This 1 Quote Explains America's Biggest Problem Perfectly

Superfreak said:
For Desh... AGAIN...

Start with a standard deduction of $30k (adjusted for inflation annually) for each adult and then tax every dollar over that $30k at 20%. This is simple, easy to understand, fair and progressive. It protects the low-income individuals and couples from paying federal income taxes. It provides the middle-income families a lower effective tax rate than the wealthy. This plan would encompass ALL income, including earned income, capital gains and dividend income.

A person making $30k pays an effective rate of 0%.

A person making $50k pays an effective rate of 8%.

A person making $100k pays an effective rate of 14%.

A person making $200k pays en effective rate of 17%.

A person making $1mm pays an effective rate of 19.4%

Everyone has the same deduction and takes it. Which causes the effective tax rate to increase the more you make.

To reduce the national debt I would propose we add an additional temporary bracket to the flat tax. Every dollar over $1 million (again adjusted for inflation annually) would be taxed at 30% rather than 20%. The additional 10% would be mandated to pay down the debt.

There is no corporate tax. Eliminate it. We can tax the money earned via capital gains taxation and distributions to shareholders. The only other way the money can come out of the firm is via salary/benefits... which would also be taxed. Done.

We would eliminate 70k+ pages of loopholes/deductions/subsidies...
Click to expand...




this is NOT a flat tax plan
 
evince said:
Um that is NOT a flat tax
Click to expand...

You are correct; a flat tax would be at one specific rate after a specified income exemption. But even the above plan is superior to the current abomination as it is SIMPLIFIED and contains no deductions or partisan favoritism.
 
A flat tax (short for flat tax rate) is a tax system with a constant marginal rate, usually applied to individual or corporate income. A flat tax falls under proportional tax as they allow certain deductions. There are various tax systems that are labeled "flat tax" even though they are significantly different.



"True" flat rate income tax[edit]

A true flat rate tax is a system of taxation where one tax rate is applied to all income with no deductions or exemptions.



http://en.wikipedia.org/wiki/Flat_tax
 
Truth Detector said:
You are correct; a flat tax would be at one specific rate after a specified income exemption. But even the above plan is superior to the current abomination as it is SIMPLIFIED and contains no deductions or partisan favoritism.
Click to expand...

Actually you are incorrect. While it would have a temporary second rate, the design of the plan is that of a flat tax. A flat tax is a constant tax rate on income. That is what would be charged to everyone on every dollar.

I simply added a secondary tax for the dedicated purpose of paying down the debt.
 
evince said:
A flat tax (short for flat tax rate) is a tax system with a constant marginal rate, usually applied to individual or corporate income. A flat tax falls under proportional tax as they allow certain deductions. There are various tax systems that are labeled "flat tax" even though they are significantly different.
Click to expand...

and my plan has one constant rate 20%... it has a standard deduction that everyone gets. Every dollar thereafter is taxed at the constant rate.

I added in a secondary tax for debt pay down. That is a temporary tax and not a part of the permanent system that I proposed.

If you weren't a fucking retard, you would have noticed that.
 
Superfreak said:
For Desh... AGAIN...

Start with a standard deduction of $30k (adjusted for inflation annually) for each adult and then tax every dollar over that $30k at 20%. This is simple, easy to understand, fair and progressive. It protects the low-income individuals and couples from paying federal income taxes. It provides the middle-income families a lower effective tax rate than the wealthy. This plan would encompass ALL income, including earned income, capital gains and dividend income.

A person making $30k pays an effective rate of 0%.

A person making $50k pays an effective rate of 8%.

A person making $100k pays an effective rate of 14%.

A person making $200k pays en effective rate of 17%.

A person making $1mm pays an effective rate of 19.4%

Everyone has the same deduction and takes it. Which causes the effective tax rate to increase the more you make.

To reduce the national debt I would propose we add an additional temporary bracket to the flat tax. Every dollar over $1 million (again adjusted for inflation annually) would be taxed at 30% rather than 20%. The additional 10% would be mandated to pay down the debt.

There is no corporate tax. Eliminate it. We can tax the money earned via capital gains taxation and distributions to shareholders. The only other way the money can come out of the firm is via salary/benefits... which would also be taxed. Done.

We would eliminate 70k+ pages of loopholes/deductions/subsidies...
Click to expand...


take note
 
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