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This is more of a conceptual question than you think. Answer with a simple yes or no.
Proposal:
-Capital Gains Taxes taxed the same as regular income taxes.
-Eliminate Corporate Taxes
-Income tax marginal rates adjusted for inflation going forward
I think I see where you are going with this, and I don't think it is, in principle, a terrible idea, but exempting single taxpayers up to $500k? And then taking 90% of everything over $1 million? You'd have to do some serious convincing to get me on board.
No; that is the problem now too many with no skin in the game wanting government free stuff. Its really silly because you eliminate the providers by over taxing them to disincentive work at that level. To put it in plain language ;now can you support so many freeloaders without them; you can't. What you going to do when they all move their money making and jobs it creates to other countries.
I think I see where you are going with this, and I don't think it is, in principle, a terrible idea, but exempting single taxpayers up to $500k? And then taking 90% of everything over $1 million? You'd have to do some serious convincing to get me on board.
So yes, the proposal is to exempt just over 99% of Americans from paying income taxes. It is that simple.
Quote:
Originally Posted by texdav
No; that is the problem now too many with no skin in the game wanting government free stuff. Its really silly because you eliminate the providers by over taxing them to disincentive work at that level. To put it in plain language ;now can you support so many freeloaders without them; you can't. What you going to do when they all move their money making and jobs it creates to other countries.
So let me get this straight... you're willing to pay income taxes instead of not paying income taxes.
Quote:
Originally Posted by TrapperJohn
"Double for married filers"
So a couple of doctors earning $500,000+ would pay 100%. Nice plan. And double 90% - your math is bad. You would make a fine dictator.
No, it is just sad that you don't understand what a marginal tax rate is.
I think I see where you are going with this, and I don't think it is, in principle, a terrible idea, but exempting single taxpayers up to $500k? And then taking 90% of everything over $1 million? You'd have to do some serious convincing to get me on board.
What convincing is there?
Do you make over $500,000 / year?
The proposal is that you would pay no federal income tax on your first $500,000 annually. I don't know how that takes any convincing.
Why would people who make below $500k be exempt from paying any income tax? Do we not use federal gov't services? Should we not contribute?
I don't think people who are financially successful should basically be subsidizing me.
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