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Topic: Flat Tax (part II)
Username: Superfly
Posted 2002-01-17 03:05:41 and read 817 times.

Last May Cfalk started a similar topic.
I do a search prior to starting a thread  Smile


Well now taxes seem to be a hot topic, what are your opinions of a flat tax?
So far, no major politician has ever proposed a 'true' flat tax. In 1996 and 2000 Steve Forbes thought he proposed a flat tax but was still allowing loopholes for families with kids and mortgages. That's not a flat tax.

Back in May I said:

"Problem is, getting rid of the homeowners intrest tax deduction would be a tough sell.

Banks would have a fit because there would be less of incentive for people to buy property.
The 'family values' conservatives would have fit because there would be no right-off for every child you have.

There will never be a flat tax here in the United States at least.
There is just too much at stake if the current system goes under."

I still have the same opinion.
Would people go along with a flat tax knowing they would loose there mortgage tax deduction and write offs on there large family?

Topic: RE: Flat Tax (part II)
Username: PanAm747
Posted 2002-01-17 03:13:11 and read 808 times.

How about Real Estate Investors and landlords?

Topic: RE: Flat Tax (part II)
Username: Superfly
Posted 2002-01-17 03:15:55 and read 806 times.

What about them?

Topic: RE: Flat Tax (part II)
Username: PanAm747
Posted 2002-01-17 03:18:24 and read 803 times.

If you do away with tax breaks, especially home loans, you will see less development.

Tax breaks is what attracts people to real Este.

Less develpment means less homes/apartments, less construction jobs, etc..

But look at the bright side, your SF house will be worth millions in the future.

Topic: RE: Flat Tax (part II)
Username: JetService
Posted 2002-01-17 03:21:09 and read 799 times.

The flat-tax plans I've heard would indeed be a tough sell, because it seems most would hurt the middle-class the most. Particularly the group that is just nicking the 28% bracket. For the lower-income, it would virtually eliminate taxes and for the more affluent, it would reduce their taxes enormously. Middle-class gets hosed.

Topic: RE: Flat Tax (part II)
Username: Superfly
Posted 2002-01-17 03:22:12 and read 799 times.

It's already worth millions!  Laugh out loud

Actually there is NO room here to develop anyway.

Topic: RE: Flat Tax (part II)
Username: Superfly
Posted 2002-01-17 03:24:59 and read 792 times.

JetService:
Good observation. It only sounds good during elections. It would wipe out most if not all tax attornies.

Any politician that proposes a flat tax is full of $h!t anyway.

Topic: RE: Flat Tax (part II)
Username: JetService
Posted 2002-01-17 03:34:51 and read 786 times.

Superfly, thanks. I just did the math! LOL!!! I'm a pretty good poster-child for a middle-class taxpayer. Nothing wierd. One income. Typical deductions (mortgage, kids, and some contributions). Flat taxes so far turn out costing me more in taxes than not. But I could see how they would eliminate a ton of overhead in the gov't.

Topic: RE: Flat Tax (part II)
Username: Sccutler
Posted 2002-01-17 03:36:11 and read 786 times.

A tax scheme with predictable and consistent results, one that does not rely upon interpretation of massive and arcane regulations?

Sounds perfect. It'll never happen.

Politicians use tax policy to reward favored constituents and supporters; a genuinely "flat" tax will never fly for that reason alone.


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