How about this
10% income tax on every dollar over 30K per person for the first 250K income. After 250K the rate goes to 12.5% until 1 million then 15% on all income OVER 1 million.
No deductions - including charitable organizations or for children or mortgage, no loopholes, no tax credits, no EIC, no alternative minimum tax, no joint returns
That would a household with two wage earners a 60K floor before paying any income tax.
It would simplify the tax code so that audits would be nearly eliminated.
It would mean that probably 3/4 of the IRS could be eliminated
Apply the same principal to business by charging a 5% income tax on all profit starting at 1 million
7.5% on profit from 1 million + 1 to 10 million and 10% on all profits over 10 million.
Eliminate all tax exempt status. Most current tax exempt organizations like churches would still effectively be tax exempt because they don’t turn a profit.
GE, GM and the big corporations would pay more tax but still save money because they’d be able to fire the army of tax attorneys and accountants they currently need to keep track of their taxes.
The IRS should not be a potential political weapon. Changing the tax laws would insure it could not be. By making tax compliance easier you make it so that people are more willing to pay the tax.
This is basically the system used by Hong Kong. In the 15 years we lived there we paid MORE than we would have in the US since we had a fairly high income but minded it less because it didn’t take 20 hours to fill out the forms.
How about restoring We the People to Free Men. If D.C. followed the Constitution, this thread would be moot. Income tax, in ANY amount = slavery. Services are (should/must) to be paid by those that utilize the same (and no straw-men re: police/fire/etc....setting aside the bennies there-of for now)
Plus, if the Fed. Reserve charade is to continue, there is no need to tax ‘income’; print what’s needed as they do now. It’s all funny $$ to begin.
At the WORST, aside from the prebate, the Fair Tax is the best idea going...IMHO. Everyone ‘pays’ what they wish; We the People are ‘out of the loop’ (people -> biz -> State -> Fed), barter/trade/services increase and the iron fist of D.C. disappears.
Amateurs should not write tax law. You have several errors in your post.