For example.If you make $50,000 or below, you pay no income tax whatsoever.If you make between $50,000 and $100,000 you pay a 10% tax on any income over $50,000 to $100,000If you make between $100,000 and $250,000 you pay 10% tax on any income over $50,000 to $100,000, and pay 15% tax on any income over $100,000 to $250,000If you make over $250,000 you pay 10% tax on any income over $50,000 to $100,000, pay 15% tax on any income over $100,000 to $250,000, and pay 20% tax on everything over $250,000.No one pays any tax whatsoever on the first $50,000 of income. There would be NO loopholes, NO credits, NO exemptions, NONE!!!!!!!Yes the lower income brackets would lose their free money, ie EITC and CTC, however they would have no income tax liability. While the percentages I have used most likely would need to be tweaked, I do believe this is a viable plan.
No I support a repeal of income tax all together, we were a successful country long before it became a way of life, but at least you are thinking, however consider this every one pay the same percentage or no one pays at all
A bracketed flat tax doesn't seem much different than a progressive tax. However, as a supporter for flat tax, I would support a bracketed one as a step up from what the socialism we have now.
You are essentially describing the current tax system except that you are eliminating all deductions and the percentages are different. The big issue here is what would be defined as income and how do you approach larger families being forced to essentially pay more even though they can afford it less. z
no. flat all across the board. Poor people that clean toilets on minimum wage should pay the SAME percentage as a billionaire. Its only fair that way.
It would be an improvement over what we have now. That much is for sure. I personally favor sales tax and revoking income tax going as far as a Constitutional amendment repealing the one that allows an income tax. The first thing that would need to be done is to tie the brackets to avg income levels in a meaningful way and in a way that doesn't have employers/employees playing the system. One of the reasons why so many people living below the poverty line today are actually paying at least some income tax is that the tax rates haven't been seriously adjusted since the 80s. For this to work the system needs to define exactly what amount above poverty where taxes start. Same with the middle brackets. The idea is that middle class pays some tax, upper middle class/lower wealthy pay a bit more and the truly wealthy pay a bit more. However the value of the dollar could quickly erase that. If hyper inflation hit you could seek 100k a week jobs flipping burgers that sold for $2000 each. Deflation could hit and people could be making $10 a week and living comfortably on it. For any bracketed system to work it has to be tied to relative measurable standards.
