Tax Plan

[angus]

My plan.

-Across the board tax cuts, implantation of a 10% Single Rate Flat Tax.
-Abolish the Death Tax.
-Abolish the Estate Tax.
-Close all loopholes.
-Cut Corporate Tax Rates down to 10%.
-Abolish the Income Tax, shut down the IRS.

That plan will net the US government about 1.4 trillion dollars annually.  This is less than half of what the federal government will spend this year.  You represent what we like about the Republicans, but also what makes us cringe.  Do you propose that we quadruple our annual deficit? 

[AggregateDemand]

That plan will net the US government about 1.4 trillion dollars annually.  This is less than half of what the federal government will spend this year.  You represent what we like about the Republicans, but also what makes us cringe.  Do you propose that we quadruple our annual deficit? 

Maybe he wants to uncap FICA

[TJ in Oregon]

My plan.

-Across the board tax cuts, implantation of a 10% Single Rate Flat Tax.
-Abolish the Death Tax.
-Abolish the Estate Tax.
-Close all loopholes.
-Cut Corporate Tax Rates down to 10%.
-Abolish the Income Tax, shut down the IRS.

That plan will net the US government about 1.4 trillion dollars annually.  This is less than half of what the federal government will spend this year.  You represent what we like about the Republicans, but also what makes us cringe.  Do you propose that we quadruple our annual deficit? 

IIRC Darth Plagueis was banned about a year ago. I wouldn't expect an answer.

[King]

Income Tax
8% is what we take out of your first $50,000 of income
6% is added on to that rate on income from $50,000 to $300,000 (14%)
7% is added on after your first $300,000 (21%)

Value-Added Sales Tax
5% on items purchased by individuals greater than $1000 plus alcohol, tobacco, and marijuana
3% on items purchased by individuals from $0.01 to $999.99 that could not be classified as:

0% on items that could be purchased with food stamps (groceries)

Corporate Tax
9% flat on corporate revenues

Pass it, smurfs.

[AggregateDemand]

I appreciate the simplicity, but graduated tax rates are the genesis of many social problems, as well as the separate-but-equal* income tax code.

*not really equal

[The_Doctor]

Ideal Tax Plan
Flat tax: 20% Across the board (Exemptions from taxes for all making $40,000 and below).
Estate tax of 40% on estates valued at $100 million and over.*
Corporate Tax Rate: 10% (Exemptions to businesses with a net worth of $200 million and under).
Carbon tax
Eliminate all other taxes and fees

*I believe that while it represents a double tax, we are benefited by a meritocratic upper class, rather than an upper class that exists by inheritance. And I support an estate tax.

[TNF]

* Abolish the income tax.

* Abolish payroll taxation.

* Abolish sales taxation.

* Abolish excise taxes.

* Abolish property taxation.

* Implement an across the board industrial tariff of 15%. Withdraw from any organization or trade agreement which prohibits the United States from doing this, and establish a state monopoly on foreign exchange, with stringent controls on capital and currency exchange across borders.

* Transform the estate tax into a proper inheritance tax, and tax all inherited wealth at an extremely progressive rate, applying said tax only to persons who derive their income from returns on capital investment.

* Abolish user fees.

* Establish a more progressive capital gains taxation regime, with a top rate of 99% for individuals pulling in a lot of money from returns to capital investment.

* Implement a Land Value Tax and a Carbon Tax.

* Abolish corporate taxation. Use the gains in income from reformed tax code to socialize the Fortune 500.

* Socialize the banking and financial sectors.

* Abolish all tax credits and close all tax loopholes.

* Double the funding and staff for the Internal Revenue Service. Use the IRS to crack down on hate groups and other anti-social actors, as well as to pursue tax dodgers. Arrest, try, and imprison those tax dodgers found guilty of evasion, and adopt a zero tolerance policy for tax evasion.

* Suspend diplomatic relations with tax havens unless they agree to turn over whatever information they have on tax dodgers and assist in capturing and prosecuting said persons.

[Murica!]

