You got no money you don't pay Tax
35,000 to 500,000 individually below 35,000 no tax
75,000 to 1,000,000 joint below 75,000 no tax
Tax rate of 25%
any income above the starting range pays a flat tax on the difference. Example: Individual 45,000 - 35,000 = 10,000 Tax 2,500
Tax rate of 25% example (note: for individuals making 75,000 to 100,000 it is 34% now, 18% for the elites)
Individual
Making 35,000 Tax 0
Making 45,000 Tax 2,500
Making 125,000 Tax 22,500
Joint
Making 74,999 Tax 0
Making 95,000 Tax 5,000
Making 125,000 Tax 12,500
500,001 and up individually
1,000,001 and up joint
Flat tax 45% example
Individual
2,000,000 Tax 900,000
Joint
4,000,000 Tax 1,800,000
No exemptions loopholes deductions period. The above starting ranges should be adjusted for cost of living increase each year.
This is just an example and a starting point however I feel that the rich are the ones that reap most of the benefits of this country and they should pay for that. The only way they could get a deduction is by creating new jobs and the jobs have to stick for 5 years. Then and only then after 5 years could they subtract the job investment creation amount. Only the money invested to create the jobs could be subtracted from their income.
One must keep in mind there are plenty of other taxes one must pay such as state, local, sales tax etc. So it's not like those under the ranges are getting off without paying anything. They would still have to deduct for SS and Medicare from their paycheck. Why not a National Health and Retirement Plan? Had to type that. I am anxious to see how this sails with the wealthy ones on D.U. Hah! This ought to be fun.
:smile:
http://www.nytimes.com/2007/07/16/business/worldbusiness/16iht-tax.4.6680311.htmlhttp://www.newsweek.com/2011/05/01/an-empty-offer-from-the-super-rich.htmlhttp://money.msn.com/taxes/latest.aspx?post=26d490bd-7317-4f93-8b43-e1da1151ea5f
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