I vote for a graduated income tax similar to what we have now, with a few changes
1 million and above 29%
500,000 to 1 million 23%
100,000 to 500,000 18%
75,000 to 100,000 13%
50,000 to 75,000 8%
30,000 to 50,000 4%
20,000 to 30,000 2%
15,000 to 20,000 1%
10,000 to 15,000 .5%
0 to 10,000 .1%
This way every American pays something for our freedoms and to maintain our country, thats first, next there are “NO” deductions, for anyone. That way the wealthy can't hire accountants to find every deduction that allows them to pay less then many working for them. Eliminate corporate taxes all together, to bring manufacturing jobs back to the US and put more people to work at good paying jobs. Capital gains taxes are eliminated, any income is taxed at the standard rate. If you make a million or 100 dollars in the stock market it's considered income.
Medicare and Medicaid is taxed much as it is now, only it's reduced to 2% paid by you and 2% paid by the company you work for .. total of 4% with no cut off, it's paid on your total income.
The percentage can be changed however, the 29% is the cap, it can be broken down into increments, and percentages to work, however I feel that even the lowest of incomes should be something, no matter how small
If you explained WHAT cookies I might have made a more informed decision.
CORPORATE GREED AND UNION GREEDDEMOCRATS AND REPUBLICANSDESTROYING THE BEST OF AMERICA ONE DAY AT A TIME
This is the worst kind of discrimination. The kind against ME! ~ Bender
There are many reasons not to go with a consumption tax. Here are a few:
1. Taxes will make it harder for the poor to buy food. I have heard two solutions to this, both are terrible. The first is to exempt necessities. If you do that, I swear to you that necessities will be determined by what manufacturing plants are in what districts of the party in power. It will give rise to the single largest power grab by either party.
The other solution is a prebate check to every single American at the beginning of each month based on a percentage of the poverty level. This leaves us with two options. The government sends out more than 300 million checks every month, or you have to file a tax return every month to let the government know who is in your family. When the government tried to pay one time checks of $250 only to military and social security retirees, they sent over 72,000 to inmates and dead people, and missed many of the people who should have actually gotten them. And you think the government could handle 300 million checks a month?
2. This whole idea that a consumption tax lets you decide what to pay because you don't pay taxes unless you spend the money is basic stupidity. The only way you can get out of paying the national sales tax is to not spend the money EVER. In that case, what is the point of having the money?
3. Consumption taxes will require businesses to file monthly tax returns that will include many complicated issues, including lump sum contracts, international sales, wholesaler v. resaler issues, non-profit sales, and of course my favorite, lump sum contracts to non-profits. The IRS will also need to perform regular audits to ensure that companies (especially small retailers) are not doing under the table cash sales. If anything the IRS will increase in size to handle the prebates and the monthly sales tax returns.
4. People with savings that have already been taxed will face double taxation when we switch over to the new system.
Get informed: UNICEF foreign adoption policy is killing orphans and the US gives $132 million to UNICEF every year. Stop the madness.
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frugal people will be rewarded
those with illegal incomes will still pay federal taxes
the poor cannot have their votes bought by promises the rich's tax brackets will be raised
the power the government gets from the IRS will be stripped
the time spent complying with the income tax will no longer be wasted
There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers