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Raising the tax on that portion of income derived from capital gains for those with an AGI of $ 1 million + impacts about 250,000 earners, out of 111 million tax filers.
The intent seems to be to fund the proposed American Families Plan, child care tax credits, paid family medical leave and free community college, etc.
From my perspective the only fair tax is a flat tax on all gross income, no minimum or cap. Everyone puts equal skin in the game.
a progressive tax is discriminatory... I thought you lefties opposed discrimination
tax everyone at an equal rate...
let's use 20%
you make 20k annually....your tax is 4k a year
you make 20m... your tax is 4m
everyone pays an equal rate...everyone has skin in the game
So, no, you do not understand.
Not a “lefty”. Everyone is subject to the same tax law. Same taxes apply on the first ~10K. Then ~10-40 and on up. Landing in a higher tax bracket only applies to the income in that bracket. Everything below that is the same. While I would prefer a consumption tax there isn’t something inherently unfair about the progressive system. Everyone is subject to the same rate for a given range of dollar amount.
What is unfair is all the deductions that rely on your skill or hiring a paid expert to take full advantage of when the government already knows what you owe and should simply bill you.
And that the biggest obstacle to no or very simple returns is the lobbyists from the tax preparer industry.
Not a “lefty”. Everyone is subject to the same tax law. Same taxes apply on the first ~10K. Then ~10-40 and on up. Landing in a higher tax bracket only applies to the income in that bracket. Everything below that is the same. While I would prefer a consumption tax there isn’t something inherently unfair about the progressive system. Everyone is subject to the same rate for a given range of dollar amount.
What is unfair is all the deductions that rely on your skill or hiring a paid expert to take full advantage of when the government already knows what you owe and should simply bill you.
And that the biggest obstacle to no or very simple returns is the lobbyists from the tax preparer industry.
1. I was not calling you a lefty... I was stating that lefties (of the past) have been about being non-discriminatory
2. I too would like to see a consumption tax REPLACE the income, corporate, estate, sin taxes
It makes sense to me...any reasons why we shouldn't just tax it like our regular income.
The argument is that it would reduce investment. Finding the right balance of taxes is complex. Is your goal the best for everyone, or the best for GDP? Who should pay more, what taxes effect expansion, etc etc etc.
Id like to see our tax code simplified, and one way would be to treat it like income.
[ATTACK OF COMMON SENSE FLAG ON]
You know or should know that in America, governments are instituted to secure endowed rights (see: Declaration of Independence), and therefore no endowed right can be taxed, lest it be diminished by ever higher taxes.
Only government privileges are taxable.
Now, do you KNOW what revenue taxable privileges are involved in your status as a "taxpayer"?
Ask your public servants for an explanation.
But don't use the phone. You will be put on indefinite hold, with "Hotel California" playing in the background.
- - -
FYI: endowed rights include but are not limited to natural rights, natural and personal liberty, absolute ownership of private property, inherent powers, privileges and immunities (unrelated to government granted privileges).
But if you CONSENT to be governed, you surrender these endowments because mandatory civic duties abrogate them.
*(ex: Militia duty - the obligation to train, fight, and die on command - a definite violation of the right to life and liberty.)
Raising the tax on that portion of income derived from capital gains for those with an AGI of $ 1 million + impacts about 250,000 earners, out of 111 million tax filers.
The intent seems to be to fund the proposed American Families Plan, child care tax credits, paid family medical leave and free community college, etc.
From my perspective the only fair tax is a flat tax on all gross income, no minimum or cap. Everyone puts equal skin in the game.
Both parties prefer a progressive taxation.
That is the upper limit. It starts at $450K. Now how many does it impact ?
That is the upper limit. It starts at $450K. Now how many does it impact ?
From what I can tell it is being proposed to add a new bracket. The current 20% bracket starts at 450000.
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