You are elected POTUS. What is your income tax plan?
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  You are elected POTUS. What is your income tax plan?
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Author Topic: You are elected POTUS. What is your income tax plan?  (Read 2334 times)
barfbag
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« on: November 14, 2013, 03:13:34 AM »

For simplification purposes I thought we could keep it to taxes that effect individuals and families.

Increase Home Owner Mortgage Deduction.
Provide low income housing tax credit to encourage multifamily housing.
No deductions for credit and debit card payments.
Allow for IRA tax deductions for deposits of $2,000 or more.
Require social security numbers for dependents over the age of 5. (I think we do this.)
Remove tax shelters for real estate investments.
Remove marriage tax.
Remove death tax for those with less than $600,000 property value.
Reduce windfall profit taxes by 23%.
Cut capital gains taxes nearly in half.
Provide tax simplification by requiring employers to deduct federal taxes.
Make child tax credit permanent.


Tax Brackets:

income < $64,600      15%
income < $195,000    28%
income < $217,000    33%
income > $217,000    50%

This is my idea of taxation.
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20RP12
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« Reply #1 on: November 14, 2013, 06:22:36 AM »

I'm going to cheat.

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
Double the top corporate income tax rates and make the tax more progressive. Excess profits tax on any corporation supplying war material.

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.
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DC Al Fine
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« Reply #2 on: November 14, 2013, 07:56:41 AM »

I don't like using specific numbers but here's my rough plan

Income tax
0-Poverty Line: Negative income tax
Poverty line to median income: 15%
Median income to $250 000: 25%
$250 000+: 50%

Capital Gains Tax
Have a fairly generous tax free threshold that makes capital gains tax free for most people (let's say $250 000 for simplicity's sake). Tax all capital gains above threshold at taxpayer's marginal rate.

Corporate Income Tax
Corporations are nothing but a bundle of contracts. Cut rates to 0 and raise taxes on real life rich people

Estate Tax
Eliminate. We need redistribution to help the poor, not to punish rich people.

Payroll Tax
Turn Social Security into an actual pension plan that invests in securities that aren't government debt. Adjust premiums accordingly (probably stay the same or a small cut).
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barfbag
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« Reply #3 on: November 14, 2013, 03:24:13 PM »

I'm going to cheat.

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
Double the top corporate income tax rates and make the tax more progressive. Excess profits tax on any corporation supplying war material.

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.

Corporate taxes chase jobs overseas. We need to focus on making the U.S. business friendly in order to bring them back.
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TNF
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« Reply #4 on: November 14, 2013, 04:17:21 PM »

I'm going to cheat.

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
Double the top corporate income tax rates and make the tax more progressive. Excess profits tax on any corporation supplying war material.

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.

Corporate taxes chase jobs overseas. We need to focus on making the U.S. business sweatshop friendly in order to bring them back.

Translated your position to English for you.
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TheDeadFlagBlues
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« Reply #5 on: November 14, 2013, 05:07:42 PM »

These tax plans are embarrassing. Please read a few books on tax policy before presenting yourselves as avatars of the left. The reality of governance renders these policy proposals the delusions of madmen.
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barfbag
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« Reply #6 on: November 14, 2013, 08:44:23 PM »

These tax plans are embarrassing. Please read a few books on tax policy before presenting yourselves as avatars of the left. The reality of governance renders these policy proposals the delusions of madmen.

What did you like or dislike about our policies?
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snowguy716
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« Reply #7 on: November 15, 2013, 12:55:02 AM »

These tax plans are embarrassing. Please read a few books on tax policy before presenting yourselves as avatars of the left. The reality of governance renders these policy proposals the delusions of madmen.
This isn't about realism or governance.  Nobody here will be elected POTUS.  So we turn to our ideal, or what we think would be ideal.

That said.. i don't know what ideal marginal rates would be.
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HagridOfTheDeep
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« Reply #8 on: November 28, 2013, 08:51:54 AM »

I'm going to cheat.

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
Double the top corporate income tax rates and make the tax more progressive. Excess profits tax on any corporation supplying war material.

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.

This is the type of dumb stuff I'm talking about in the other thread. If you make $3,000,000 under this scheme, you are left with $150,000. If you make $350,000, you get more—$168,000! Please tell me where there is any incentive in there to innovate, start a business, create jobs, or generally contribute to the cultural, scientific, and technological progress of American society? I don't see it. Even if you tailor the tax code to avoid a scenario where "more is less," such a stark system of diminishing returns would have the exact same effect.

To answer the OP's question, my tax code would be exactly what it is now, and I would never, ever change it.
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DC Al Fine
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« Reply #9 on: November 28, 2013, 10:07:31 AM »

Hagrid, I think those are marginal tax rates.
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bedstuy
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« Reply #10 on: November 28, 2013, 01:10:24 PM »

Hagrid, I think those are marginal tax rates.

As marginal tax rates, those still make zero sense.  At some point of increasing the marginal tax rate, the revenue is going to be lower than the additional dead-weight loss. 

I know you all hate rich folks, but having a 70% tax rate is just cutting off your nose to spite your face.  The total effective tax rate should never be greater than the revenue maximizing point. 
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DC Al Fine
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« Reply #11 on: November 28, 2013, 01:45:46 PM »

Hagrid, I think those are marginal tax rates.

As marginal tax rates, those still make zero sense.  At some point of increasing the marginal tax rate, the revenue is going to be lower than the additional dead-weight loss. 

