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I hear brother. The wife and I showed $137K last year and we also go hit with the IL income tax increase. The tax system sucks and really hurts the middle and upper middle class the most!I don't see how someone else's failure to be responsible, get an education and a good job that pays well or hauls off and starts their own comany makes it my responsibility to pay more because I did those things. Rewarding laziness and penalizing hard work is back asswards.
Que?
Why should I pay a higher percent than anyone else? If we are going to have true shared sacrifice, then everyone needs skin in the game. The guy who makes $1M doesn't want to give up his hard earned money any more that the guy who made $1K. Simply because he has more money doesn't necessarily mean he won't miss it. It is his, he earned it, he is entitled to it. No one else. Start confiscating other people's money because "they don't need it" and other people do and you'll kill any incentive for people to do well for "themselves". I don't think that is where we want to go, do you? I'm not even in favor of a flat rate across the board.
See my signature. However, I don't see a reality on our current political process that would make such a revolutionary change possible!I support the Fair Tax
Uh. The OP is not a tax everyone the same plan.
So, thanks, but no thanks.
Yes it is. Take to people one who make $75K and one who makes $100K! Both pay $0 on their first, next $25K at $2,500 and then A pays 15% on his next $25K and B pays 15% on his next $50K.
Just trying to think out of the box here Boedicca, since my dream of income, payroll, capital gains and corporate being replaced with the fair tax is a pipe-dream!
Here's a better plan.
10% on every dollar of income period.
If you earn $1 a year, you pay 10 cents.
If you earn $1ooK you pay $1000
If you realize $100 million in capital gains you pay $1million.
Done. No need for lawyers, accountants, the IRS etc.
Here's a better plan.
10% on every dollar of income period.
If you earn $1 a year, you pay 10 cents.
If you earn $1ooK you pay $1000
If you realize $100 million in capital gains you pay $1million.
Done. No need for lawyers, accountants, the IRS etc.
The flat tax is the option most people state. But it leaves out the reality that 10% of ones income means is effects people harder. Paying $2K for the an that makes $20K has much more of an impact than the man that makes $200K and pays $20K!
Here's a better plan.
10% on every dollar of income period.
If you earn $1 a year, you pay 10 cents.
If you earn $1ooK you pay $1000
If you realize $100 million in capital gains you pay $1million.
Done. No need for lawyers, accountants, the IRS etc.
The flat tax is the option most people state. But it leaves out the reality that 10% of ones income means is effects people harder. Paying $2K for the an that makes $20K has much more of an impact than the man that makes $200K and pays $20K!
The only flat fair direct tax is no tax.
Let the gubmint support itself with duties, imposts and excises, the way it did for over 150 years.
Why not take out the loop holes, tax shelter and class warfare and simplify the system. If we can't go to the fair tax then go to a progressive incremental income tax. Meaning everyone first $25K gets taxed the same, ditto for the next $50K, $100K, $250K, $1 mil extra. Take out the loopholes and tax deductions and we have a better system. The business owner is taxed obvious on income (so they will in theory still have tax breaks), since we can't tax them on gross it must be on net.
For example, Mr A. make $25K, Mr. B $50K, Mr. C $250K, Mrs. D $1 mil and Ms. E $55mil a year
Tax Levels.....Rate
1-$25K.....................0%
$25K-$50K...............10%
$50K-$150K.............15%
$150K-$250K...........20%
$250K-750K.............25%
$750K-$2 mil...........30%
$2 mil-$10 mil.........40%
$10 mil-$50 mil........50%
$50 mil+..................90%
Mr A (makes $25K) pays $0.
Mr B (makes $50K) pay $2,500 (First 25K at $0, next $25K at 10%)
Mr C (makes $250K) pays $42,500 (First 25K at $0, next $25K at 10%, next $100K at 15%, next $100K at 20%)
Mrs D (makes $1 mil) pays $242,500 (First 25K at $0, next $25K at 10%, next $100K at 15%, next $100K at 20%)
Ms. E (makes $55 mil) pays $28,242,500 (You do the math )
This system doesn't disincentive people to make more, since everything previous to the next bracket gets taxed at the dollar amount. No more tax shelter, not more accounting tricks, not more audits, no more tax cheats. Simple tax everyone the same on income coming in. Yes it appears I put a max income of $50 mil (shoot me I'm a commie )