Re:A Message from the Billionaire’s Club: Tax Us
by JumpCrisscross on Monday June 24, 2019 @09:53AM
(#20263515)
> The fact that I can't even answer that simple question troubles me
It shouldn't trouble you. Consider "if you have money coming in." What's "money coming in?" You could tax money transfers, but then my sending $10 from BofA to Citi would invoke a tax. Okay, so if the person on both accounts is the same no tax. Fine. What if some sends $10 from a sole account to a joint account? What if it's from a natural person to their single-member LLC? Et cetera, et cetera.
Broadly speaking, federal income taxes take down about 10% of GDP and payroll taxes a further 6% [1].
It shouldn't trouble you. Consider "if you have money coming in." What's "money coming in?" You could tax money transfers, but then my sending $10 from BofA to Citi would invoke a tax. Okay, so if the person on both accounts is the same no tax. Fine. What if some sends $10 from a sole account to a joint account? What if it's from a natural person to their single-member LLC? Et cetera, et cetera.
Broadly speaking, federal income taxes take down about 10% of GDP and payroll taxes a further 6% [1].
[1] https://en.wikipedia.org/wiki/Income_tax_in_the_United_State...