What is your ideal Federal Income Tax structure?

[GHook93]

Mine is:

15% flat tax on any income over $20,000 and a 1% FEDERAL SALES TAX ON ALL NON-FOOD ITEMS.

No exemptions. No deductions.

Simple..easy...fair.

How I would change Fed and State taxes:

(1) Income:
State: Amendment they states can not tax income more than 1%

Fed: Flat progressive tax. Each dollar is taxed at the same level.

Your first $30k = 0%
Your next $30-$50k = 5%
Your next $50-$75k = 10%
Your next $75-$150k = 15%
Your next $150-$250k = 25%
Your next $250-$500k = 30%
Your next $500-$1 mil = 40%
Your next $1 mil-$5 mil = 50%
Over $5 mil = 80%

For example say you make $6 mil you pay $3.125 mil in taxes, but if you make $250k you pay 52k effective rate of 21%.

No standard deductions:
Dollar for dollar charity deduction all levels
No further deduction over $1 mil + income.
Standard mortgage and student loan interest.
Deduct medical and dental insurance premiums
Medical expense up to $100k
Deduct school tuition payments
Deduct $2500 a kid up to 5 kids

(2) Corp tax
State: max state at 2%
Fed:
Three levels a not sure the amount make it Flat progressive alps 10% - 15% - 20%

(3) Capital Gains - Flat progressive. Funds Medicare/Medicaid
1-$250k - 15%
$250k - $500k - 25%
$500 - $1 mil 30%
$1 mil+ 35%

(4) VAT Tax of 20%. Funds Medicare/Medicaid

(5) Medicare/Medicaid and SSN
Keep SSN at current levels but end the other payroll taxes.

(6) Property Taxes
Make a fed law the states can not levy more than 1.5 of current market value of what the home would sell on open market. Each state must set up an independent arbitrator system where the loser must pay the Arbitrator’s fees (can’t exceed $1k).

(7) End defines gov worker pension plans and require replacing with individual plans (aka 401k).

 

[rightwinger]

$0 to $50,000 No income tax
$50,000 to $150,000 25%
$150,00 to $1 million 35%
Over $1 million 50%

I see some immediate flaws here:

1. Someone making $150,000 would have $112,500 after taxes, while someone making just a dollar more would only have $97,500.65.
2. Someone making $1 million would have $650,000 after taxes, while someone making just a dollar more would only have $500,000.
3. One would have to "jump" from making 150,000 to over 173,000 to see an after tax increase.
4. One would have to "jump" from making 1 million to over 1.3 million to see even one more dollar after taxes.
5. One making a "jump" from 50,000 to 67,000 would only see an increase of $250 after taxes.

Is this not one the major flaws of any "progressive" tax plan? There is a major disincentive to move only slightly into a higher tax bracket. Whereas, in a flat, or a spending plan, there is no disincentive to anyone who wishes to incrementally increase their income. I see several manifestations of this:

1. People refusing wage increases.
2. People closing their businesses/adjusting pricing for periods of time to ensure they would be in a tax advantageous position.
3. People seeing certain career paths as poor choices based on taxes.

I am sure there are others I am not thinking of.

You do not understand how a progressive tax rate works. Don't you pay taxes now?

A person making $1 million would pay no taxes on his first $50,000, 25% on the amount $50-150,000, 35% on the amount $150,000 to $1 mil

If you make $1 over a million dollars, you only pay 50 cents in additional tax

So, then, I misunderstood your proposal, I assure you it was merely because of its incompleteness.

No, that is the way progressive tax rates are structured

Ever read your 1040 instructions?

 

[Timmy]

Exemptions are not always a bad thing . It's a great way to encourage good behavior and expansion.

For example : tax breaks for companies to expand internet access into rural areas .

 

[Timmy]

How do you measure "income "?

