- Details
- Written by: Brian Chrisman
- Category: the TAX system
- Hits: 218
the COMPASSIONATE tax credit....
do you HATE that the government gets to decide.... where your money is going to be spent....
that they TAKE more and more and more..... of your money....
and....
they decide.... what it will be spent on....
what if....
you could decide.... where your tax dollars go....
that is what the compassionate tax credit is all about....
would you be willing to contribute more.... IF.... you were able to CHOOSE where you tax dollars went....
most.... many.... people.... are willing to make donations to non-profits.... this is a similar structure.... and.... it is pretty simple.... understanding the concept.... is pretty simple.... but.... understanding the math.... is a little more complex.... and.... eye do not know.... if it is necessary to understand the math....
basically.... under the current system.... you get to take a tax deduction.... if.... you donate money to a non-profit.... and.... this is really NOT much of a perk.... it is the same thing as making less money.... if you donate a million dollars.... from a tax standpoint.... it is as if you never made a million dollars....
with the compassionate tax credit.... when you donate a million dollars.... you still get the tax deduction.... but.... you also get a tax credit.... which means.... you owe less taxes on the money that you keep....
for instance.... ok.... now here is where it gets a little more complex to follow.... so.... eye will TRY to use numbers that make it as simple as possible....
so.... for instance.... if you made one hundred thousand dollars last year.... and.... the tax rate was flat rate (you owe the same percentage no matter how much you make).... and.... let us say the flat tax rate was twenty-five percent.... then.... you would owe twenty-five thousand dollars in taxes....
then.... under the current system.... if you donated fifty thousand dollars.... you would only owe twelve thousand five hundred dollars in taxes....
and.... under the new system.... let us say that the tax credit is ten percent.... then.... because you donated fifty thousand dollars.... you would receive a five thousand dollar credit.... which you could use.... to lower you tax burden on the income that you retain.... so.... you would owe.... seven thousand five hundred dollars (fifty thousand times twenty five percent minus five thousand dollars)....
under the old system.... you would owe.... twelve thousand five hundred dollars.... under the new system.... you would owe seventy five hundred dollars.... with the same income.... and.... the same donation....
now.... here is where the fun begins.... it is possible.... for you to pay NO taxes in the new system.... even though you report an income.... and.... here is where the numbers get a little MORE complex.... it is easier to follow.... if the tax rate is the same percentage as the tax credit....
so.... if you earned one hundred thousand dollars last year.... and.... you donate fifty thousand dollars.... and.... the tax rate is thirty percent and the tax credit is thirty percent.... THEN.... if you donate fifty thousand dollars.... and.... you owe NO taxes on the remaining fifty thousand dollars that you keep.... because.... you OWE fifteen thousand dollars in taxes on the retained income.... AND.... you RECEIVE a fifteen thousand dollar credit from the money that you donated..... and.... the net.... is.... zero taxes....
now.... some of you might say that this is unfair.... why should a wealthy person be able to pay no taxes on thier fifty thousand dollar retained income.... AND.... you must pay fifteen thousand dollars on your retained fifty thousand dollar income.... BUT.... the reason it is fair.... is.... because.... you can also pay NO taxes.... you can also donate HALF of your income.... you can donate twenty five thousand dollars.... and.... pay NO taxes to....
and.... this works out to be a better deal for the government as well.... because.... as long as the government gets to choose that categories that qualify for the compassionate tax credit.... the money is spent for the same public good.... BUT.... more money is spent....
in the first scenario.... if the wealthy person.... donates nothing.... they pay thirty thousand dollars in taxes.... and.... the government decides what it is spent on.... and.... in the second scenario.... the government gets nothing.... BUT.... fifty thousand dollars is spent toward the public good.... twenty thousnd dollars more....
- Details
- Written by: Brian Chrisman
- Category: the TAX system
- Hits: 287
the TOXIN tax....
eye will create taxes.... for toxins.... not just for carbon.... but.... for all SIGNIFICANT toxins....
starting with mercury.... mercury IS our greatest problem right now.... not.... carbon....
eye will create a mercury tax.... which.... will apply primarily to coal.... the most significant contributor to global destruction....
eye will tax it.... and.... eye will ONLY use it to fix the problem....
eye will use it.... to clean up the oceans.... to clean up the human body....
eye use it.... to HELP private enterprise to CREATE solutions....
there is a chemical in oranges.... that can be used to remove mercury from the environment....
eye will use the tax revenue.... to invest in private solutions.... to remove mercury from the ocean....
eye will use the tax revenue.... to invest in development.... of natural supplements.... to remove mercury from the human body....
