What is your ideal Federal Income Tax structure?

[bripat9643]

I make s change to SSN.

How I would change Fed and State taxes:

(1) Income:
State: New Amendment the states can not tax income more than 1%

Fed: Flat progressive tax. Each dollar is taxed at the same level.

Your first $30k = 0%
Your next $30-$50k = 5%
Your next $50-$75k = 10%
Your next $75-$150k = 15%
Your next $150-$250k = 25%
Your next $250-$500k = 30%
Your next $500-$1 mil = 40%
Your next $1 mil-$5 mil = 50%
Over $5 mil = 80%

For example say you make $6 mil you pay $3.125 mil in taxes, but if you make $250k you pay 52k effective rate of 21%.

No standard deductions:
Dollar for dollar charity deduction all levels
No further deduction over $1 mil + income.
Standard mortgage and student loan interest.
Deduct medical and dental insurance premiums
Medical expense up to $100k
Deduct school tuition payments
Deduct $2500 a kid up to 5 kids

Produces nice revenue, very advantageous to the middle class. Doesn’t hurt incentive to make as much as possible because every dollar gets taxes at the level evenly across the board.

(2) Corp tax
State: max state at 2%
Fed:
Three levels a not sure the amount make it Flat progressive at 10% - 15% - 20%

(3) Capital Gains - Flat progressive. Funds Medicare/Medicaid
1-$250k - 15%
$250k - $500k - 25%
$500 - $1 mil 30%
$1 mil+ 35%

(4) VAT Tax of 20%. Funds Medicare/Medicaid

(5) SSN
Keep SSN at current levels (3.5% a piece between employer and employee), but end other payroll taxes. However end collective SSN pension and adopt the Chilean model of individual plans with only specific safe investment. SSN currently provides a negative return, while the Chilean model has been producing a 7-10% return.

(6) Property Taxes
Make a fed law that the states can not levy more than 1.5 of current market value of what the home would sell on open market (which takes in account foreclosure). Each state must set up an independent arbitrator system where the loser must pay the Arbitrator’s fees (can’t exceed $1k).

(7) End defined gov worker pension plans and require replacing with individual plans (aka 401k). Pass an amendment that disallows this.

(8) Create the balances Budget Amendment




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An 80% tax rate is ridiculous.

And a flat tax has no tax brackets. IMO if we are going to have an income tax we need to get rid of all tax deductions and charge one low rate from the first dollar earned no matter how it is earned be it from a job or as capital gains.

Get rid of or at least greatly reduce the size and cost of the IRS and apply that savings to lower the tax rate.

IMO a national sales tax would be the better option since it would be much tougher to avoid and people couldn't dodge it

I meant flat at the specific level. Meaning if I make $150k my first $50k is taxed at the lower rate as the person who makes only $50k.

80% kicked in only on your first dollar over $5 mil a year and isn’t applied to any dollar made under $5 mil. Few hit that level and I won’t cry for the actors and athletes that are screaming for equality that are hit with it.

Deductions promote good behavior like home ownership, starting a family, going to college etc


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That's not a flat tax. It's a progressive tax.

 

[Skull Pilot]

I make s change to SSN.

How I would change Fed and State taxes:

(1) Income:
State: New Amendment the states can not tax income more than 1%

Fed: Flat progressive tax. Each dollar is taxed at the same level.

Your first $30k = 0%
Your next $30-$50k = 5%
Your next $50-$75k = 10%
Your next $75-$150k = 15%
Your next $150-$250k = 25%
Your next $250-$500k = 30%
Your next $500-$1 mil = 40%
Your next $1 mil-$5 mil = 50%
Over $5 mil = 80%

For example say you make $6 mil you pay $3.125 mil in taxes, but if you make $250k you pay 52k effective rate of 21%.

No standard deductions:
Dollar for dollar charity deduction all levels
No further deduction over $1 mil + income.
Standard mortgage and student loan interest.
Deduct medical and dental insurance premiums
Medical expense up to $100k
Deduct school tuition payments
Deduct $2500 a kid up to 5 kids

Produces nice revenue, very advantageous to the middle class. Doesn’t hurt incentive to make as much as possible because every dollar gets taxes at the level evenly across the board.

(2) Corp tax
State: max state at 2%
Fed:
Three levels a not sure the amount make it Flat progressive at 10% - 15% - 20%

(3) Capital Gains - Flat progressive. Funds Medicare/Medicaid
1-$250k - 15%
$250k - $500k - 25%
$500 - $1 mil 30%
$1 mil+ 35%

(4) VAT Tax of 20%. Funds Medicare/Medicaid

(5) SSN
Keep SSN at current levels (3.5% a piece between employer and employee), but end other payroll taxes. However end collective SSN pension and adopt the Chilean model of individual plans with only specific safe investment. SSN currently provides a negative return, while the Chilean model has been producing a 7-10% return.