 

[Admiral Rockwell Tory]

Mine is:

15% flat tax on any income over $20,000 and a 1% FEDERAL SALES TAX ON ALL NON-FOOD ITEMS.

No exemptions. No deductions.

Simple..easy...fair.

How I would change Fed and State taxes:

(1) Income:
State: Amendment they states can not tax income more than 1%

Fed: Flat progressive tax. Each dollar is taxed at the same level.

Your first $30k = 0%
Your next $30-$50k = 5%
Your next $50-$75k = 10%
Your next $75-$150k = 15%
Your next $150-$250k = 25%
Your next $250-$500k = 30%
Your next $500-$1 mil = 40%
Your next $1 mil-$5 mil = 50%
Over $5 mil = 80%

For example say you make $6 mil you pay $3.125 mil in taxes, but if you make $250k you pay 52k effective rate of 21%.

No standard deductions:
Dollar for dollar charity deduction all levels
No further deduction over $1 mil + income.
Standard mortgage and student loan interest.
Deduct medical and dental insurance premiums
Medical expense up to $100k
Deduct school tuition payments
Deduct $2500 a kid up to 5 kids

(2) Corp tax
State: max state at 2%
Fed:
Three levels a not sure the amount make it Flat progressive alps 10% - 15% - 20%

(3) Capital Gains - Flat progressive. Funds Medicare/Medicaid
1-$250k - 15%
$250k - $500k - 25%
$500 - $1 mil 30%
$1 mil+ 35%

(4) VAT Tax of 20%. Funds Medicare/Medicaid

(5) Medicare/Medicaid and SSN
Keep SSN at current levels but end the other payroll taxes.

(6) Property Taxes
Make a fed law the states can not levy more than 1.5 of current market value of what the home would sell on open market. Each state must set up an independent arbitrator system where the loser must pay the Arbitrator’s fees (can’t exceed $1k).

(7) End defines gov worker pension plans and require replacing with individual plans (aka 401k).

Far too complicated!

 

[ScorpioRising007]

Mine is:

15% flat tax on any income over $20,000 and a 1% FEDERAL SALES TAX ON ALL NON-FOOD ITEMS.

No exemptions. No deductions.

Simple..easy...fair.

I loved the movie Robin Hood as a kid... I would love a Robin Hood tax structure.

Take all the money away from the rich and give to the poor. Tax the hell out of them. Republicans call high taxes on the rich theft, I say who cares they deserve to have most of their money taken away from them via taxes. Robin Hood was my hero as a kid, do whatever needs be done to take away all the money from the rich and give it to the poor. Tax the hell out of them. Evenly spread the wealth. Tax the upper-middle class like crazy too.

 

[Kosh]

Mine is:

15% flat tax on any income over $20,000 and a 1% FEDERAL SALES TAX ON ALL NON-FOOD ITEMS.

No exemptions. No deductions.

Simple..easy...fair.

How I would change Fed and State taxes:

(1) Income:
State: Amendment they states can not tax income more than 1%

Fed: Flat progressive tax. Each dollar is taxed at the same level.

Your first $30k = 0%
Your next $30-$50k = 5%
Your next $50-$75k = 10%
Your next $75-$150k = 15%
Your next $150-$250k = 25%
Your next $250-$500k = 30%
Your next $500-$1 mil = 40%
Your next $1 mil-$5 mil = 50%
Over $5 mil = 80%

For example say you make $6 mil you pay $3.125 mil in taxes, but if you make $250k you pay 52k effective rate of 21%.

No standard deductions:
Dollar for dollar charity deduction all levels
No further deduction over $1 mil + income.
Standard mortgage and student loan interest.
Deduct medical and dental insurance premiums
Medical expense up to $100k
Deduct school tuition payments
Deduct $2500 a kid up to 5 kids

(2) Corp tax
State: max state at 2%
Fed:
Three levels a not sure the amount make it Flat progressive alps 10% - 15% - 20%

(3) Capital Gains - Flat progressive. Funds Medicare/Medicaid
1-$250k - 15%
$250k - $500k - 25%
$500 - $1 mil 30%
$1 mil+ 35%

(4) VAT Tax of 20%. Funds Medicare/Medicaid

(5) Medicare/Medicaid and SSN
Keep SSN at current levels but end the other payroll taxes.