Income tax
$0 - 28,282........00%
$28,283 - 57,164.......08%
$57,165 - 85,746.......10%
$85,747 - 114,328.......25%
$114,329 - 142,911......29%
$142,912 - 171,493......32.5%
$171,494 - 200,075......36%
$200,076 - 228,657......40%
$228,658 - 257,239......43%
$257,240 - 285,822......46%
$285,823 - 314,404......49%
$314,405 - 371,568......52%
$371,569 - 457,315......55%
$457,316 - 543,061......58%
$543,062 - 628,808......61%
$628,809 - 714,555......63%
$714,556 - 857,466......66%
$857,467 - 1,000,377.......69%
$1,000,378 - 1,143,288....72%
$1,143,289 - 1,286,199....75%
$1,286,200 - 1,429,110....83.5%
$1,429,111 - 2,143,665....89%
$2,143,666 - 2,858,220....92%
$2,858,221+..................95%

Capital Gains tax
Tax the same as regular income.

Corporate tax
Collectivization and Trust busting all the way.

Estate tax
Replace with a one hundred percent tax on inherited wealth.

Payroll tax
End the payroll tax cap, force high earners to pay into the system.

In addition, implement a universal basic income of $28,282 per individual per year.

Otherwise this

[Wolverines34]

* Implement a Land Value Tax

What is that.

[Wolverines34]

1.Flat Tax Rate of 10-15%.
2.Close loopholes.
3.Exempt the extreme poor from paying taxes.
4.Simplify tax code.

Done.

[🦀🎂🦀🎂]

* Implement a Land Value Tax

What is that.

A Land Value Tax taxes the value of the land one owns, without taking it account the buildings and infrastructure built on it. So sort of like a property tax,  but based on unimproved land rather than real estate.

It is really, really loved by economists. Of course, that doesn't say much - if you ask ten economists one question, expect twenty answers - but it's argued that it is more progressive (less focused on the poor), efficient (because it doesn't discourage improvements)  and disturbs real estate bubbles.

[Wolverines34]

* Implement a Land Value Tax

What is that.

A Land Value Tax taxes the value of the land one owns, without taking it account the buildings and infrastructure built on it. So sort of like a property tax,  but based on unimproved land rather than real estate.

It is really, really loved by economists. Of course, that doesn't say much - if you ask ten economists one question, expect twenty answers - but it's argued that it is more progressive (less focused on the poor), efficient (because it doesn't discourage improvements)  and disturbs real estate bubbles.

Has it ever been used in a country?.

[AggregateDemand]

1.Flat Tax Rate of 10-15%.
2.Close loopholes.
3.Exempt the extreme poor from paying taxes.
4.Simplify tax code.

Done.

Exemptions are not what they appear. The encourage employers to compensate below the exemption threshold. Credits are better, particularly refundable credits.

[Liftwieghts34]

Hey, heres my tax plan.

1.End DISCRIMINATION AGAINST BODY BUILDERS. WE ARE THE HEALTH OF THIS PATHETIC EXCUSE FOR A NATION........BODY BUILDERS SHOULD BE CELEBRATED, WORSHIPPED, AND LOOKED UP TO.

2.NO TAXES FOR THIS NAZI ING GOVERNMENT OR CORPORATE SOUL SUCKING AMERICA. TAX THIS DICK.

[henster]

Where are you going to make up the lost revenue from implementing a flat tax? The government take in a couple trillion less should one be enacted meaning the Govt cuts services drastically harming the economy.

[jojoju1998]

I have a very interesting plan........

1. Get rid of the Entire Tax Code....... for the Wealthy. Replace the Taxes on the Wealthy with a 10 percent Sales Tax. So Every time a Wealthy Guy shops, he will need to provide his personal income to the Cashier. I'll define Wealthy as having a Income of more then 200,000 dollars a year.

2. Now For People who have incomes below that amount, 2 Tax brackets will be set. One at 5 percent for 0 to 50,000 and 10 percent for 50,000 to 200,000. Now these people will not pay the Sales Tax...... The Wealthy will pay the Sales Tax. The Wealthy will not pay the Income Tax but the people having a income of below 200,000 dollars will. Deductions and Loopholes will be eliminated for the Wealthy. For People having below the 200,000 dollars threshold, There will be a family deduction.

[Small Business Owner of Any Repute]

MY TAX PLAN

• Change tax rate on industry from 8% to 0%
• Change tax rate on commercial from 8% to 0%
• Change tax rate on residential from 8% to 0%
• Set speed to Cheetah
• Profit

[Representative MJM]

-Abolish all taxes at the federal level except for the personal income tax
-Tax everyone at a flat rate of 54% of their income minus $21,168.76 (universal/unconditional basic income)
-Tax capital gains as ordinary income
-Eliminate all tax deductions and credits

As for the states, encourage them to also use solely personal income taxes, and I suppose public transportation fares, to raise revenue.

