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I ran a thread suggesting something similar recently, though I put it at $200K.
I propose a one line tax code:
All Income of individuals in excess of $200,000 shall be taxed at a rate of 40%. Income below the threshold is not taxed. There shall be no exemptions, deductions, loopholes, adjustments, or any other attempt to alter said tax. Congress shall adjust the threshold to keep pace with inflation every ten years.
Provide rational reasons to oppose this.
- Uncensored2008
- Replies: 76
- Forum: US Partisan Politics and Political Platforms
Oddly, the left didn't support it.
A 40% FIT rate, coupled with a state income tax rate of over 10%, would result in a few paying over 50% in total taxes, with most paying little or nothing.