(6) Property Taxes
Make a fed law the states can not levy more than 1.5 of current market value of what the home would sell on open market. Each state must set up an independent arbitrator system where the loser must pay the Arbitrator’s fees (can’t exceed $1k).

(7) End defines gov worker pension plans and require replacing with individual plans (aka 401k).

Far too complicated!

Also very European!

 

[Admiral Rockwell Tory]

Mine is:

15% flat tax on any income over $20,000 and a 1% FEDERAL SALES TAX ON ALL NON-FOOD ITEMS.

No exemptions. No deductions.

Simple..easy...fair.

I loved the movie Robin Hood as a kid... I would love a Robin Hood tax structure.

Take all the money away from the rich and give to the poor. Tax the hell out of them. Republicans call high taxes on the rich theft, I say who cares they deserve to have most of their money taken away from them via taxes. Robin Hood was my hero as a kid, do whatever needs be done to take away all the money from the rich and give it to the poor. Tax the hell out of them. Evenly spread the wealth. Tax the upper-middle class like crazy too.

It is nice to know a Communist who admits they are such.

 

[Admiral Rockwell Tory]

Mine is:

15% flat tax on any income over $20,000 and a 1% FEDERAL SALES TAX ON ALL NON-FOOD ITEMS.

No exemptions. No deductions.

Simple..easy...fair.

How I would change Fed and State taxes:

(1) Income:
State: Amendment they states can not tax income more than 1%

Fed: Flat progressive tax. Each dollar is taxed at the same level.

Your first $30k = 0%
Your next $30-$50k = 5%
Your next $50-$75k = 10%
Your next $75-$150k = 15%
Your next $150-$250k = 25%
Your next $250-$500k = 30%
Your next $500-$1 mil = 40%
Your next $1 mil-$5 mil = 50%
Over $5 mil = 80%

For example say you make $6 mil you pay $3.125 mil in taxes, but if you make $250k you pay 52k effective rate of 21%.

No standard deductions:
Dollar for dollar charity deduction all levels
No further deduction over $1 mil + income.
Standard mortgage and student loan interest.
Deduct medical and dental insurance premiums
Medical expense up to $100k
Deduct school tuition payments
Deduct $2500 a kid up to 5 kids

(2) Corp tax
State: max state at 2%
Fed:
Three levels a not sure the amount make it Flat progressive alps 10% - 15% - 20%

(3) Capital Gains - Flat progressive. Funds Medicare/Medicaid
1-$250k - 15%
$250k - $500k - 25%
$500 - $1 mil 30%
$1 mil+ 35%

(4) VAT Tax of 20%. Funds Medicare/Medicaid

(5) Medicare/Medicaid and SSN
Keep SSN at current levels but end the other payroll taxes.

(6) Property Taxes
Make a fed law the states can not levy more than 1.5 of current market value of what the home would sell on open market. Each state must set up an independent arbitrator system where the loser must pay the Arbitrator’s fees (can’t exceed $1k).

(7) End defines gov worker pension plans and require replacing with individual plans (aka 401k).

Far too complicated!

Also very European!

That is not a good thing. Ever been to Europe? Our poor live better than their middle class!

 

[oldsoul]

$0 to $50,000 No income tax
$50,000 to $150,000 25%
$150,00 to $1 million 35%
Over $1 million 50%

I see some immediate flaws here:

1. Someone making $150,000 would have $112,500 after taxes, while someone making just a dollar more would only have $97,500.65.
2. Someone making $1 million would have $650,000 after taxes, while someone making just a dollar more would only have $500,000.
3. One would have to "jump" from making 150,000 to over 173,000 to see an after tax increase.
4. One would have to "jump" from making 1 million to over 1.3 million to see even one more dollar after taxes.
5. One making a "jump" from 50,000 to 67,000 would only see an increase of $250 after taxes.

