Which of the following things should be taxed as income?

[A18]

The underlying assumption, of course, is that there's going to be an income tax, and it's going to cover at least one of these things.

[David S]

NOTA

[A18]

While that's an inclination I can certainly understand, the question is if there's going to be an income tax.

Ideally, I say wages and salaries only, but for now, we should move towards wages, salaries, and business income only.

[I spent the winter writing songs about getting better]

2, 3, 4 and half of 5 (inheritence yes, gifts no)

[A18]

Inheritance is, by definition, a gift.

[Frodo]

the last four -essentially, the status quo. 

[danwxman]

Inheritance is, by definition, a gift.

If we didn't tax inheritance the country would have several families worth trillions of dollars and too much unelected power.

[A18]

We need far more unelected power, and far less elected power.

Your assertion is half ridiculous, since Bill Gates is still in the billions, and the tax on inheritance only takes half of the money anyway.

[opebo]

Well the bottom four are income, so I would tax them as income.

[○∙◄☻¥tπ[╪AV┼cVê└]

2-5, of course.

[A18]

Well the bottom four are income, so I would tax them as income.

So is the first, dumb .

I find it highly amusing that anyone supports taxing bank interest.

[opebo]

Well the bottom four are income, so I would tax them as income.

So is the first.

I find it highly amusing that anyone supports taxing bank interest.

Oh, I thought you literally meant transactions - like when you make a deposit or an ATM withdrawal, the government would take a small percentage.  Of course bank interest should be taxed.

[A18]

When you make a deposit, the bank just got income.
When you take out a loan, you just got income.
When you make a withdrawal, you just got income.

It was all after tax money, so it's all double taxation. But it is still technically income.

Bank interest doesn't even keep up with inflation.

[○∙◄☻¥tπ[╪AV┼cVê└]

So is the first, dumb f**ck.

I find it highly amusing that anyone supports taxing bank interest.

I think I paid $10 in bank interest tax last year. Big deal.

[○∙◄☻¥tπ[╪AV┼cVê└]

When you make a deposit, the bank just got income.
When you take out a loan, you just got income.

Bank interest doesn't even keep up with inflation.

Then don't put your money in the bank.

Oh, you didn't make it clear what you meant by the first.

[A18]

The bank interest tax basically subsidizes inflation. I would think just about everyone wanted to kill it off.

[opebo]

When you make a deposit, the bank just got income.

That's not income silly.  That is money they have to give you back.  Their income comes from the differential between interest on loans and the interest they pay depositors.

You must be logged in to read this quote.

No thats not income.  You have to pay it back.

You must be logged in to read this quote.

No, not income.  You just took your own money out.  Like when you take a dollar out of your pocket.

[A18]

Income just means coming in. The bank has money coming in.

You gave money to somebody else. They then give it back to you. Why not tax it twice under the gift tax?

If I give money to an organization to spend for me, why should it be taxed under your logic? It's just your money being used for your purposes.

[○∙◄☻¥tπ[╪AV┼cVê└]

Income just means coming in. The bank has money coming in.

You gave money to somebody else. They then give it back to you. Why not tax it twice under the gift tax?

If I give money to an organization to spend for me, why should it be taxed under your logic? It's just your money being used for your purposes.

There are lots of double and triple taxes. Who cares?

[A18]

Because it's not behavior-neutral and equal.

[nclib]

Options 3-5.

On Option 5, I support a high tax on inheritance and some gifts, but a lower tax on winnings (such as lotteries).

[Lunar]

The bank interest tax basically subsidizes inflation. I would think just about everyone wanted to kill it off.

Many people live purely by the interests off the millions in their bank accounts.  Putting money in a bank is a business agreement with profit for you, I don't see why it shouldn't be taxed.  If I loan a company 10,000 dollars to be paid back when I want with interest, I'd expect that income to be taxed.

[Jake]

Only wage and salaries

[True Federalist (진정한 연방 주의자)]

#1 No. Does not fall under any sane definition of income at all.  It’s not income if you have to pay it back, altho it is cash flow.  No point in taxing it.

#2 Yes and no. Really should have been broken up into two choices as they are totally unrelated.  I’m against taxing capital gains primarily because it complicates the record keeping needed to pay and collect tax.  Interest and dividends are much the same except for the degree of risk and reward on the principal.  I would in general not tax either except that I would tax the interest on Federally insured deposits.

#3 Yes.

#4 Yes, but I would change the basis of business income taxation from it current high rate on net income to a low rate on gross income.  Gross income is far less succeptible to financial shenanigans that transfer income from one tax jurisdiction to another.  Doing so also increases incentives for cutting costs.

#5 Yes, but the current rate is way too high.

[Citizen James]

We need far more unelected power, and far less elected power.

Your assertion is half ridiculous, since Bill Gates is still in the billions, and the tax on inheritance only takes half of the money anyway.

Do you have any idea how anti-American that statement sounds?  Or do you actually hate the American ideals of a Democratic Republic.

Our founding fathers were strongly opposed to any sort of Aristocricy, formal or de facto.   Believing that inheriting large sums of money somehow gives a person good judgement is in direct opposition to the ideals of the enlightenment that this nation was founded upon.

And Mr. Gates, well, he's giving the vast majority of his money to charity when he dies.  His kids get a nice 10 million each - which is enough to live quite comfortably, but won't start any dynasties unless they are savvy investors too.