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PS: and they should do it with a smile on their face. What's left in the pile after paying even the most savage of taxes is still a wonderful enough reason to keep smiling.
Everyone should pay taxes. The rich and the poor. If the rich aren't paying taxes, then raise their taxes. If the poor aren't paying taxes, then raise their taxes.
Everyone should pay taxes. The rich and the poor. If the rich aren't paying taxes, then raise their taxes. If the poor aren't paying taxes, then raise their taxes.
I totally agree. I think it was when George Bush was President that they reduced the obligation of the poorest segments of this country to pay taxes to zero in many cases.
Even the poor should pay something. However, the rich should pay more.
I would propose the following tax structure for personal incomes.
$30,000 and less. 5%
$30,000 to $50,000 10%
$50,000 to $75,000 15%
$75,000 to $150,000 25%
$150,000 to $500,000 33%
$500,000 to $5,000,000 38%
$5,000,000 on up 40%
Deductions should be kept, but simplified. The home mortgage deduction should remain, but be limited to one home. The charitable deduction should remain. Deductions should be left in place for paying alimony and child support. Those who employ someone should be able to deduct their wages and other business expenses.
Above all, we should keep an inheritance tax. No free ride for those millionaires who are "gifted" their money instead of earning it.
This type of tax system is not "unbelievably cumbersome". Nor, is it unduly expensive to administer. My family income is close to $200,000 a year and it costs us only $200 to get an accountant to prepare our tax return. Millions of families get by using Turbotax or some other very cheap substitute.
Don't fall for the rightwing line that a flat tax would be better. A flat tax will ultimately involve even more windfalls for the rich while increasing income disparities in this country.
I totally agree. I think it was when George Bush was President that they reduced the obligation of the poorest segments of this country to pay taxes to zero in many cases.
Even the poor should pay something. However, the rich should pay more.
I would propose the following tax structure for personal incomes.
$30,000 and less. 5%
$30,000 to $50,000 10%
$50,000 to $75,000 15%
$75,000 to $150,000 25%
$150,000 to $500,000 33%
$500,000 to $5,000,000 38%
$5,000,000 on up 40%
Deductions should be kept, but simplified. The home mortgage deduction should remain, but be limited to one home. The charitable deduction should remain. Deductions should be left in place for paying alimony and child support. Those who employ someone should be able to deduct their wages and other business expenses.
Above all, we should keep an inheritance tax. No free ride for those millionaires who are "gifted" their money instead of earning it.
This type of tax system is not "unbelievably cumbersome". Nor, is it unduly expensive to administer. My family income is close to $200,000 a year and it costs us only $200 to get an accountant to prepare our tax return. Millions of families get by using Turbotax or some other very cheap substitute.
Don't fall for the rightwing line that a flat tax would be better. A flat tax will ultimately involve even more windfalls for the rich while increasing income disparities in this country.
You've basically described our current tax system before they needed to add bandaids to make it work. Progressive tax systems are flawed.
Also, you're statement about flat taxes is unsupported in your post.
You've basically described our current tax system before they needed to add bandaids to make it work. Progressive tax systems are flawed.
Also, you're statement about flat taxes is unsupported in your post.
I've described our current tax system and added features that would raise revenue and increase progressivity a bit on those earning the most money.
My comments about a flat tax are based on these:
1. Despite the fact that some wealthy people pay a low rate of taxes the vast majority of people earning large incomes do not escape. They get a little help from some of the deductions, but their overall rate and payout is high. Tax cuts inevitably benefit the wealthy more than the poor because most wealthy people are paying quite a bit of tax.
2. This is very important. If you did ever get a flat tax there would be nothing that could prevent Congress from coming along next year and re-establishing deductions that had been repealed the year before as part of the flat tax system. Unless the new tax system is literally written into the Constitution, I would say such action by Congress would be inevitable given the expensive lobbying efforts that are constantly being made on behalf of business to modify the tax code.
3. Since those advocating a flat tax bear the burden of proof or justifying their system, I'll throw it back at you. Prove to me that a flat tax would be fairer to the poor and middle income classes than a system which though imperfect does have elevated rates for those who earn more money. Please, be more analytical than simply citing one example--that of Warren Buffet to me. Warren is in a class practically by himself because of his mega fortune.
No I dont support a tax increase on the wealthy. Being wealthy is not a crime, and should not engender devious connotations.
Being a moderate, while I dont support tax increase on the wealthy, I do favor eliminating loopholes that allow high priced tax attorneys to sift through the maze of gift loopholes provided by our obsolete tax codes.
No to tax increase on the wealthy----yes to ending loopholes or tax reform to scuttle the useless tax codes that exist now. It is a two way street----I agree with the teas that not enough Americans are now paying taxes--------if you want more people to cut a check to the IRS it is not unreasonable than to ditch the moneymakers called loopholes that are cash cows for those who can afford the best tax lawyers money can buy.
I've described our current tax system and added features that would raise revenue and increase progressivity a bit on those earning the most money.
My comments about a flat tax are based on these:
1. Despite the fact that some wealthy people pay a low rate of taxes the vast majority of people earning large incomes do not escape. They get a little help from some of the deductions, but their overall rate and payout is high. Tax cuts inevitably benefit the wealthy more than the poor because most wealthy people are paying quite a bit of tax.
You described the biggest flaw with progressive tax right here. The wealthy pay more than the poor. One that is realized, it is not surprising that tax cuts affect the rich more than the poor.
Some people seem to feel that the wealthy should be paying a larger portion of their money in taxes. That makes no sense. Why punish those who are wealthier?
Everyone should pay taxes. The rich and the poor. If the rich aren't paying taxes, then raise their taxes. If the poor aren't paying taxes, then raise their taxes.
What about the people who pay too much taxes? (ie. middle class)
I think we should have an alternative MAXIMUM tax. If your taxes goes above a certain percentage of your income then you get a credit to reduce the amount of taxes you pay.
Personally I believe that no one should pay more than 10% of their income in taxes which includes state, local, federal as well as indirect taxes such as sales taxes, property taxes etc.
The existing tax rate is fine. Just close the loopholes so that they actually have to pay it.
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