Biden on capital gains tax: “We should raise the tax back to 39.6 percent”

I would prefer to not tax business at all. I only want income taxed from the people who work for the company and for the people who own the company. Now businesses will have to still keep books, We don't want a "carpenter" or any small business not to pay taxes and say he made 25,000 last year and the business did 1mil of business. most states will still have corporate taxes so that will solve that.

I want the government to partner with individuals on their healthcare and retirement, no some group that they happen to work for this year. On a 20 trill total of income if you gave every family a deduction for family size equal to the fed poverty level a tax rate of 35%
would provide 7trill of receipts just from income, right now we collect about 4 trill, the other 3 trill will provide the healthcare and retirement.

 

Sorry I thought you meant a flat tax on business. What about pass through businesses where the owner actual files the business taxes through his personal taxes? Businesses have to keep books regardless of taxation and there are several different "incomes" as I noted. You would still need those deductions to get to the taxable income of the business. Personally I don't want government "partnering" with me for anything, that is a GROSSLY unbalanced partnership.

What are you going to tax the remaining 65% at? And we just about have that with the standard deduction now. There's not a lot of itemizing going on anymore.

 

I am not familiar enough with the tax code to even try to venture an answer for you. As a layperson, I don't want the business itself taxed, the profits from the business at some time become the property of the owners and I want the owners taxed at a personal rate of 35%
no longer double taxation.

I don't know what you mean by not wanting to partner with the government, we partner with the government on education, law enforcement, home safety, military defense, trash, food safety, transportation.

I don't want any deductions except for one based on family size. Maybe a 5% deduction for a 401 up to the average American salary, Which Right now is about $60,000

There is no federal tax on the remaining 65%. Basic needs (min retirement income and healthcare) are met wit a 35% tax, the rest is yours.

US business is taxed in ways that thier competition is not. This makes foreign relocation attractive and hurts them in exports. One reason people don't start small businesses is the need for healthcare. One of the reasons that make it hard for small companies to start hiring others is healthcare and SS taxes. The game is fixed for large corporations who are much better positioned to hold on to thier workers.

 

It has always been a question for the "Flat tax", lots of people run their business taxes as pass through on their personal taxes. Yes I think corporate taxes should be low. I in fact lean to the "Fair tax" as a consumption tax rather than an income tax.

I mean the FEDERAL government primarily and local and state where necessary. Get government out of my retirements system and health care and keep my tax at my net rate 11%-12%.

 

You want the feds to eliminate tax deductions on health Insurance? I think a consumption based tax would work in conjunction with a min income tax on the top 10%.

I can't see how having a guy who makes 1 mil a year and spends 100,000 pays the same fed tax burden as a guy who makes 125,000 and spends 90% of his income to live. A rich guy could do disney in Paris cheaper than you could in Orlando.

 

Just on the backs of all taxpayers.

 

I don't want them to "partner" in my health care or rather didn't want them to I'm on Medicare now and have no choice. And just a consumption tax no tax on income on anyone. That just opens the door for liberal tax and spenders in Congress to slowly increase who pays income taxes and how much.

So what, since when is the government supposed to make that "fair". And the guy making that million pays HUGELY more tax than the guy making $125,000. Taxes are a part of living.