Tax the rich.......

r.payton@att.net · 05-22-2008, 05:20 AM

Originally Posted by Cyclone85

The tossing could start soon. According to my very reliable source, the Repubs could lose up to 70 seats. I'm fine with that....300+ more to go 2-years later. When the senate is up, I would pray that both Harkin and Grassley from Iowa go bye-bye as well. Bubye....Bubye....Bubye. $300-billion farm bill....you gotta be kidding me. And these 30 and 40-year politicians.....why?

I don't know anything about fractionalized banking. I Googled the thing, and I had to crack another American non-hoppy beer after reading 2 or 3 web sites. Yikes.

In the immortal words Beavis ''that sucks''.

r.payton@att.net · 05-22-2008, 05:44 AM

flat tax in action-min wage would pay $750 per annum
$50,000 would pay $5000.00 per annum
$100.000 '' '''$10,000.00 per annum
bill Gates would pay $6,700.000,00.00
and since Mr. Gates farms out his work I think he should pay an additional 5%for weakening the dollar .Nothing new here -the Kingfisher said it 70 years ago and we all see how that happened . I remember when Reagan announced how unfair it was to tax the rich since they provide jobs . How amy jobs does Gates or Knight provide Americans ??

skipster · 05-22-2008, 06:34 AM

Originally Posted by r.payton@att.net

Cyclone 85 ,

You've finally come up with a plan I can get behind -toss em all and start over . Until we end fractionalized banking nothing will ever truly change . How did we allow this to come to pass ? If you have $10,000,000.00 you shouldn't be able to loan $100,000,000.00. But that is what we have and if you were making that type of money would you give it up?

The fractional reserve system is probably responsible for the majority of wealth accumulated in this country. I think your characterization is off a bit, though. In fractional reserve banking, a bank is required to keep only a percentage of deposits on-hand. The rest may be used for other purposes, such as loans.

If you deposit $1,000 and the reserve requirement is 10%, the bank must keep $100 on-hand and is free to lend out $900. The total wealth held by the bank is $1,000. You still have your $1,000 that you put in the bank, but now someone else has the opportunity to use $900 and, after it is paid back to the bank, the total wealth in the bank is $1,900, instead of just $1,000.

This is why banking is very important to our economy.

r.payton@att.net · 05-22-2008, 06:46 AM

If you are truly interested in this topic you should read ''the Monster from Hyde Island'' by Eustace Mullins . It is out of print but if you look hard enough you may find a copy on the net .

RYou · 05-22-2008, 08:04 AM

A graduated flat tax would be more appropriate, something like:
10% up to 50K
12.5% 50K-200K
15% > 200K

With that you'll be able to eliminate loan interest, state tax, deductions, and the separate FICA wage tax.

Don't expect the IRS to go away. There are too many cash businesses and contractors out there to keep an eye on. Besides I would leave the medical deduction in place for those families with catastrophic medical expense. If there is a way to have all cat medical expense assumed under Medicaid/Medicare regardless of income, then I'd eliminate that too.

RYou · 05-22-2008, 08:06 AM

What I really dislike about the current formula - -a while back I got a nice bump in pay. It pushed me into another bracket. When it was all said and done, the added taxes consumed the entire take home from the bump. Boy was I PO'd.

jpv · 05-22-2008, 08:31 AM

In Russia every Russian citizen pays 13%.

r.payton@att.net · 05-22-2008, 09:35 AM

You guys know the IRS is an illegal institution -but they will arrest you if you don't pay your taxes . The only good thing about being disabled is you don;t have to file taxes -the bad thing is the reason you don't have to file -you don't make enough money .

Cyclone85 · 05-22-2008, 11:06 AM

Ok, I thought I had heard Russia had gone to a flat tax.

Originally Posted by jpv

In Russia every Russian citizen pays 13%.

Tight-Waist · 05-22-2008, 11:16 AM

Originally Posted by jpv

In Russia every Russian citizen pays 13%.

I like that. I would even eliminate sales taxes on food and medicine under that scenario.

Tax the rich.......

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