(6) Property Taxes
Make a fed law that the states can not levy more than 1.5 of current market value of what the home would sell on open market (which takes in account foreclosure). Each state must set up an independent arbitrator system where the loser must pay the Arbitrator’s fees (can’t exceed $1k).

(7) End defined gov worker pension plans and require replacing with individual plans (aka 401k). Pass an amendment that disallows this.

(8) Create the balances Budget Amendment




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An 80% tax rate is ridiculous.

And a flat tax has no tax brackets. IMO if we are going to have an income tax we need to get rid of all tax deductions and charge one low rate from the first dollar earned no matter how it is earned be it from a job or as capital gains.

Get rid of or at least greatly reduce the size and cost of the IRS and apply that savings to lower the tax rate.

IMO a national sales tax would be the better option since it would be much tougher to avoid and people couldn't dodge it

I meant flat at the specific level. Meaning if I make $150k my first $50k is taxed at the lower rate as the person who makes only $50k.

80% kicked in only on your first dollar over $5 mil a year and isn’t applied to any dollar made under $5 mil. Few hit that level and I won’t cry for the actors and athletes that are screaming for equality that are hit with it.

Deductions promote good behavior like home ownership, starting a family, going to college etc


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That's no different than it is now.
And sorry but 80% is ridiculous no matter what bracket it is.

The reason we have the fucked up tax code we do now is precisely because the government uses it as a ham handed social engineering tool. We need to get rid of all the deductions and realize what taxes are for and that is to raise revenue for vital government functions and that is it.

 

[Admiral Rockwell Tory]

Mine is:

15% flat tax on any income over $20,000 and a 1% FEDERAL SALES TAX ON ALL NON-FOOD ITEMS.

No exemptions. No deductions.

Simple..easy...fair.

How I would change Fed and State taxes:

(1) Income:
State: Amendment they states can not tax income more than 1%

Fed: Flat progressive tax. Each dollar is taxed at the same level.

Your first $30k = 0%
Your next $30-$50k = 5%
Your next $50-$75k = 10%
Your next $75-$150k = 15%
Your next $150-$250k = 25%
Your next $250-$500k = 30%
Your next $500-$1 mil = 40%
Your next $1 mil-$5 mil = 50%
Over $5 mil = 80%

For example say you make $6 mil you pay $3.125 mil in taxes, but if you make $250k you pay 52k effective rate of 21%.

No standard deductions:
Dollar for dollar charity deduction all levels
No further deduction over $1 mil + income.
Standard mortgage and student loan interest.
Deduct medical and dental insurance premiums
Medical expense up to $100k
Deduct school tuition payments
Deduct $2500 a kid up to 5 kids

(2) Corp tax
State: max state at 2%
Fed:
Three levels a not sure the amount make it Flat progressive alps 10% - 15% - 20%

(3) Capital Gains - Flat progressive. Funds Medicare/Medicaid
1-$250k - 15%
$250k - $500k - 25%
$500 - $1 mil 30%
$1 mil+ 35%

(4) VAT Tax of 20%. Funds Medicare/Medicaid

(5) Medicare/Medicaid and SSN
Keep SSN at current levels but end the other payroll taxes.

(6) Property Taxes
Make a fed law the states can not levy more than 1.5 of current market value of what the home would sell on open market. Each state must set up an independent arbitrator system where the loser must pay the Arbitrator’s fees (can’t exceed $1k).

(7) End defines gov worker pension plans and require replacing with individual plans (aka 401k).

Far too complicated!

What part? I hit taxes at every level


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A state tax of 2%? My state tax is fairly low and it is 6% now.

I personally believe no state should be able to charge an income or corporate tax, but giving leeway is OK.


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Great idea! Now, how do you pay for everything a state does?

 

[BulletProof]

The reason we have the fucked up tax code we do now is precisely because the government uses it as a ham handed social engineering tool. We need to get rid of all the deductions and realize what taxes are for and that is to raise revenue for vital government functions and that is it.

You should check Amazon, to see if they sell brains.

Most of congress believes the convoluted tax code serves vital interests. So, your argument is that we need we need to stop using the tax code to serve vital interests and realize that taxes are to serve vital interests. Yes, your statement is nonsense.

Arguably, the #1 function of government is wealth redistribution. So, if you're in favor of the Fair or Flat taxes, then you think ham-handed welfare programs serve the vital interest of wealth redistribution better than progressive tax brackets. Anyone with even half a brain would know better.

If you're one of those Zionists, like Ted Cruz and Mike Huckabee, who think the only legitimate function of government is serving Antichrist (Israel), such as by killing innocent Arabs. You say taxes are to raise revenue for that "vital" function, wouldn't that include higher taxes on the people most able to pay taxes?

