Rich folks only need so many mansions, yachts and designer sweat pants. This would further shift the burden of taxes onto lower income folks who spend 100% of what they earn.
The IRS could just present a form behind a login with an itemized fully calculated tax return with an accept? "yes" / "no". They already have all the information they need, and already do the work when checking returns for errors.
Taxes are a pain because both, corporate capture of government by powerful tax preparation companies and also because a certain political ideology wants paying taxes to be as unpleasant as possible to make the concept of taxes as unpopular as possible.
> Rich folks only need so many mansions, yachts and designer sweat pants. This would further shift the burden of taxes onto lower income folks who spend 100% of what they earn.
This is a feature not a bug of that plan. There’s no amount of tax that’s too low when the answer to “How much do you need to be happy?” is more.
Well when tax is zero and there is no military to protect your assets thereby making them worthless as they are stolen. So perhaps there is a "too low"
Flat tax wouldn't solve the fundamental problem, which is making people calculate their own taxes.
In the vast majority of countries with personal income tax, everything is automatic and individuals don't need to do anything. Political parties in the US have an incentive to make things as complicated as possible to trick people into thinking ideas like a flat tax would be helpful.
I would support federal sales tax (exclude uncooked food at grocery stores and some base amount of home energy use) if federal personal income tax is abolished and if sales tax is implemented and enforced by States (like the current road fuel tax which States collect and send part to feds).
Can't reply to a nearby comment, so -- few rich people have taxable personal income because they either don't receive W-2 income or they hire people to structure and pursue the deductions.
In other words, yacht owners are rarely rich people and instead are owned by companies (controlled by rich people) so it is a business expense.
Compared to 1.5/0.5 DSL its great, it's getting 60/11 about 40mi away from SpaceX (Starlink) HQ. But compared to municipal bidirectional gigabit fiber it's...not as great.
Heres ping info from starlink:
--- google.com ping statistics ---
38 packets transmitted, 38 packets received, 0.0% packet loss
round-trip min/avg/max/stddev = 26.879/45.073/95.627/11.582 ms
Have you looked at the Canadian express entry program? You would be making less $ that you can make in the USA but it is easier to deal with immigration, and that is still much, much more than $350/mo. Could probably work remotely for a company in the USA after that.
There are plenty of companies that like using their same old .NET or Java, you don't need newest JS...
Is there an easy way to deal with this e.g. compliance as a service?
Sounds like a nightmare to deal with, of course this is only assuming it is enforced. If it is not well who cares, companies like Lyft/Uber view laws as a starting point in negotiations when expanding into new areas not as a brick wall of dogma.
> Is there an easy way to deal with this e.g. compliance as a service?
I think we call ourselves CPAs :). In all seriousness the 'solution' depends on what industry we're talking about. Short term rentals? Avalara. Software as a service? Various accounting firms and startups. Etc.
That is the point of the tax code, to be able to use it for political wielding of power e.g. the Chicken tax because LBJ was pissed at Europe that caused a 25% tariff on light trucks imported to the U.S. based on a retaliation for European tariffs on American chicken..
The problem with suing apple in the US is that they can lose and give you compensation but then they can also disable your iCloud account and now all you have is a paperweight .
Isn’t there someone suing Apple over this in California? Apple turned off their Apple ID for whatever reason and the person lost access to thousands and thousands of dollars of purchases?
Elon Musk needs about $46.5 billion to buy Twitter at $54.20 per share: about $39.4 billion to pay for the 91% of Twitter’s stock that he doesn’t currently own, about $4.3 billion of debt to refinance and various miscellaneous costs. To pay that, he has:
A letter from his banks offering to lend $13 billion to Twitter, if he buys it, with $7 billion of that coming in the form of senior secured bank loans and $6 billion coming in the form of junk bonds.
A letter from his banks offering to lend him $12.5 billion personally, secured by $62.5 billion worth of his Tesla Inc. stock. At yesterday’s closing price, that comes to about 64 million shares, or about one-third of his Tesla stake.
An agreement with himself to put up the other $21 billion, give or take.
But this is way too logical for the main political parties to implement.