Been giving this some thought and though I have not crunched any numbers together, I have a grand idea to simplify the tax system, which ofcourse will result in tax raises for some and possibly tax deductions for others. We eliminate all loop holes, tax breaks, tax credits etc etc and lower the overall tax rates. This way everyone will pay at least some taxes, if they work. My ideas are as follows
0-10,000 for single and 0-20,000 for married and head of household-5%
10,000-25,000 for single and 20,000-50,000 for married and head of household-10%
25,000-60,000 for single and 50,000-120,000 for married and head of household-15%
60,000-120,000 for single and 120,000-240,000 for married and HOH- 20%
over 120,000 for single and 240,000 for married and HOH-25%
I'd also be intrigued by the prospect of a flat 15-20% tax rate, but think this will be wayyyy too much for the lower incomes to bear.
Anyone have any other thoughts or insight on this subject
0-10,000 for single and 0-20,000 for married and head of household-5%
10,000-25,000 for single and 20,000-50,000 for married and head of household-10%
25,000-60,000 for single and 50,000-120,000 for married and head of household-15%
60,000-120,000 for single and 120,000-240,000 for married and HOH- 20%
over 120,000 for single and 240,000 for married and HOH-25%
I'd also be intrigued by the prospect of a flat 15-20% tax rate, but think this will be wayyyy too much for the lower incomes to bear.
Anyone have any other thoughts or insight on this subject