[Replicator]

I can agree with the original ideas set in this topic. VAT is also something to discuss.

[AggregateDemand]

-Abolish all taxes at the federal level except for the personal income tax
-Tax everyone at a flat rate of 54% of their income minus $21,168.76 (universal/unconditional basic income)
-Tax capital gains as ordinary income
-Eliminate all tax deductions and credits

As for the states, encourage them to also use solely personal income taxes, and I suppose public transportation fares, to raise revenue.

What do you suppose will be the effect on compensation, if you tax every dollar over $21,169 at 54%?

We'll probably all be poor together, but I'm assuming that's your end-game.

[Replicator]

-Abolish all taxes at the federal level except for the personal income tax
-Tax everyone at a flat rate of 54% of their income minus $21,168.76 (universal/unconditional basic income)
-Tax capital gains as ordinary income
-Eliminate all tax deductions and credits

As for the states, encourage them to also use solely personal income taxes, and I suppose public transportation fares, to raise revenue.

What do you suppose will be the effect on compensation, if you tax every dollar over $21,169 at 54%?

We'll probably all be poor together, but I'm assuming that's your end-game.

That's always been the goal of the left. Once we're all dependent on the government, they'll have the control they want. As moderate as we try to be, they'll always want more. I believe that they original ideas in this thread are ideal though. The wealthy could pay more in taxes, however, if they had it their way, there would be no capitalism and tax brackets would vary from 50-90%.

[RINO Tom]

Don't have the time or energy to write a detailed plan right now, but a few points:

- Keep progressive taxation but add higher brackets (having it stop anywhere under $1 million is frankly absurd)
- Lower all tax rates slightly
- Do not tough capital gains ... that literally defeats its purpose

[AggregateDemand]

That's always been the goal of the left. Once we're all dependent on the government, they'll have the control they want. As moderate as we try to be, they'll always want more. I believe that they original ideas in this thread are ideal though. The wealthy could pay more in taxes, however, if they had it their way, there would be no capitalism and tax brackets would vary from 50-90%.

Very strange subspecies of homo sapiens. Liberals claim they want everyone to be paid more, but they raise taxes, which discourages employers from wanting to pay more.

[Representative MJM]

-Abolish all taxes at the federal level except for the personal income tax
-Tax everyone at a flat rate of 54% of their income minus $21,168.76 (universal/unconditional basic income)
-Tax capital gains as ordinary income
-Eliminate all tax deductions and credits

As for the states, encourage them to also use solely personal income taxes, and I suppose public transportation fares, to raise revenue.

What do you suppose will be the effect on compensation, if you tax every dollar over $21,169 at 54%?

We'll probably all be poor together, but I'm assuming that's your end-game.

First of all, every dollar is taxed at that rate, not just money over the basic income amount.
Notice that under this plan, there is no corporate tax rate, which means that compensation should increase (or so say the supply-siders). There would also be no minimum wage, which means more labor, which means more growth, which means more compensation for all.
EDIT
Might I add that for a flat tax rate to work at current federal funding levels, it would have to be roughly ~25-30+% without any other taxes, so it really is not that radical of an increase to eradicate poverty. Taking into account getting rid of corporate tax rates as high as 35% and abolishing the minimum wage, we won't have to worry about being "poor together."

[AggregateDemand]

First of all, every dollar is taxed at that rate, not just money over the basic income amount.
Notice that under this plan, there is no corporate tax rate, which means that compensation should increase (or so say the supply-siders). There would also be no minimum wage, which means more labor, which means more growth, which means more compensation for all.
EDIT
Might I add that for a flat tax rate to work at current federal funding levels, it would have to be roughly ~25-30+% without any other taxes, so it really is not that radical of an increase to eradicate poverty. Taking into account getting rid of corporate tax rates as high as 35% and abolishing the minimum wage, we won't have to worry about being "poor together."

If the corporation pays no tax, why would they maximize deductions and shift revenue to people with a 54% marginal tax rate? Furthermore, your post specified and exclusion in excess of $21,000. The 54% tax wouldn't impact income until the first dollar over the exclusion.

If you gave people a universal tax credit, it would be different, but that wasn't your proposal.