Saturday, July 10, 2021

12 People Pay Taxes

  • Which type do you prefer - progressive, flat tax, income, consumption - and why? I can't say I can really prefer a tax. If taxes were easy the arguments about who pays would not exist. Although a friend from Norway claims she fills out a single sheet of paper when filing her taxes, she was taught to do it in school and it is straight forward and simple. That is something I could get behind the administrative burden of all tax forms annoys me. Consumption Tax is interesting however you will get taxed eventually when you spend. Income tax though a little hard to grasp is at least taken off the top and you know what you are left with. It does not stop there though you are still taxed at the pump, so to speak. If you are taxed more do you get more? It is said so in Scandinavian countries. Someone has to pay for it is what it comes down to.
  • How do you think the concept of equity or fairness fits into a tax system - if at all? Fairness appears to be the goal but obviously not always achieved. A flat tax, one number based on a % of income nothing more nothing less seems to make sense. I am not sure what that looks like. Maybe that is naive? Should the wealthy be responsible to pay more? Should you have to pay for something you don't use? If you don't have kids or your kids have moved away should you still have to pay for schools in your community?
  • How about incentives? In our tax code I am not sure incentives are very easy to understand or to be aware of. Kids for example. If you did not have kids think of the money you could save. Do child tax credits really make a difference? It appears there are people out there who have kids to acquire benefits. Not spending money on kids and how you manage that money would be the true benefit. Now I Love my kids, just saying. Incentives for companies to come to an area for economic benefits but those incentives should not allow them to rule the roost, it should lay them into the fold. 
  • Former President Trump says the last tax bill caused structural changes in the economy that would lead to more growth.  What do you think? Can you find any data to support your view? Growth is good. Not sure most people including myself will ever understand the changes implemented by the Trump administration and how it will lead to it. He also said he was going to reopen steel mills in Ohio and keep out Mexican rapists. That is just foolishness. One could guess that his latest tax bill garnished more support for the wealthy. Trump was also smacked with the pandemic what has that done to the changes in tax code? Not sure if printing money was the answer, someone has to pay for that too.

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