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This is similar to what some republicans want. The problem is this will take away power from the government. They will not be able to persuade people to do things though our tax system. I personally like the idea but would need more information. The other thing they would have to do is to write in caps because at first the tax would start at x% then the government will keep increasing it. They would probably call it inflation adjustment.
They would also have to make the government prove that they are handling the tax revenue in a responsible way.
See the problem is our tax system is a control system.
This is similar to what some republicans want. The problem is this will take away power from the government. They will not be able to persuade people to do things though our tax system.
I agree but the government will not. The more money we are forced to give to the government the more power they have. I also think the government will tamper with the percentage.
Line 3 – Subtract $10,000 from line 2. This is your total tax.
First, it is very simple. There is no itemizing of deductions (isn't that what democrats want - get rid of deductions?) and the math is simple enough to do with a pencil and paper. There is no need for tax professionals or tax software. No one is likely to make a Tim Geithner Turbo Tax mistake, and if they do, well, it’s pretty easy to check.
The system maintains a constant incentive to earn and does not penalize high-wage earners with higher proportions of additional dollars being taxed as income rises. In the example above, all taxpayers keep 8 cents of every dollar earned.
The disincentive to earn income is, ironically, most pronounced for low-income earners who lose welfare and other benefits when they earn wages. In many cases, the effective tax on income and benefits exceeds 80 percent. For this reason, a negative income tax must be coupled with welfare reform. All forms of welfare payments must be accounted for in the lump-sum tax credit.
Third, the system is still progressive. That is, the burden of taxation is lighter on people with lower incomes. This is due to the tax credit, which allows citizens to receive a refund even if they owe no tax.
Line 1 – Enter your total income for the year.
Line 2 – Multiply line 1 by 0.2.
Line 3 – Subtract $10,000 from line 2. This is your total tax.
First, it is very simple. There is no itemizing of deductions (isn't that what democrats want - get rid of deductions?) and the math is simple enough to do with a pencil and paper. There is no need for tax professionals or tax software. No one is likely to make a Tim Geithner Turbo Tax mistake, and if they do, well, it’s pretty easy to check.
The system maintains a constant incentive to earn and does not penalize high-wage earners with higher proportions of additional dollars being taxed as income rises. In the example above, all taxpayers keep 8 cents of every dollar earned.
The disincentive to earn income is, ironically, most pronounced for low-income earners who lose welfare and other benefits when they earn wages. In many cases, the effective tax on income and benefits exceeds 80 percent. For this reason, a negative income tax must be coupled with welfare reform. All forms of welfare payments must be accounted for in the lump-sum tax credit.
Third, the system is still progressive. That is, the burden of taxation is lighter on people with lower incomes. This is due to the tax credit, which allows citizens to receive a refund even if they owe no tax.
I agree but the government will not. The more money we are forced to give to the government the more power they have. I also think the government will tamper with the percentage.
if you make it so that in order to increase the amount, the entire house and senate have to agree with rasing the limit. not a simple majority, but 100% of those in office have to agree to raise the limit.
make it a constitutional amendment and congress wont have a choice.
Line 3 – Subtract $10,000 from line 2. This is your total tax.
First, it is very simple. There is no itemizing of deductions (isn't that what democrats want - get rid of deductions?) and the math is simple enough to do with a pencil and paper. There is no need for tax professionals or tax software. No one is likely to make a Tim Geithner Turbo Tax mistake, and if they do, well, it’s pretty easy to check.
The system maintains a constant incentive to earn and does not penalize high-wage earners with higher proportions of additional dollars being taxed as income rises. In the example above, all taxpayers keep 8 cents of every dollar earned.
The disincentive to earn income is, ironically, most pronounced for low-income earners who lose welfare and other benefits when they earn wages. In many cases, the effective tax on income and benefits exceeds 80 percent. For this reason, a negative income tax must be coupled with welfare reform. All forms of welfare payments must be accounted for in the lump-sum tax credit.
Third, the system is still progressive. That is, the burden of taxation is lighter on people with lower incomes. This is due to the tax credit, which allows citizens to receive a refund even if they owe no tax.
That's a tax hike for burger flippers, from $500 to $900.
Oh wait...are you saying taxes start at $50,000 income? That's high for a starting point.
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