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SpaceCowgirl Due December 21; 3 kids; Oregon 20240 posts
30th Oct '12
Quoting Monsieur Tastybutt:" I would not support a taxless nation. FWIW, last year we had to pay in $2500 (I'm rounding that number) ... [snip!] ... My husband and I would gladly pay more in taxes if it would go towards the social safety net. Maybe that's just us though."


If history is any indication, people don't respond well to tax hikes.



Obama was asked in the 2008 democratic primaries why he would raise taxes on capital gains if, historically, every time the tax rates went up, revenue from the tax went down (and every time capital gains taxes were lowered, federal receipts from the tax went up). His answer was, "I would raise the tax for purposes of fairness."



I don't understand this line of thinking at all. You are punishing someone for investing (by taxing them at a higher rate) and the end result is that the federal government takes in less money. Everybody loses. It makes absolutely no sense to me.

Monsieur Tastybutt TTC since Jul 2011; 2 kids; Oklahoma 426 posts
30th Oct '12
Quoting SpaceCowgirl:" If history is any indication, people don't respond well to tax hikes. Obama was asked in the 2008 ... [snip!] ... and the end result is that the federal government takes in less money. Everybody loses. It makes absolutely no sense to me."


It makes sense to me. Our family believes that should we ever get to the point to where a capital gains tax would be something that we could use, we'd prefer to pay the highest amount. Why should we be the only ones to benefit from our good fortune?

SpaceCowgirl Due December 21; 3 kids; Oregon 20240 posts
30th Oct '12
Quoting Monsieur Tastybutt:" It makes sense to me. Our family believes that should we ever get to the point to where a capital gains ... [snip!] ... that we could use, we'd prefer to pay the highest amount. Why should we be the only ones to benefit from our good fortune?"


You missed the point.



And nobody is stopping you from sending your excess to the federal government.

Back to Noob Status Ohio 14048 posts
30th Oct '12
Quoting SpaceCowgirl:" You missed the point. And nobody is stopping you from sending your excess to the federal government."


I doubt anyone would do that willingly, lol.

SpaceCowgirl Due December 21; 3 kids; Oregon 20240 posts
30th Oct '12
Quoting Back to Noob Status:" I doubt anyone would do that willingly, lol."


I don't understand why the rich people in Hollywood and people like Warren Buffet who say that they want to be taxed more don't just send a check to the IRS.

Back to Noob Status Ohio 14048 posts
30th Oct '12
Quoting SpaceCowgirl:" I don't understand why the rich people in Hollywood and people like Warren Buffet who say that they want to be taxed more don't just send a check to the IRS."


Would the IRS accept it?

SpaceCowgirl Due December 21; 3 kids; Oregon 20240 posts
30th Oct '12
Quoting Back to Noob Status:" Would the IRS accept it?"


Yep.

Back to Noob Status Ohio 14048 posts
30th Oct '12
Quoting SpaceCowgirl:" Yep."


One thing I don't understand is how Hollywood can be so liberal when they are being taxed to Kingdom Come.

SpaceCowgirl Due December 21; 3 kids; Oregon 20240 posts
30th Oct '12
Quoting Back to Noob Status:" One thing I don't understand is how Hollywood can be so liberal when they are being taxed to Kingdom Come."


I'm not really sure, either. I guess social issues. I'm hoping that in my lifetime, the republican party gets completely phased out and replaced with the libertarian party.



Anyway, I found this for those of you who want to make your contributions to Uncle Sam:



Gifts to the United States Government



How do I make a contribution to the U.S. government?
Citizens who wish to make a general donation to the U.S. government may send contributions to a specific account called "Gifts to the United States." This account was established in 1843 to accept gifts, such as bequests, from individuals wishing to express their patriotism to the United States. Money deposited into this account is for general use by the federal government and can be available for budget needs. These contributions are considered an unconditional gift to the government.
Financial gifts can be made by check or money order payable to the United States Treasury and mailed to the address below.



Gifts to the United States
U.S. Department of the Treasury
Credit Accounting Branch
3700 East-West Highway, Room 622D
Hyattsville, MD 20782



:lol:

Back to Noob Status Ohio 14048 posts
30th Oct '12
Quoting SpaceCowgirl:" I'm not really sure, either. I guess social issues. I'm hoping that in my lifetime, the republican party ... [snip!] ... States U.S. Department of the Treasury Credit Accounting Branch 3700 East-West Highway, Room 622D Hyattsville, MD 20782 :lol:"


Lmao.



And I can deal with a Libertarian party. At least they are socially liberal for the most part. ;)

khigh 1 child; Fort Sill, Oklahoma 8101 posts
30th Oct '12

Taxless? No. However, I want to do away with the INCOME TAX all together and go with the Fair tax!



http://www.fairtax.org/site/PageServer
http://www.youtube.com/watch?v=QRpWir4eDrs

Back to Noob Status Ohio 14048 posts
30th Oct '12
Quoting khigh:" Taxless? No. However, I want to do away with the INCOME TAX all together and go with the Fair tax! http://www.fairtax.org/site/PageServer http://www.youtube.com/watch?v=QRpWir4eDrs"


Wouldn't a fair tax discourage capitalism?

khigh 1 child; Fort Sill, Oklahoma 8101 posts
30th Oct '12
Quoting Back to Noob Status:" Wouldn't a fair tax discourage capitalism?"



Nope because the price of goods would stay EXACTLY where they are (eliminates corporate tax which is hidden in the price of goods). So, say you buy a sweater that is $100 and the sales tax is $8, the final price is $108.

Under fair tax, with Corporate tax eliminated, the sweater would be $78, with fair tax (23%), you would have a sweater that has a tax of $17.94 (total $95.94) and with a state sales tax of 8%, it would be $103.61.

So, it is $3.61 more under FairTax, HOWEVER you have no corporate or income tax (you are taking home more money). You are also given a certain amount of money prorated at the beginning of each month if you make under a certain amount to cover your FairTax, so the poorest 50% are still not having to pay any tax at all.

Does that make any sense?

Back to Noob Status Ohio 14048 posts
30th Oct '12
Quoting khigh:" Nope because the price of goods would stay EXACTLY where they are (eliminates corporate tax which ... [snip!] ... amount to cover your FairTax, so the poorest 50% are still not having to pay any tax at all. Does that make any sense?"


Yes it does! Thanks for the clarification.

TheNuge 1 child; Pennsylvania 23152 posts
30th Oct '12
Quoting Back to Noob Status:" How many of you (aimed at Republicans) would support a tax-less nation? A nation where people had to ... [snip!] ... to pay a higher percentage in taxes b/c I have more to give. So, does taxing the rich at higher amounts REALLY punish them?"


I'm not in favor of a "taxless nation," and i belive in a moderatly progressive tax. I also believe EVERYONE should pay some federal and state income tax even if it's $100/yr.

Taxing the rich at significantly higher rates CERTAINLY discourages work and growth of the economy.

Your example of getting to $60k doesnt really wrk as you wouldnt be rich and wouldnt bump into a very high bracket.