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Lower the rates and maybe have the first 15k tax free and everything else after that gets 10%.
10% will not fund the government. Lets get real.
I agree on the 15K part, but also feel it should be pegged to inflation.
And trust me, the standard deduction for a child is not encouraging children. In a way it follows the rational behind your 15K-don't tax that which is necessary to survive.
Also mind you-this is separate from the EITC which can pay you.
I use the home mortgage deduction-probably the biggest deduction for those that use it. On a pretty significant mortgage. I'm ok with it going if we pull a ton of the other ones out with it too.
Back in 2011, if you have an adjusted gross income of over $166,800, your mortgage interest starts to get phased out. For every $100 of income over $166,800 you lose $3 of itemized deduction X 33.3% up to a maximum loss of 80 percent of your itemized deductions. Talk about another overly complicated rule the IRS/government has implemented.
Back in 2011, if you have an adjusted gross income of over $166,800, your mortgage interest starts to get phased out. For every $100 of income over $166,800 you lose $3 of itemized deduction X 33.3% up to a maximum loss of 80 percent of your itemized deductions. Talk about another overly complicated rule the IRS/government has implemented.
Example: You make $266,800 and you have $50,000 in mortgage interest deductions. Take $266,800 – $166,800 = $100,000. Then take $100,000 X 3% = $3,000. Finally, take $3,000 X 33.3% = $999. You can now only deduct $49,001 ($50,000 – $999) from your income instead of originally $50,000. - See more at: Mortgage Interest Deduction Limit and Income Phaseout | Financial Samurai
LOL. cry me a river. Its not that complex, and generally the software or your accountant can deal with it.
I agree on the 15K part, but also feel it should be pegged to inflation.
And trust me, the standard deduction for a child is not encouraging children. In a way it follows the rational behind your 15K-don't tax that which is necessary to survive.
Also mind you-this is separate from the EITC which can pay you.
10% would be enough with no deductions and a broader tax base.
Eitc should be removed with the removal of deductions.
We would be basically doing a basic income model without paying people.
On the books they did but let's remember that most people didn't get paid at the top bracket either. Most people don't even make enough to get taxed in the 30% tax brackets (under about 180K a year for a single.) It's only about a 5-10%. What I wonder is if the people complaining about taxes being too high on the rich now actually said so under Bush when it was what 35% on someone making about 350K a year (again as a single)?
The tax code is pretty progressive as it is. The few people who make it into the higher brackets actually pay a 35+% marginal rate.
People who say we can raise rates on the wealthy as much as we want, because "we used to tax them at 90%" totally fail to take into account the ways the accountants and lawyers found for them to escape taxation on large amounts of income. The 90% was basically an illusion and not to be taken serious.
Yes, they can adopt their own currency. No, the currency has to be backed by the goods and services. If they print $100 trillion and don't actually produce anything, it doesn't mean anything.
So, what would be our limit, if we can't produce beyond what is backed?
Quote:
Originally Posted by greywar
10% will not fund the government. Lets get real.
Not according to Opin-Yunated, he keeps saying taxes aren't necessary for the government to operate. Do you agree with him?
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someone makes more than me. Waaaa