Is this not one the major flaws of any "progressive" tax plan? There is a major disincentive to move only slightly into a higher tax bracket. Whereas, in a flat, or a spending plan, there is no disincentive to anyone who wishes to incrementally increase their income. I see several manifestations of this:

1. People refusing wage increases.
2. People closing their businesses/adjusting pricing for periods of time to ensure they would be in a tax advantageous position.
3. People seeing certain career paths as poor choices based on taxes.

I am sure there are others I am not thinking of.

You do not understand how a progressive tax rate works. Don't you pay taxes now?

A person making $1 million would pay no taxes on his first $50,000, 25% on the amount $50-150,000, 35% on the amount $150,000 to $1 mil

If you make $1 over a million dollars, you only pay 50 cents in additional tax

So, then, I misunderstood your proposal, I assure you it was merely because of its incompleteness.

No, that is the way progressive tax rates are structured

Ever read your 1040 instructions?

All you said was numbers. You never said anything else. For you to assume I, or anyone else, can read your mind is absurd. I went with what you said, exactly. You never said how it would work, just what the rates, and brackets would be. Incomplete information leads people to make incorrect assumptions. Say whatever you want, your information was incomplete. I will admit that I made an assumption, though, and it turned out to be wrong.

 

[bripat9643]

Mine is:

15% flat tax on any income over $20,000 and a 1% FEDERAL SALES TAX ON ALL NON-FOOD ITEMS.

No exemptions. No deductions.

Simple..easy...fair.

No Federal Income tax.

 

[rightwinger]

$0 to $50,000 No income tax
$50,000 to $150,000 25%
$150,00 to $1 million 35%
Over $1 million 50%

I see some immediate flaws here:

1. Someone making $150,000 would have $112,500 after taxes, while someone making just a dollar more would only have $97,500.65.
2. Someone making $1 million would have $650,000 after taxes, while someone making just a dollar more would only have $500,000.
3. One would have to "jump" from making 150,000 to over 173,000 to see an after tax increase.
4. One would have to "jump" from making 1 million to over 1.3 million to see even one more dollar after taxes.
5. One making a "jump" from 50,000 to 67,000 would only see an increase of $250 after taxes.

Is this not one the major flaws of any "progressive" tax plan? There is a major disincentive to move only slightly into a higher tax bracket. Whereas, in a flat, or a spending plan, there is no disincentive to anyone who wishes to incrementally increase their income. I see several manifestations of this:

1. People refusing wage increases.
2. People closing their businesses/adjusting pricing for periods of time to ensure they would be in a tax advantageous position.
3. People seeing certain career paths as poor choices based on taxes.

I am sure there are others I am not thinking of.

You do not understand how a progressive tax rate works. Don't you pay taxes now?

A person making $1 million would pay no taxes on his first $50,000, 25% on the amount $50-150,000, 35% on the amount $150,000 to $1 mil

If you make $1 over a million dollars, you only pay 50 cents in additional tax

So, then, I misunderstood your proposal, I assure you it was merely because of its incompleteness.

No, that is the way progressive tax rates are structured

Ever read your 1040 instructions?

All you said was numbers. You never said anything else. For you to assume I, or anyone else, can read your mind is absurd. I went with what you said, exactly. You never said how it would work, just what the rates, and brackets would be. Incomplete information leads people to make incorrect assumptions. Say whatever you want, your information was incomplete. I will admit that I made an assumption, though, and it turned out to be wrong.

Any retard understands a progressive tax structure

 

[ColonelAngus]

Mine is:

15% flat tax on any income over $20,000 and a 1% FEDERAL SALES TAX ON ALL NON-FOOD ITEMS.