- Details
- Written by: Brian Chrisman
- Category: the TAX system
- Hits: 288
the CORPORATE tax....
eye will ELIMINATE the corporate tax....
the corporate tax is unfair.... the corporate tax.... is a method of DOUBLE taxing investors.... the corporation pays a tax.... and.... then... the investor pays a tax.... it is DOUBLE taxation.... on investors.... discouraging investment....
the corporate tax creates innefficiencies.... when corporations make investment decisions.... based on minimizing their taxes.... rather than maximizing efficiency.... when corporations decide to build a subsidiary in a certain country.... for tax reaasons.... it makes corporations highly innefficient.... by eliminating the corporate tax.... corporations will be able to FOCUS on being the most productive....
do NOT worry.... my tax system is a wholistic approach.... although eye will eliminate the corporate tax.... the wealthy WILL pay their fair share.... under my tax system.... the rich will pay MORE taxes.... far more taxes.... despite the elimination of the corporate tax....
- Details
- Written by: Brian Chrisman
- Category: the TAX system
- Hits: 296
the UNREALIZED gains tax....
saving up unrealized gains.... is how the wealthy in the united states.... has AVOIDED paying taxes.... many of them.... for decades....
for example.... jeff bezos.... by.... never selling any of his amazon stock.... built up hundreds of billions in unrealized gains.... instead of selling stock.... he would borrow against his stock.... often reporting significantly lower income.... and.... in two years.... he reported no income.... in two years.... he paid NO taxes.... from two thousand six to two thousand eighteen.... he only paid one and a half percent taxes on his income.... while the rest of us.... paid twenty percent on average....
eye WILL tax unrealized gains.... even if jeff never sells his stock.... he WILL pay taxes on the gains that he made on that stock....
his tax rate.... will be thirty five percent of his total income (realized and unrealized).... just like the rest of us....
it is my estimate.... that he has avoided paying over seventy five billion in taxes throughout the years.... from nineteen ninety to today.... he has avoided paying seventy five billion dollars in taxes....
in an average year.... he will only owe around three billion dollars in taxes.... as his average increase in wealth has been around ten billion per year....
but.... when this new tax policy is implemented.... he will pay.... a ONE time catch up tax.... of seventy billion dollars.... so will ALL of the wealthy.... that have sheltered their gains in unrealized gains....
- Details
- Written by: Brian Chrisman
- Category: the TAX system
- Hits: 287
the FLAT tax....
it is MY personal belief.... that we only need ONE tax.... one global tax.... one national tax.... one state tax.... one city tax....
that we only need ONE revenue driven tax.... one tax to operate the government....
and....
it is MY personal belief.... that that tax is the INCOME tax.... or.... as eye like to think of it.... the EXPLOITATION tax.... the MORE you exploit MY world.... the more you have to contribute.... to the common good.... the more that you have to pay.... for using my resources.... my minerals.... my land.... my citizens....
we can eliminate the sales tax.... which is regressive.... which taxes the poor at a higher rate than the rich.... because.... the poor spend a higher percentage of their income than the rich....
we can eliminate the property tax.... which encourages governments to artificially increase property values....
and.... this tax CAN be set up as a FLAT tax.... not a progressive tax.... not a regressive tax.... a flat tax.... let us say.... a thirty percent flat tax.... to start....
the MORE you exploit MY world.... the more you contribute.... therefore.... if you make ten dollars per year.... you pay three dollars in taxes.... if you make a billion dollars per year.... you pay three hundred million in taxes.... the same percentage for everyone....
this flat tax works best.... with the implementation of a tax on unrealized gains.... with the elimination of the corporate tax (a double taxation on investment / discouraging investment).... with the elimination of ALL tax loopholes.... EVERYONE.... with an income.... pays the SAME tax rate....
the remaining taxes.... are either.... revenue neutral.... OR.... they address an externality.... and.... they are ONLY used to address the externality....