What do you think of this tax plan? ?
I propose a graduated income tax starting at 1% and slowly rising to a maximum of 30% for those making over $250,000 a year. All types of income would be taxed the same - wages and salary, interest, capital gains, dividends, and inheritance (with an exception for family businesses and farms).
No one should live tax-free. That includes minimum wage earners as well as the Paris Hiltons of the world who live off their parents. This system seems fair to me, and it would give most Americans a tax break.
And before you go crying about how it would discourage investment, that is nonsense; since all investments would be taxed at the same rate, investors would still look for investments that gave the best returns for their risk tolerance. It would discourage the reckless speculation that has ruined the stock market.
If you disagree, what is your ideal tax plan?
the scale should continue past 30% for multi-blillion dollar companies. other than that it sounds great, and also very similar to Obama’s plan.
I would like to see a flat tax rate across the board. Only exception would be the folks that are retired. And something has to done about our welfare program it’s being abused way to much.
I would remove income, capital gains, social security and replace them with a sales tax. In this system companies would report how much sales tax you paid to the government. If the government wants to rebate part of that tax to you to ease the burden on the poor, or encourage an industry, that is their choice.
It would be expensive to implement. But a full electronic implementation would lower the long term costs of managing the system to much lower than what the IRS currently spends. As well as people would have 20 to 40 percent more money in their paycheck to spend, and no more time and trouble filling out tax forms.