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Currently, the tax brackets for a single person are as follows:
$0 to $8,700-----------------10%
$8,700 to $35,350------------15%
$35,350 to $85,650-----------25%
$85,650 to $178,650----------28%
$178,650 to $388,350---------33%
$388,350+--------------------35%
1) Do you believe that your rate is fair (whichever it may be)?
2) Do you believe that another brackets rate should change? Which one?
3) Assuming the current rate for the top bracket is not fair, what would be a "fair share" and how would we know when it is taxed enough?
"I don't know what the rich pay now, but it should be a 'fair share'. 'Fair share' is a number, right?"
"Paying taxes is patriotic"
"How else are you going to fund police - herp derp"
I'm in favor of simplifying taxes through a modified flat tax. One possibility is with two tiers. 1st $20,000 - 5%. Everything above $20,000 - 20%. Same rates for dividends and capital gains. No deductions, automatically withheld through payroll taxes or electronic monthly submissions. Everyone has some skin in the game.
Washington must work with the revenue received which would include a defined % of revenue received to pay down debt.
I think that a fair share of taxes is completely dependent on how much you have beyond a 'reasonable comfort level". Accordingly I propose an Income tax and a personal property tax. The income tax would be on all income from all sources over the 90th percentile. The tax would be progressive and increase proportionately to the citizen’s percentile until 99%. In addition there would be a similar tax on all personal real and financial property no matter where located, deposited or held.
The primary effect of these taxes will be to place the financial responsibility of maintaining our country on the people that realize a disproportionate income or own a disproportionate amount of the country. It would also relieve most of the people from the burden of taxation and they would then be free to spend or invest the money as they desired. Some would just buy more stuff but many would start their own businesses realizing they would not be liable for taxes until well into the six figure personal income. That is well into the reasonable comfort income range.
The tax method I suggested does not have any loopholes. I am also, as corporations are now legally people, considering applying the same tax rates to undistributed profits.
I wonder if some one in the field of nominative economics has come up with a rubric of sorts to access who uses tax dollars the most. For instance when I go walking I go to the "nice neighborhood " because the side walks are much better and if I go at night they are well lit. In the The poor part of town there are no side walks, but there has to be more police protection. In this case whose use of tax dollars are proportionally higher. The city gets more bang for the buck by keeping neighborhoods where property taxes are high well kept. So should we tax by zip code? I try not to complain but I do try to think of ways to get my money's worth.
That chart is only for earned income but the chart is misleading. All your income isn't taxed at 28% if you earn $100k. You pay the lower rates on the amts under $85k.
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If you have investment/dividend income you pay much less in tax rates. 15% is the max rate no matter how much you make. This is why Romney paid a 14% tax rate for 2010. He probably paid much lower than this in prior years. This is why he is hiding his tax returns.
I'd be OK removing loopholes and lowering rates, especially at corporate level, but that approach has already been shot down by the GOP.
I would go for that. Some exemptions for small business' and investment, but very few and a lower rate. Corporate rates should go down, but not by much.
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