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Extremeskins

Republicans Plan Push for Elimination of IRS


Thiebear

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The flaw is almost everyones thinking is that a Gallon of Milke that costs $3.49 now will cost $3.49 if this tax plan takes effect.

This plan will essentially remove all taxes prior to consumption. (i.e. the cost of getting goods produced, transported, and stocked on the shelves - business to business transactions will be tax-free)

So that Gallon of milk will cost around $2.70.

Throw the 15% on top of that and its around $3.22 a gallon.

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This is how I see it:

I will make an additional? dont have a paycheck handy..

Federal alone? 1300 a month? Are you freaking kidding me?

Sweet monkey brains... I would earmark 300 to go towards the company stock purchase and 400 to go to the mother in law and the rest would get spent like it was on fire..

build the gazeebo

build the gable shed

redo the cracked driveway

fix the wiring in my old arse house to the upstairs

ohh you want to talk about helping the economy... The President that got into office after this took effect would look like the Greatest Economical Person on the Planet...

O.K. I have to stop now, getting all weepy... and in case i'm wrong about this i'm not coming back to read it.... ;)

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One intersting side effect of getting rid of the IRS is we would lose our ability to track the impact of getting rid of the IRS on Businesses.

As it stands now many of the numbers that come out and are used by everyone from the Fed to investors rely on the IRS to first identify what is a business. Businesses are identified by the forms they fill out. Then surveys like the quarterly financial report and others are conducted by the economic census among the "businesses" to give us our info on how the economy as a whole is doing (or how sectors are doing).

One small (or in my eyes not so small) effect of getting rid of the IRS will be an economy managed blindly. Do you think Greenspan has done a good job? Well if this went through, he wouldn't have the info he uses to do his job. Of course we won't know if he's able to do his job since we will have made the measurement of the business side of the economy...

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Oh believe me, low-income-earners pay taxes. I have worked for consulting firms, and I have worked for charitable nonprofits. I've been in the highest tax bracket, and I've been in the lowest. And believe me--low incomes are taxed (Medicare, Social Security, unemployment insurance). Income tax is not the only tax.

ACB.. we're talking income taxes only here. And... I pay those taxes as well... ontop of the higher tax bracket because I'm deemed "fortunate...blessed.. lucky". 50% of people don't pay an INCOME tax... because they get a refund at the end of the year. I don't!!!!! I get a bill for my taxes... Tell me... why should I pay income taxes and someone else not? Because I can? B*ll****!!!!! Show me in the Bill or Rights or Constitution where it says that all men are created equal.. but those making more money shall pay more taxes!!!

That's just it!!! This "soak the rich because they can afford it" crap must end.... I'm not placed on this earth to pay more than my share.... unless I want to... and I do that by giving to charity. So... I pay taxes... someone else doesn't.... plus I give to Charity!!! :doh:

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Originally posted by Cskin

ACB.. we're talking income taxes only here. And... I pay those taxes as well... ontop of the higher tax bracket because I'm deemed "fortunate...blessed.. lucky". 50% of people don't pay an INCOME tax... because they get a refund at the end of the year. I don't!!!!! I get a bill for my taxes... Tell me... why should I pay income taxes and someone else not? Because I can? B*ll****!!!!! Show me in the Bill or Rights or Constitution where it says that all men are created equal.. but those making more money shall pay more taxes!!!

That's just it!!! This "soak the rich because they can afford it" crap must end.... I'm not placed on this earth to pay more than my share.... unless I want to... and I do that by giving to charity. So... I pay taxes... someone else doesn't.... plus I give to Charity!!! :doh:

Cskin I agree with you 100%, Its total bull they charge me about 1/4 of my pay in taxes. How does this plan take into account for people with kids, house etc. or does it.

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I have a question:

Someone brought up the point about Companies are judged or catagorized by their tax status or some such.. And if the IRS goes down how do we figure that out?

How did we figure it out before taxes kicked in:

1861:

August, 05 - American Civil War: In order to help pay for the war effort, the United States government issues the first income tax as part of the Revenue Act of 1861 (3% of all incomes over US $800; rescinded in 1872).

1895:

May, 20 - In the case Pollock v. Farmers' Loan & Trust Co. 157 US 429 and 158 US 601 1895, the Supreme Court of the United States rules against the establishment of the first Federal income tax, and thereby strikes down part of the Wilson-Gorman Tariff.

1913:

February, 03 - The 16th Amendment to the United States Constitution is ratified, authorizing the Federal government to impose and collect income tax.

February, 25 - The 16th Amendment to the United States Constitution, authorizing a graduated income tax, is ratified.

1916:

January, 24 - In Brushaber v. Union Pacific Railroad, the Supreme Court of the United States declares the federal income tax void.

1917:

July, 25 - Sir Thomas Whyte introduces the first income tax in Canada as a "temporary" measure (lowest bracket is 4% and highest is 25%).

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Why does everyone say taxes are so complicated?

Geez, it takes me like two hours every year to do them and I itemize.

My advice is to get a calculator and a file storage box.

The plans described here sound just as complicated as what we have.

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Originally posted by Jackson's Ward

Why does everyone say taxes are so complicated?

Geez, it takes me like two hours every year to do them and I itemize.

My advice is to get a calculator and a file storage box.

The plans described here sound just as complicated as what we have.

you need turbo tax my friend :)

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Originally posted by jbooma

you need turbo tax my friend :)

No kidding. I ran my own business for profit, then moved countries and started working for someone else. I had weird health expenses (as an American national, I am not covered by Australia's health-insurance scheme and have to buy bizarre "foreigners' insurance"). I have investment assets paying dividends and capital gains. I'm paying off student loans.

It took me 20 minutes to do my taxes.

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