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A Prelude to Taxing Unrealized Income?
Northwoods:
I'd like to see a constitutional amendment overturning the 16th amendment and also barring all states (and subdivisions thereof) from levying ANY tax except for retail sales taxes. The feds could also levy import duties. That's it.
AZRedhawk44:
--- Quote from: sumpnz on March 26, 2024, 10:47:16 PM ---I'd like to see a constitutional amendment overturning the 16th amendment and also barring all states (and subdivisions thereof) from levying ANY tax except for retail sales taxes. The feds could also levy import duties. That's it.
--- End quote ---
I hate to say it, but excise tax is more ethical than import tax. Of course it all goes into a gorram slush fund that can be raided anyways, as opposed to run like a business based around revenues for particular services.
zahc:
Federal tax policy needs completely reworked to be honest. It is overly reliant on income tax which is a major economic problem. Ron Paul made this point strongly and he wasn't wrong. Abolishing the 16th might be a good start just to force a change.
Nick1911:
Here's something jacked up. I've got a student that works commercial HVAC. He makes about $25 per hour at his day job. He wants to earn a little money on the side doing residential gigs. If he plays it straight up honest, his tax rate on that extra money would be 22% Federal Income Tax, 12.4% social security (both sides), 2.9% medicare, 4.8% to the state of Missouri. 42.1% total income tax for someone making $50K a year that wants to bring in some extra money.
zahc:
Same with my wife. Even if she gets a job making minimum wage, she will pay our joint tax rate, so starting from the very first dollar she earns, no deduction (because we take the deduction regardless) she will be taxed at 22%+. I would be better off to divorce her, then she would pay zero or negative income tax up to like 50k.
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