I know you all hate rich folks, but having a 70% tax rate is just cutting off your nose to spite your face.  The total effective tax rate should never be greater than the revenue maximizing point. 

I concur. While the Laffer curve has been misused quite a bit, it's absolutely true that people with means will seek to avoid taxes as rates increase. Unfortunately, the hard left's desire to see high marginal tax rates is less about maximizing revenue and more about punishing the rich.
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TheDeadFlagBlues
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« Reply #12 on: November 28, 2013, 01:48:40 PM »

Hagrid, I think those are marginal tax rates.

As marginal tax rates, those still make zero sense.  At some point of increasing the marginal tax rate, the revenue is going to be lower than the additional dead-weight loss. 

I know you all hate rich folks, but having a 70% tax rate is just cutting off your nose to spite your face.  The total effective tax rate should never be greater than the revenue maximizing point. 

I concur. While the Laffer curve has been misused quite a bit, it's absolutely true that people with means will seek to avoid taxes as rates increase. Unfortunately, the hard left's desire to see high marginal tax rates is less about maximizing revenue and more about punishing the rich.

Have you ever considered that the hard left's desire is rooted in ignorance of tax policy?
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DC Al Fine
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« Reply #13 on: November 28, 2013, 02:05:09 PM »

Hagrid, I think those are marginal tax rates.

As marginal tax rates, those still make zero sense.  At some point of increasing the marginal tax rate, the revenue is going to be lower than the additional dead-weight loss. 

I know you all hate rich folks, but having a 70% tax rate is just cutting off your nose to spite your face.  The total effective tax rate should never be greater than the revenue maximizing point. 

I concur. While the Laffer curve has been misused quite a bit, it's absolutely true that people with means will seek to avoid taxes as rates increase. Unfortunately, the hard left's desire to see high marginal tax rates is less about maximizing revenue and more about punishing the rich.

Have you ever considered that the hard left's desire is rooted in ignorance of tax policy?

In general yes, on Atlas, no.
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Torie
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« Reply #14 on: November 28, 2013, 07:17:28 PM »

A plan that raises the appropriate amount of revenue, carefully balancing "fairness," while minimizing the economic inefficiencies and distortions, that come with higher rates, but more loopholes and deductions and tax incentives and artificial distinctions, that are not accompanied by real economic distinctions, such as between ordinary income and capital gains (all profit in the end is fungible - the less dividends paid, the more capital gain later, etc.). I have put up in more detail how I think to get there, but doing it again, would be one bridge too many perhaps at this point. Oh, and a relatively high estate tax. That is a little bias of mine against trust fund babies I admit - based on personal experience.
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Comrade Funk
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« Reply #15 on: November 29, 2013, 05:16:38 PM »

I'm going to cheat.

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
Double the top corporate income tax rates and make the tax more progressive. Excess profits tax on any corporation supplying war material.

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.
That would ruin the economy.

This type of socialism would hurt pretty much 100% of all Americans.
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Maxwell
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« Reply #16 on: November 29, 2013, 09:28:31 PM »

Income Tax Rates
$0.00 - $25,000.00: 0%
$25,000.01 - $50,000.00: 10%
$50,000.01 - $100,000.00: 15%
$100,000.01 - $250,000.00: 20%
$250,000.01 - $1,000,000.00: 25%
$1,000,000.01 ->: 30%

Capital Gains
0% for under a million, 10% for over a million.

Corporate Tax Rates
Top rate of 15%, four brackets (0,5,10,15)
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MATTROSE94
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« Reply #17 on: December 09, 2013, 10:05:20 AM »

I would probably lower the tax rate for people who make $250,000 a year to 10% and raise it to 50% for people who make more than $250,000 and also reform the tax code in order to limit the amount of tax loopholes and special breaks that the wealthy receive. I would cut the corporate income tax to maybe 10% for the wealthiest corporations and eliminate it for the less wealthy corporations. I would also possibly reduce the top capital gains tax to about 15% or so.
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MyRescueKittehRocks
JohanusCalvinusLibertas
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« Reply #18 on: December 09, 2013, 11:17:39 PM »

No income taxes only consumption/sales taxes.
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TeePee4Prez
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« Reply #19 on: December 22, 2013, 06:16:17 PM »

Let me just add changes to current plan:

Individual

- Capital Gains, Dividends, and "Carried Interest" should be taxed at ordinary rates
- Eliminate oil/gas preferences
- Keep rates as is, but have a 42% rate for incomes over $1,000,000

Payroll/Self-Employment

- Eliminate cap on FICA
- Lower FICA rates to 2% employee/employer for a total of 4%
- Keep Medicare to 1.45% for employer/employee for 2.9% total.

Corporate

- For Classic "C" Corps

0% from o-100K
10% from 100K-200K
20% from 200K-500K
30% from 500K-2M
35% from 2M and up

Another idea..... Cash and Cash Equivalent Property Tax for any entity that has an amount over $50 million with an offsetting hiring credit.  I can't explain the math on how I'd got about it, but the idea is to keep money flowing through the economy rather than have cash hordes. 
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jfern
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« Reply #20 on: December 24, 2013, 01:19:46 AM »

Tax capital gains the same as ordinary income.
Massive tax hike on the rich
Cut taxes for poor
Cut various tax loopholes
Eliminate FICA cap

For corporate income tax, cut loopholes
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