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There are a lot of solutions to the tax problem without question. The problem is our government uses taxes and deductions to make us do what they want. Plus no changes will come that will not benefit the rich and powerful who fund the parties and control our leaders. They don't work for us because we don't fund the parties.I'd go with a 15.3% tax rate on the 1st $50K which would total a max of $7,650.
I'd also retain the progressive tax rate.
20.0% on next $50K $10,000 $17,650 max tax
25.0% on next $100K $25,000 $42,650 max tax
30.0% on next $200K $60,000 $102,650 max tax
35.0% on all over $400K
this wasnt bad......copied from Individual
but here are my adjustments
0-40,000 in income.....5% tax.......just so everyone has a stake in the game
40,001-60000.....18% tax
60,001-80000.... 23% tax
80,001-100k....29% tax
100-250k....35% tax
250k-1m.....40% tax
over 1m.....50% tax
This must also come with a corp tax of 27%
And a congressional mandate of a balanced budget.....you only get to spend what you have as revenues
We have a spending problem.....this will address some of the revenue, but until we address the spending nothing will change
You have a point, which is why I feel a solution would be easier if we could first repeal the 16th and 17th amendments, and require State governments to impose taxation upon their citizens/residents/businesses.There are a lot of solutions to the tax problem without question. The problem is our government uses taxes and deductions to make us do what they want. Plus no changes will come that will not benefit the rich and powerful who fund the parties and control our leaders. They don't work for us because we don't fund the parties.
My decision is to acknowledge this is a difficult issue.That's the purpose off having a discussion, to develop a plan.
When I do, I present them.
And it appears your decision is to do nothing.
Yes, it is a difficult issue.My decision is to acknowledge this is a difficult issue.
Generalities are not going to cut any cheese.
The first thing we need to do is take control of our government. We need to remove all the money given to the parties by the rich and powerful. No more bought and paid for party puppets owned by the rich and powerful masquerading as our leaders. We don't need parties we need leaders. Instead we need good honest people willing to serve the people and this country. No more career politicians whose only interest is making millions even 100s of millions of dollars masquerading as our leaders when in reality they are nothing but corrupt party puppets. The sad reality is there are millions of good people who would be happy to serve their country not the rich and powerful. Then and only then will we have leaders instead of these bought and paid for party puppets who work for the rich and powerful. Then we won't have to fix anything because good honest leaders will do it automatically.You have a point, which is why I feel a solution would be easier if we could first repeal the 16th and 17th amendments, and require State governments to impose taxation upon their citizens/residents/businesses.
Perhaps would be a good topic for another thread.The first thing we need to do is take control of our government. We need to remove all the money given to the parties by the rich and powerful. No more bought and paid for party puppets owned by the rich and powerful masquerading as our leaders. We don't need parties we need leaders. Instead we need good honest people willing to serve the people and this country. No more career politicians whose only interest is making millions even 100s of millions of dollars masquerading as our leaders when in reality they are nothing but corrupt party puppets. The sad reality is there are millions of good people who would be happy to serve their country not the rich and powerful. Then and only then will we have leaders instead of these bought and paid for party puppets who work for the rich and powerful. Then we won't have to fix anything because good honest leaders will do it automatically.
It would except the sad reality is it won't do any good as long as the clueless are cheering their team on like this was the World Series or some game instead of reality.Perhaps would be a good topic for another thread.
That's a recipe for a cash economy and mattresses stuffed with money.Here is an alternate plan for a fair tax.
First $50,000 tax free
All income, earned and unearned, taxed at the same rate. All deductions eliminated.
Social Security and Medicare and all other payroll taxes eliminated. Funds come from the general fund.
The tax rate is set as to what is required to balance the federal budget. If spending goes down your taxes go down. If congress spends more money your taxes go up.
Federal withholding eliminated. Quarterly every American writes a check to the IRS for their estimated federal income tax. That way every American sees what taxes are costing them. May bring about accountability in our elected officials.
Needs a little fleshing out as to how to tax those who choose to hide their assets offshore. At the very least any income from investments or commerce in the U.S. should be taxed.
My only question is, have you anything productive to contribute to this thread?It would except the sad reality is it won't do any good as long as the clueless are cheering their team on like this was the World Series or some game instead of reality.
If you find an interest bearing mattress, let us know.That's a recipe for a cash economy and mattresses stuffed with money.
