Democrats move to finalize new ‘billionaire’ tax proposal, targeting 700 wealthiest Americans as key source of revenue for spending plan
https://freerepublic.com/focus/f-news/4006182/posts
Put on your flame retardant suit before all of the
advocates of the “Fair Tax” and all of it’s
exemptions and “prebates” show up.
Just make it a flat tax and be done with it. Everybody should pay the same percentage of their income, if anyone has to pay.
1. Giving Congress the chance to tinker with the equation blows it up right there.
2. Define wartime. Congress has not declared an actual war since December 8, 1941.
3. Just out of curiosity does your proposal ever provie a balanced budget or pay down the federal debt?
‘We don’t have a tax problem, we have a spending problem.’
I like the thought, but this math would be terrible. You would be better off specifying a max and a min and calculating where your income falls in the curve for a factor on the base percentage.
Basically the same as we have now without the brackets and making sure that everyone pays.
We are going to have to do something with our national debt, I would like to see every form of government assistance turned into a no interest account that any overpayment of taxes or tax credits would flow into first before any cash payments would be paid out in excess of what you actually paid in the year.
Stop taxing income all together.
And, YES! Many of us suppoet the FairTax model.
Dump the IRS, completely.
IT’s the right way to fund government.
If Tax = Rate * Income ^ Exponent, then your marginal tax rate would be Rate*Exponent * Income ^(Exponent-1) power.
In your example it would be 10.5% * (Income ^ 0.05).
For someone making $100,000 the marginal rate would be 18.67%.
| $10,000 | $1,585 | 15.8% |
| $20,000 | $3,282 | 16.4% |
| $50,000 | $8,589 | 17.2% |
| $80,000 | $14,068 | 17.6% |
| $100,000 | $17,783 | 17.8% |
| $200,000 | $36,820 | 18.4% |
| $500,000 | $96,365 | 19.3% |
| $1,000,000 | $199,526 | 20.0% |
| $10,000,000 | $2,238,721 | 22.4% |
I was suggesting this in the 1970s
Absolutely not. If you target the rich they will demand, AND GET, things from the politicians. Flat Tax with NO Tiers on upper end.
Tier it on the lower end to help the poor.
We don’t need federal taxes on the people at all.
Probably there should only be taxes on the States, and the states should choose how to collect it however they like.
If taxes were collected that way the states would have a much larger say in how the federal govt spends money.
(or easier we could just print whatever money we need, It doesn’t seem like anything is stopping anyone from just doing that)
All forms of progressive taxation are wicked.
Fine, but no exponent. The Feral (sic) government does not need more money to waste.
All income taxes are inherently evil because it’s camouflage for indentured servitude. The government telling you that they own the product of your services for a certain period of time.
And an income tax is inherently regressive because the only way to reduce your indebtedness is to earn less. If you take on more work because you’ve fallen behind, that also increases your tax burden.
A graduated national sales or consumption tax would be far fairer because that would allow you to bridge the lean times by curtailing your purchasing and, if necessary, taking on more work without also taking on more tax indebtedness.
The wealthy limit their income tax indebtedness by investing in instruments that the IRS doesn’t regard as income-producing. And, in truth, this seeming “loophole” is essential to a capitalist economy. It won’t work without the venture capitalists. There’s no “trickle-down” if the people at the top turn off the tap.
But there’s no point being wealthy if you don’t surround yourself with the trappings of luxury. The wealthy will always buy Gucci automobiles and luxurious homes. So get the burden off the low earners and shift it to the wealthy by eliminating the income tax and replacing it with a graduated sales tax with no tax on the essentials (food, medicine, utilities, etc) or on modestly-priced articles of clothing and low-end automobiles.