Democrat or Republican

[killersheep]

hmmm I find that most Libertarians are in a consensus on social issues but start to differ on foreign policy, immigration and how much is too much privatization. It is usually easier to define personal liberty in social issues than disect the abstract of "too much govt". A good example of libertarian principles is the gay marriage issue. Instead of "civil unions" being an exception for homosexuals they should be the rule for all. Marriage is a religious ceremony and the gov't has no place in recognizing it but it can approve legal binding agreements between two consenting adults. Abortion gets a little trickier depending on when you believe "life" has happened in regards to the fetus, but for the most part libertarians would be pro-choice of some variety.

How do you feel about the tax credit for having children?

[VictorCharlie]

Killer I concede the current necessity for a federal income tax as a necessary evil but I would get rid of all credits, deductions, loopholes etc and have a simple progressive system based on gross earnings in the year.

1. No income tax paid
2. 0.5%
3. 1%
4. 2.5%
5. 5%
6. 10%
7. 15%
8. 20%
9. 25%

That being said my fantasy federal gov't would not require a federal income tax to fund it.

[killersheep]

Killer I concede the current necessity for a federal income tax as a necessary evil but I would get rid of all credits, deductions, loopholes etc and have a simple progressive system based on gross earnings in the year.

1. No income tax paid
2. 0.5%
3. 1%
4. 2.5%
5. 5%
6. 10%
7. 15%
8. 20%
9. 25%

That being said my fantasy federal gov't would not require a federal income tax to fund it.

What about capital flight? Should it be allowed?

[VictorCharlie]

You are going to have to be more specific on that one. I wouldn't tax interest earned on accounts whether they were CONUS or overseas. That income in theory has already been taxed once.

[killersheep]

You are going to have to be more specific on that one. I wouldn't tax interest earned on accounts whether they were CONUS or overseas. That income in theory has already been taxed once.

Specifically overseas as undocumented income. Furthermore, captial gains: taxed as income?

[VictorCharlie]

Capital gains would fall into gross income but I would not tax inheritance or interest earned on investments/savings. Ok back to foreign investment. You have to differentiate investments and tax shelters. I'm no tax lawyer but basically if you are trying to hide income earned from U.S. investments, sales, salary etc in offshore accounts then I'd find a way to tax it. If you have legit foreign investments that earn income but are taxed by a foreign govt then I would not attempt to double tap that income source. This can get pretty thick in the weeds and fixing all the loopholes would take time and discipline. Ultimately make the tax code simple and the most equitable way to create revenue for the nation then adjust to catch the tax cheats.

[marbleheadmaui]

Killer I concede the current necessity for a federal income tax as a necessary evil but I would get rid of all credits, deductions, loopholes etc and have a simple progressive system based on gross earnings in the year.

1. No income tax paid
2. 0.5%
3. 1%
4. 2.5%
5. 5%
6. 10%
7. 15%
8. 20%
9. 25%

That being said my fantasy federal gov't would not require a federal income tax to fund it.

I sure don't. The income tax is immoral and economically and culturally destructive. It ought to be outlawed permanently. The much better answer is some kind of national sales tax. Why? Several reasons. First it is moral because it is voluntary. Want that $60,000 car? OK, pay the tax on it. Don't want to pay the tax? Don't buy the car. Secondly it punishes consumption not investment, the reverse of what we have today. An economy based on investment is likely to be far more dynamic and reliable than one based on consumption. Third it would really stick a pin in the "keeping up with the Jones" if we had to write a big check to the feds each time we bought a flat screen we didn't need.

Now it's not quite that easy. We must either exclude store-bought food and utilities or we must take the "fair tax" approach and everyone starts the year with a $30k check from the feds to cover the basics.

[Mars_ax]

Republican by default, I can't stand the Democratic party, and I cringe knowing that Obama is in the white house, and Hillary is his secretary of state. Not that Republicans are a hell of a lot better, it's just that much of the time us Americans have to choose between the lessor of 2 evils, that's why I say, Republican by default.