Moot point if you earn 65K or more; you already lost them to Alternative
Minimum Tax.
Charlie
On Sat, Oct 25, 2008 at 2:46 PM, Sue Pearce <bs.pearce@xxxxxxx> wrote:
>
> Flat tax, at least as proposed here hits middle in a most unpleasant way.
> Anyone who presently itemizes their deductions will most likely lose, as
> they will pay all t he tax with no means to reduce it.
>
> Bill Pearce
> ----- Original Message -----
> From: "John Hudson" <OM4T@xxxxxxxxxxx>
> To: <olympus@xxxxxxxxxx>
> Sent: Friday, October 24, 2008 7:44 PM
> Subject: [OM] Re: paypal
>
>
> >
> >
> > What's wrong with a flat tax .............. back a few years ago Hong
> > Kong's
> > flat tax on wages and salaries was 15%, there was no capital gain tax and
> > no
> > sales or consumption taxes. The place thrived. Today it booms but I think
> > the flat tax got hiked to 16% or 17%.
> >
> > jh
> >
> >
> >
> > ----- Original Message -----
> > From: "Andrew Fildes" <afildes@xxxxxxxxxxxxx>
> > To: <olympus@xxxxxxxxxx>
> > Sent: Friday, October 24, 2008 5:27 PM
> > Subject: [OM] Re: paypal
> >
> >
> >>
> >> A flat goods and services tax advantages the middle-class somewhat -
> >> there's only so much that you can consume. That's why unprocessed
> >> foods were exempted. Shame the lower classes tend to prefer
> >> Macdonalds. And it really is a tax on everything, including a postage
> >> stamp and an insurance premium. The aim is to recognise that we live
> >> in a tertiary economy - most 'stuff' is manufactured in China (10%
> >> import duty into Aus) but we make our living these days by cutting
> >> each other's hair and lawns. Unlike the European VAT, however, it's
> >> largely invisible to the consumer except in the case of a pure
> >> service such as an auto repair where a labour charge is listed.
> >> Because my 'fee for service' work, like journalism, falls below a
> >> certain threshold ($50K p.a. turnover) I don't have to bother with
> >> declaring it or remitting it to the government thank goodness.
> >>
> >> It should not be confused with the occasional mad proposals for a
> >> flat income tax - that's an entirely different basket of snakes.
> >> Andrew Fildes
> >> afildes@xxxxxxxxxxxxx
> >>
> >>
> >>
> >> On 25/10/2008, at 5:09 AM, Ken Norton wrote:
> >>
> >>> A flat tax would never fly here because of the class warfare which is
> >>> inherent to our culture.
> >>
> >>
> >>
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