Having an “offshore” bank account does not mean someone doesn’t pay taxes on the interest/income that account earns. Besides most foreign banks comply with IRS requests, even the Swiss knuckled under years ago.If you want to keep your money protected from the IRS you have to go to the Caymans
The flat tax proposal is just another attempt to further squeeze the middle class. A flat tax diverts attention from real tax simplification.The flat tax refers to the tax rate.Tax complexity is not based on the rate, it is based on complicated formulas for calculating income, including loopholes mostly designed by lobbyists and special interests to protect themselves. Once income is calculated – the hard part – applying the rate takes seconds and is calculated for you if you use a computer program. If the point is really about just a flat tax, let’s consider reforms with that as the only variable – not spending or income calculation – a true flat tax that covers the same revenue and expenses we currently have. With a flat tax, the rich pay a lot less. Who pays the difference? Not the poor, they don’t have it. It has to be a further squeezing of the middle class.Real reform needs to address spending or income calculation, not a flat tax, and making sure that it covers all income (earned as well as unearned) equally. If you really want middle class tax relief, stop allowing rich investors to pay a LOWER TAX on investment profits than what we working people pay for suiting up, showing up and GOING TO WORK every day for what we EARN. http://www.wordwiz72.com/flattax.html
Darsan54 Premium Member over 9 years ago
Ted? Ted Nugent??
Brass Orchid Premium Member over 9 years ago
Oh look. They’ve invented labor banks.
clayusmcret Premium Member over 9 years ago
Offshore banks are the only place one can put their money where it’s out of reach of Washington.
Duncan Idaho over 9 years ago
Having an “offshore” bank account does not mean someone doesn’t pay taxes on the interest/income that account earns. Besides most foreign banks comply with IRS requests, even the Swiss knuckled under years ago.If you want to keep your money protected from the IRS you have to go to the Caymans
NoCents over 9 years ago
Either way, we need a new way to provide for the government – flat tax?
Zen-of-Zinfandel over 9 years ago
WhiskeyJugLeaks.Org
DD Wiz over 9 years ago
The flat tax proposal is just another attempt to further squeeze the middle class. A flat tax diverts attention from real tax simplification.The flat tax refers to the tax rate.Tax complexity is not based on the rate, it is based on complicated formulas for calculating income, including loopholes mostly designed by lobbyists and special interests to protect themselves. Once income is calculated – the hard part – applying the rate takes seconds and is calculated for you if you use a computer program. If the point is really about just a flat tax, let’s consider reforms with that as the only variable – not spending or income calculation – a true flat tax that covers the same revenue and expenses we currently have. With a flat tax, the rich pay a lot less. Who pays the difference? Not the poor, they don’t have it. It has to be a further squeezing of the middle class.Real reform needs to address spending or income calculation, not a flat tax, and making sure that it covers all income (earned as well as unearned) equally. If you really want middle class tax relief, stop allowing rich investors to pay a LOWER TAX on investment profits than what we working people pay for suiting up, showing up and GOING TO WORK every day for what we EARN. http://www.wordwiz72.com/flattax.html