 

[Little-Acorn]

What is your ideal Federal Income Tax structure?


Same one that's in the original Constitution, but with "mandatory" thrown in.

Citizens no longer send in Income Taxes directly to the Federal Govt. Each state sends its citizens' Income Taxes to the Fed govt, according to the population of the state. If State A has twice the population of State B, then State A's share of Federal Income Taxes is twice as much money as State B's share.

And each state can then turn around and charge its own citizens in any way it likes, for Federal Income Taxes it paid to the Fed. If a state wants to change its wealthy citizens hugely while changing its lower 50% practically nothing (as the Fed does today), it can. Or if it wants to charge the same percentage of all its citizens ("flat" tax), it can do that instead. Or a consumption tax, or some other scheme. It's totally up to the states.

Of course, if a state wants its highest earners (and producers) to remain in the state, if might be a good idea for them to NOT "soak the rich" too much. Then their most productive citizens might not flee to a lower-tax state. This is also totally up to the states to decide.

Competition. It's a wonderful thing.

All the Fed does is decide how much the total income tax burden is, that it needs from citizens. Then it divides that amount by the number of people in the U.S. Then it tells each state, "You have NNN million people, so you have to send MMM million dollars to Washington DC". It's up to each state to decide how that state wants to collect it.

Here's the problem with your idea:

Average household income for Maryland: $75,847
Average household income for Mississippi: $40,593

So?

If you were running Mississippi, and had to meet the tax burden I described (the one in the original Constitution), how would you allocate taxes among Mississippi's citizens?

BTW, do you think it would be a good idea for the Fed govt to reduce the overall taxes it charges, because of the low income of some of the citizens as you described?

 

[The Derp]

For individuals, a progressive tax system with a few income brackets. All income is taxed the same; there is no distinction between Capital Gains or regular income, pass-thru's or any other type of tax avoidance:

$0 - $53,000 = 0%
$53,001 - $120,000 = 15%
$120,001 - $250,000 = 25%
$250,001 - $450,000 = 35%
$450,001 - $999,999 = 45%
$1M+ = 70%

I would also remove the cap on taxable SS income and not expand benefits for high earners, but I would expand benefits for everyone else.

For businesses, I would first and foremost prohibit a company using revenue to buy back stock. That antiquated bullshit from Reagan has to go. I would tax all business income, regardless of where it comes, at the same flat rate of 25% - so no tax breaks because you made money in a foreign country. And if the corporation is based in the United States, then they must report and pay taxes on all business income from everywhere in the world. No more moving corporate headquarters just to increase the share price.

 

[francoHFW]

80% for the top rate is too much make it 60

 

[Skull Pilot]

The reason we have the fucked up tax code we do now is precisely because the government uses it as a ham handed social engineering tool. We need to get rid of all the deductions and realize what taxes are for and that is to raise revenue for vital government functions and that is it.

You should check Amazon, to see if they sell brains.

Most of congress believes the convoluted tax code serves vital interests. So, your argument is that we need we need to stop using the tax code to serve vital interests and realize that taxes are to serve vital interests. Yes, your statement is nonsense.

Arguably, the #1 function of government is wealth redistribution. So, if you're in favor of the Fair or Flat taxes, then you think ham-handed welfare programs serve the vital interest of wealth redistribution better than progressive tax brackets. Anyone with even half a brain would know better.

If you're one of those Zionists, like Ted Cruz and Mike Huckabee, who think the only legitimate function of government is serving Antichrist (Israel), such as by killing innocent Arabs. You say taxes are to raise revenue for that "vital" function, wouldn't that include higher taxes on the people most able to pay taxes?

The tax code is 4 million words long.
And you can argue all you want that the #1 function of government is wealth distribution you'd still be wrong

And I don't know why you're prattling on about Huckabee, he's just another fat blowhard of a talking head and is completely irrelevant.

What you can't seem to realize that under a flat tax people who make more do pay more.

 

[BulletProof]

The tax code is 4 million words long.
And you can argue all you want that the #1 function of government is wealth distribution you'd still be wrong

Debating with truly stupid people is boring. You bore me. I never claimed that the government should be redistributing wealth. I Just pointed out this is what the government does. And, I also addressed idiots think the military is the most important function. But, it all when over your head. You have even totally failed to articulate what you think the function of government is.

What you can't seem to realize that under a flat tax people who make more do pay more.

You're an idiot and you're wrong. Rich people would pay less under a flat tax, because they have a strong ability to protect their income from taxes, regardless fantasies about banning deductions. And, again, regardless of whatever the sh1t in your skull believes is the role of government, the government does redistribute wealth, so a flat tax means increased welfare.

