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Forums - General Discussion - Flat tax rate system should be enforced now.

 

Flat tax rate system should be enforced now.

Sounds like a fair tax system. Sign me up!!! 22 24.44%
 
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Flat tax rate system should be enforced now. 20% tax rate on every dollar you earn. Fair simple tax system.

Government only provides Police services and military services. Both health and Education are fully privatised and run by free market system. Charity replaces social security system. Aged pensions are self funded, not from government. Water and utilities are provided by private enterprises, no government monopolies. 

No discrimination on socio-economic background. More jobs would be created and everyone would be better off. 

The 20% flat tax rate applies to all  individuals and all companies. A flat tax rate system applying to companies and individuals would be fair and reasonable. Conservative Libertarians would be over the moon with the implementation of a flat tax rate system. 

How about a flat tax rate system? 



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The Mellon plan

Mellon came into office with a goal of reducing the huge federal debt from World War I. To do this, he needed to increase the federal revenue and cut spending. He believed that if the tax rates were too high, then the people would try to avoid paying them. He observed that as tax rates had increased during the first part of the 20th century, investors moved to avoid the highest rates—by choosing tax-free municipal bonds, for instance. As Mellon wrote in 1924:[4]

The history of taxation shows that taxes which are inherently excessive are not paid. The high rates inevitably put pressure upon the taxpayer to withdraw his capital from productive business.

If the rates were set more reasonably, taxpayers would have less incentive to avoid paying. His controversial theory was that by lowering the tax rates across the board, he could increase the overall tax revenue.

Andrew Mellon's plan had four main points:

  • Cut the top income tax rate from 77 to 24 percent
  • Cut taxes on low incomes from 4 to 1/2 percent
  • Reduce the Federal Estate tax
  • Efficiency in government.
  • Mellon plan was a huge success.  Highest tax rate around 24%, lowest tax rate around 0.5%. Reducing taxes encouraged more tax payers to pay tax and government became more efficient. Low taxes for all tax payers who would say no to that?
    Flat tax system may actually work, more efficient government and more people would be willing to pay taxes. Businesses would grow, more investment and lower unemployment due to businesses having more money to create more employment opportunities for  low to middle income workers.  


    So a person making $8 an hour should be taxed the same as somone making $64 an hour? Is that fair? Yes. Is it morally correct? Hell no. Also privitized schools and health care is a rather poor idea.



    I don't know much about elsewhere, but here in the U.K we have a progressive tax system with 0%, 20%, 40% and 50%.   I believe that a progressive tax system is much fairer than a flat rate one as I believe that those with more income have a duty to pay proportionately more tax.

    Where I think our tax system fails is that it generally (with the exception of inheritance and capital gains) taxes income rather than wealth.  I read in the New Statesman not too long ago that 1% of the U.K population owns roughly 70% of the land in the country.  If a 'land tax' was introduced and it had a threshold high enough to not include most farmers, believe that it could produce a much fairer tax system.

    Being somewhat a social democrat, I believe that tax should be raised for targeted areas (higher top rate, reduce ISA limit, etc) to finance a more enabling state.  I do believe however that some indirect taxes should be reduced as they are regressive.




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    A flat tax system is a much more fair and reasonable way to tax people because a person who earns 3 to 5 times as much as another individual shouldn't pay 10 to 20 times as much tax. On top of this the more "progressive" the tax system is the more likely it is for the system to be built around the concept of "Robbing Peter to pay Paul"; and the more "progressive" the tax system becomes the more loopholes are introduced which allow people to avoid their taxes. With that said, every person should have portion of their income which are tax free that represent the basic cost of living; say $15,000 to $20,000 per year.

    Now, as for services the government should provide ... The government should only provide services when they're necessary services and the government is the only entity that can (Foreign Affairs, Military, Police, etc) or when the service provided offers significant value and the government can deliver them at (or above) the quality level of a private institution at (or below) the cost of a private institution. Education is generally a service that the government can deliver in an effective way, but in the United States it is failing in a pretty remarkable way.



    Sounds good as long as their are no loopholes.



    HappySqurriel said:

    A flat tax system is a much more fair and reasonable way to tax people because a person who earns 3 to 5 times as much as another individual shouldn't pay 10 to 20 times as much tax. On top of this the more "progressive" the tax system is the more likely it is for the system to be built around the concept of "Robbing Peter to pay Paul";

    Take away $5,000 from a poor person and you starve them of many of the essentials of life such as food. Take away $50k from a wealthy person and you starve them of an overseas holiday and force them to buy a new BMW every 3 years instead of every 2. Obviously taking $50k from that wealthy person is completely unfair. I agree with what you say.



    Tease.

    Indeed, I think it's unfair that the comfortably rich can't be even richer. After all, just how many millions are enough? There's no limit, obviously.



    Well i like my taxes the way they are. But here in Canada our medical and water is covered in our taxes and our own state medical. I feel sorry for everyone in the US who dies because they don't have the money for medical treatment. Also I think the rich should be taxed more. They are gaining more from your society so they should give more back. If a poor man looses 10% in taxes and is forced to live on the streets do to lack of finances a rich man who makes say over 200K should have to pay 15% or so maybe even 20% if you make a mill or so.

    The wealthy should help those they are using to get rich. In a country of democracy all citizens should be given equal rights and the rich should not be in such a powerful position compared to the poor. I mean seriously this is how democracies got started the poor people over through the nobels to create democracy.

    If you are insainly wealthy you should give back if not voluntarily through taxes. Give back to all those people buying your products and paying for your lifestyle.



    -JC7

    "In God We Trust - In Games We Play " - Joel Reimer