Seems that only you and I are willing to discuss the thread issue, though I felt the thread creator made some interesting comments in the OP.I'd go with a 15.3% tax rate on the 1st $50K which would total a max of $7,650.
I'd also retain the progressive tax rate.
20.0% on next $50K $10,000 $17,650 max tax
25.0% on next $100K $25,000 $42,650 max tax
30.0% on next $200K $60,000 $102,650 max tax
35.0% on all over $400K
this wasnt bad......copied from Individual
but here are my adjustments
0-40,000 in income.....5% tax.......just so everyone has a stake in the game
40,001-60000.....18% tax
60,001-80000.... 23% tax
80,001-100k....29% tax
100-250k....35% tax
250k-1m.....40% tax
over 1m.....50% tax
This must also come with a corp tax of 27%
And a congressional mandate of a balanced budget.....you only get to spend what you have as revenues
We have a spending problem.....this will address some of the revenue, but until we address the spending nothing will change
i saw the postSeems that only you and I are willing to discuss the thread issue, though I felt the thread creator made some interesting comments in the OP.
Looking at the current tax tables along with looking at the revenue collected by quintile in FY2019 I made some major adjustments.
View attachment 67433915
the the going rate is lower than your tax rate your mattress is earning you money.If you find an interest bearing mattress, let us know.
I agree wholly with that.i saw the post
and you saw mine
we need to boost revenue....but that isnt the main issue
we need to reduce spending, and BALANCE THE BUDGET
at some point, my grandchildren, or their kids will face a planet where every country's credit has imploded from too much debt
i cant even imagine all the pain that will cause....but i am glad i wont be around to have to deal with it
someone has to be an adult....we need to stop spending like a bunch of drunk sailors on leave after a 6 month tour
booze and hookers for all.....
Since October, the USD has devalued about 18% so unless your bank pays no interest at all, your mattress is earning you nothing at all.the the going rate is lower than your tax rate your mattress is earning you money.
That's a recipe for a cash economy and mattresses stuffed with money.
Let's stick to your thread topic and OP, which I found to be a workable beginning.And a 30% sales tax is a recipe for a barter economy.
I could work with that.A flat tax rate is the only fair way to tax.
Let's stick to your thread topic and OP, which I found to be a workable beginning.
From that, I feel the below might begin to accomplish some of what I found reasonable in your OP.
1. Eliminate the employer contribution to FICA tax along with a mandatory 9% hourly wage increase to only those non-salaried employees.
2. A minimum Federal income tax of 15.3% would be applied, greater only by employee request.
3. Each individual with income from any/all sources equal to or greater than $1,000 would be required to file a tax return.
4. A 5 tiered progressive Federal tax rate would permanently begin at a 15.3% rate, initially applied to the 1st $50,000 of income.
5. The following 4 tiers would permanently be applied in $50,000 increments of 20%, 25%, 30%, and 37%.
6. The ONLY way government would be allowed to increase/decrease tax revenue would be by a flat percentage increase/decrease applied to the tax owed.
eg.
A 1% tax increase would increase the tax of someone earning $50,000 from $7,650 to $7,727 or $77.
A 1% tax increase would increase the tax of someone earning $200,000 from $45,150 to $45,602 or $452.
A 1% tax increase would increase the tax of someone earning $500,000 from $156,150 to $157,712 or $1,562.
A 1% tax increase would increase the tax of someone earning $5,000,000 from $1,821,150 to $1,839,362 or $18,212
Everyone would be affected equally percentage wise by tax increases/decreases.
Flat tax is a give away to the rich.A flat tax rate is the only fair way to tax.
If they're working they're paying half their FICA tax, and I would increase hourly wage rates 9% and have them pay the full FICA tax as their total income tax. They would see no ta increase at all, unless their income grew to more than $50,000.So you want to tax a group of Americans 15.3% that doesn't even make enought money now to pay any tax.
Eliminate the employer contribution to fica tax?
Will all income, earned and unearned, be taxed at your rates?
They'd be paying a flat 37% with no deductions at all in my plan. A sizeable deduction would exist on incomes up to $200,000.Flat tax is a give away to the rich.
Average income is 54k, so you would be giving deductions to most of the US population and probably crushing the tax income even more.They'd be paying a flat 37% with no deductions at all in my plan. A sizeable deduction would exist on incomes up to $200,000.
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