek said: »
if you tax those people too hard they will simply move to Canada

They'd have to tax them ridiculously hard to have them consider moving to Canada.

Oh they'd still be living in the USA, their tax homes on the other hand would be overseas and there are several that work for this purpose. That plus most wealth isn't in the form of "regular income" which you liberals love to tax.

If anyone makes more then ~$33,000 USD a year then they are in the top 1% of worldwide earners. After that earnings gets extremely localized due to cost of living have such a dramatic effect on disposable income. Someone making $70,000 USD in Oklahoma has far more disposable income then someone making $120,000 USD in Northern Virginia or California. This is why progressive gross income tax structures are so bad on a national level and we should instead move to a flat tax on *net* income, which is income after expenses. We kinda sort do this now with the deductions system yet those are so situational and abused that it defeats the purpose. Instead a national list of acceptable expenses to use as a deduction, then a flat percentage of disposable income.
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 Asura.Saevel
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By Asura.Saevel 2019-12-22 09:12:16
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Bismarck.Josiahflaming said: »
Caitsith.Shiroi said: »
kireek said: »
if you tax those people too hard they will simply move to Canada

They'd have to tax them ridiculously hard to have them consider moving to Canada.
Didn’t the news say a few years ago that Burger King would save like 300 million if they moved their hq to Canada after buying Tim’s?

Yes the US's corporate tax rate was beyond stupid at 35% of net. This is why companies would do crazy things with their money to avoid profits hitting "net" income, deferrals, price transferring, foreign investment, *anything* that would shift income away from net. Investments didn't even need to return a profit, they would just have better then a 35% loss. Thing is, only super corporations could pull the financial stunts required to reduce that tax burden, small and mid sized companies didn't have the resources and had to take the 35% hit on the chin. Now it's been made 21% which had been a big boon for small and mid sized business's while not changing much for big companies. Apple for example has something like a real tax rate of ~4%, they get it this low by shifting money around and keeping most of it locked inside international investments.
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 Garuda.Chanti
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By Garuda.Chanti 2019-12-22 09:22:49
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Caitsith.Shiroi said: »
kireek said: »
if you tax those people too hard they will simply move to Canada
They'd have to tax them ridiculously hard to have them consider moving to Canada.
Economically many of them live in off shore tax heavens.