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I expect spending to increase at the inflation rate for most government activities (note: the cap on taxable Social Security income would also be eliminated and benefits restricted to people that really need them) with, hopefully a major decrease in Military spending as we realize our presumptive empire is costing us far more than it is worth.
OS the amount of money your 90 % tax will need o cover will grow larger while the amount of money you get will grow smaller.I am not sure your numbers will add up
With a deductable set at a percentile, not percentage, it will increase with inflation. The primary goal of my proposed flat Tax is to place the burden of financing the federal government on the people that own and control the country instead of our current system where the middle class pays for subsidizing both the wealthy and the poor.
This system would allow 90% of our population to keep, invest or spend their, generally wage based income, as they wish. It would force the investor and control class to pay for the government they control. This is a, tax the wealthy system, because it places the tax where the money is located instead of where it is created.
Setting the deductable at 90th percentile makes my flat Tax very progressive without the complications of rising rate brackets and complex deductibles that plague our current system.
Setting the deductable at 90th percentile makes my flat Tax very progressive without the complications of rising rate brackets and complex deductibles that plague our current system.
Progression is a minor complication. One can simplify a progressive tax code as easily as a flat one. The easy way to do this is convert all deductions to direct payments. Then a single table allows one any scheme of progression one likes.
Note that direct payments can be made cost neutral. You simply charge an appropriate fee against the payment.
It also has the property of making such payments visible. Always a good thing in government.
It's liberal United States where no one needs to work
If that's the case, how come San Francisco has an unemployment of 6.9% while Kern County has one of 12%?
Most Americans want to work, some just actually care about others having affordable healthcare access...especially because the more uninsured people we have, the more expensive healthcare gets for those of us who actually pay for it.
I'm all for a flat tax if it's supplemented by a Progressive VAT which taxes luxury goods and services heavily. The flat tax should be something low, like 10%, and then VATs should be low on staples and economical items (items under a certain price level, like say all couches under $200 carry a 5% tax while those above $200 are taxed at 5% for the first $200 and 10% thereafter) while being higher for things which fill no need, like Jewelry and video games.
However, I do agree with the wealth tax in one of the world's most free economies: Liechtenstein. In Liechtenstein, wealth is taxed at 0.06% per year. So if you have a net worth of $1,000,000 (euros) you will be taxed $600/yr, if you're worth a billion, you will be taxed $600,000.
The ASSumtion that those who succeed will continue to work hard without rewards for their hard work is incorrect. I'm not going to bust my butt so someone else can have more. Forget it. I'd rather kick back and just earn less.
That's some interesting logic. I don't buy it, but interesting nonetheless.
So let's say you make $30K/year and tomorrow someone offers you a position for $60K/year. You will turn it down because you'd pay more taxes? That sounds both dubious and disingenuous.
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The ASSumtion that those who succeed will continue to work hard without rewards for their hard work is incorrect. I'm not going to bust my butt so someone else can have more. Forget it. I'd rather kick back and just earn less.