No exemptions. No deductions.

Simple..easy...fair.

No Federal Income tax.

Good luck with that.

 

[BulletProof]

If you're conservative, worry more about reducing government than taxes (especially if you're one of those Republican idiots who thinks the rich need you pushing for tax cuts for them, like a flat tax or national sales tax).

 

[oldsoul]

I see some immediate flaws here:

1. Someone making $150,000 would have $112,500 after taxes, while someone making just a dollar more would only have $97,500.65.
2. Someone making $1 million would have $650,000 after taxes, while someone making just a dollar more would only have $500,000.
3. One would have to "jump" from making 150,000 to over 173,000 to see an after tax increase.
4. One would have to "jump" from making 1 million to over 1.3 million to see even one more dollar after taxes.
5. One making a "jump" from 50,000 to 67,000 would only see an increase of $250 after taxes.

Is this not one the major flaws of any "progressive" tax plan? There is a major disincentive to move only slightly into a higher tax bracket. Whereas, in a flat, or a spending plan, there is no disincentive to anyone who wishes to incrementally increase their income. I see several manifestations of this:

1. People refusing wage increases.
2. People closing their businesses/adjusting pricing for periods of time to ensure they would be in a tax advantageous position.
3. People seeing certain career paths as poor choices based on taxes.

I am sure there are others I am not thinking of.

You do not understand how a progressive tax rate works. Don't you pay taxes now?

A person making $1 million would pay no taxes on his first $50,000, 25% on the amount $50-150,000, 35% on the amount $150,000 to $1 mil

If you make $1 over a million dollars, you only pay 50 cents in additional tax

So, then, I misunderstood your proposal, I assure you it was merely because of its incompleteness.

No, that is the way progressive tax rates are structured

Ever read your 1040 instructions?

All you said was numbers. You never said anything else. For you to assume I, or anyone else, can read your mind is absurd. I went with what you said, exactly. You never said how it would work, just what the rates, and brackets would be. Incomplete information leads people to make incorrect assumptions. Say whatever you want, your information was incomplete. I will admit that I made an assumption, though, and it turned out to be wrong.

Any retard understands a progressive tax structure

Now I'm a retard for not reading your mind? Wow, and I thought I was cynical.

Man for a "paid poster" you really don't put much thought into what you post. I would have thought one would take a little more professional pride in one's work. But, hey, that's just me, I'm pretty old fashioned that way.

 

[BlackSand]

.​

Pineapple




(Ooops ... I mean 10% national sales tax ... A balanced budget Amendment in the Constitution ... And serious spending cuts)​

.​

 

[Anathema]

10% flat income tax on all NEW income. Monies made from reinvestment of previous taxed monies taxed at 2.5%. No deductions. No exempted income.

This would be combined with a massive reduction in Federal spending.

 

[saveliberty]

.​

Pineapple




(Ooops ... I mean 10% national sales tax ... A balanced budget Amendment in the Constitution ... And serious spending cuts)​

.​

You know what is wrong with this? It means politicians cannot create problems that they can solve by using tax dollars. Justifying ones political life is serious business.

 

[oldsoul]

.​

Pineapple




(Ooops ... I mean 10% national sales tax ... A balanced budget Amendment in the Constitution ... And serious spending cuts)​

.​

Wow, simple, complete, easy to understand... It'll never happen, but a worthy goal. I could get behind this one too.

 

[BlackSand]

You know what is wrong with this? It means politicians cannot create problems that they can solve by using tax dollars. Justifying ones political life is serious business.

Well ... President Coolidge cut taxes 3 times during his administration ... Each time accompanied by serious spending cuts.
The first time he cut taxes it was by 60% ... And then the remaining was cut 40% and 50%.

But ... That's not what I like the most about his actions.
I kind of like the first thing he did after he was sworn into office ... He left his father-in-law's house and went back to bed.

.