 

[Ame®icano]

zero point zero

 

[Skull Pilot]

The tax code is 4 million words long.
And you can argue all you want that the #1 function of government is wealth distribution you'd still be wrong

Debating with truly stupid people is boring. You bore me. I never claimed that the government should be redistributing wealth. I Just pointed out this is what the government does. And, I also addressed idiots think the military is the most important function. But, it all when over your head. You have even totally failed to articulate what you think the function of government is.

What you can't seem to realize that under a flat tax people who make more do pay more.

You're an idiot and you're wrong. Rich people would pay less under a flat tax, because they have a strong ability to protect their income from taxes, regardless fantasies about banning deductions. And, again, regardless of whatever the sh1t in your skull believes is the role of government, the government does redistribute wealth, so a flat tax means increased welfare.

What part of a flat tax on all income no matter how it is earned do you not understand ?

Under a flat tax ALL income would be taxed at the same rate. The truly wealthy do not have regular income but their income via capital gains will be taxed at the same rate as all other income.

But you unwittingly gave one of the best arguments for instituting a consumption tax

 

[Two Thumbs]

Mine is:

15% flat tax on any income over $20,000 and a 1% FEDERAL SALES TAX ON ALL NON-FOOD ITEMS.

No exemptions. No deductions.

Simple..easy...fair.

0%

go to a sales tax.

poor people buy cheaper goods and will therefore pay less
the rich buy top self and will therefore pay more.

and it will keep the 'fairness' pussies quiet

 

[Flash]

We need to do away with the filthy income tax. The stupid Federal government spends $4 trillion a year and that is despicable. At a minimum we need to reduce spending the $1 trillion we collect each year in income tax. Nobody should ever be taxed on the income they make, especially when only about half of the people have to pay it.

 

[g5000]

What is your ideal Federal Income Tax structure?


Same one that's in the original Constitution, but with "mandatory" thrown in.

Citizens no longer send in Income Taxes directly to the Federal Govt. Each state sends its citizens' Income Taxes to the Fed govt, according to the population of the state. If State A has twice the population of State B, then State A's share of Federal Income Taxes is twice as much money as State B's share.

And each state can then turn around and charge its own citizens in any way it likes, for Federal Income Taxes it paid to the Fed. If a state wants to change its wealthy citizens hugely while changing its lower 50% practically nothing (as the Fed does today), it can. Or if it wants to charge the same percentage of all its citizens ("flat" tax), it can do that instead. Or a consumption tax, or some other scheme. It's totally up to the states.

Of course, if a state wants its highest earners (and producers) to remain in the state, if might be a good idea for them to NOT "soak the rich" too much. Then their most productive citizens might not flee to a lower-tax state. This is also totally up to the states to decide.

Competition. It's a wonderful thing.

All the Fed does is decide how much the total income tax burden is, that it needs from citizens. Then it divides that amount by the number of people in the U.S. Then it tells each state, "You have NNN million people, so you have to send MMM million dollars to Washington DC". It's up to each state to decide how that state wants to collect it.

Here's the problem with your idea:

Average household income for Maryland: $75,847
Average household income for Mississippi: $40,593

So?

So taxing Mississippians the same amount as Marylanders is stupid. Idiotic. Dumb. Retarded.

 

[g5000]

What is your ideal Federal Income Tax structure?


Same one that's in the original Constitution, but with "mandatory" thrown in.

Citizens no longer send in Income Taxes directly to the Federal Govt. Each state sends its citizens' Income Taxes to the Fed govt, according to the population of the state. If State A has twice the population of State B, then State A's share of Federal Income Taxes is twice as much money as State B's share.

And each state can then turn around and charge its own citizens in any way it likes, for Federal Income Taxes it paid to the Fed. If a state wants to change its wealthy citizens hugely while changing its lower 50% practically nothing (as the Fed does today), it can. Or if it wants to charge the same percentage of all its citizens ("flat" tax), it can do that instead. Or a consumption tax, or some other scheme. It's totally up to the states.

Of course, if a state wants its highest earners (and producers) to remain in the state, if might be a good idea for them to NOT "soak the rich" too much. Then their most productive citizens might not flee to a lower-tax state. This is also totally up to the states to decide.

Competition. It's a wonderful thing.

All the Fed does is decide how much the total income tax burden is, that it needs from citizens. Then it divides that amount by the number of people in the U.S. Then it tells each state, "You have NNN million people, so you have to send MMM million dollars to Washington DC". It's up to each state to decide how that state wants to collect it.

Here's the problem with your idea:

Average household income for Maryland: $75,847
Average household income for Mississippi: $40,593

So?

If you were running Mississippi, and had to meet the tax burden I described (the one in the original Constitution), how would you allocate taxes among Mississippi's citizens?

BTW, do you think it would be a good idea for the Fed govt to reduce the overall taxes it charges, because of the low income of some of the citizens as you described?

The federal government taxes a person who makes $40,593 less than it taxes someone who makes $75,847.

How do you not know this?