What is your dream tax plan?

[NeverAgain]

What would be your dream tax plan? Kind of similar to the website I just posted about, but I am a yuge policy nerd so I wanted to hear your guys' thoughts.

Here mine FTR.

[RaphaelDLG]

Lower nominal corporate tax rate to OECD average, eliminate all loopholes (get money out of politics first).

Aggressively tax estates above $1mil at close to 100%

Eliminate payroll taxes. 

Adjust income tax afterwards as necessary to be revenue neutral.  Maybe if someone can make a consumption tax really, really progressive and enforceable, do that instead, but I doubt it.

[RFayette]

Used to be more of a flat-taxer, but here's what I think I'd do at this point:

-Keep estate tax, consider raising it for mega-incomes
-Progressive capital gains tax and flat rate on income above $1 million or so
-Eliminate corporate income tax, replace with Progressive Consumption Tax

Personally, I'd rather shift more of the burden to consumption and passive earnings and lower the burden on income.  Definitely a fan of the VAT. 

[🦀🎂🦀🎂]

Land Value Tax + Progressive Income Tax (wih a negative tax) + ecotaxes + gift tax + financial transaction tax + small consumption tax with rebates

[136or142]

A combination of parts of this:
Lower nominal corporate tax rate to OECD average, eliminate all loopholes (get money out of politics first).

Aggressively tax estates above $1mil at close to 100%

Eliminate payroll taxes. 

Adjust income tax afterwards as necessary to be revenue neutral.  Maybe if someone can make a consumption tax really, really progressive and enforceable, do that instead, but I doubt it.

And this:
-Keep estate tax, consider raising it for mega-incomes
-Progressive capital gains tax and flat rate on income above $1 million or so
-Eliminate corporate income tax, replace with Progressive Consumption Tax

Personally, I'd rather shift more of the burden to consumption and passive earnings and lower the burden on income.  Definitely a fan of the VAT.

1.Eliminate the business part of the payroll tax and eliminate corporate income taxes and replace them with higher capital gains and dividend taxes, this way, the distributed profits of the business as well as personal profits made on the sale of a business are taxed, but not the reinvested profits and certainly not any federal taxes on a business whether it makes a profit or not, which is what a payroll tax is.  The business portion of payroll taxes are literally taxes on jobs and job creation. They make absolutely no sense.

2.I agree with the very high estate taxes, but I'd kick it to nearly 100% at the $5m level, not the $1m level.

3.GST. Sales taxes are easily made progressive with rebates.  It's much simpler to tax everything (both goods and services) at the same rate rather than giving exemptions for anything based on the consumer likely being poorer.  Again, the way to address that is with payments to poorer people and to seniors who already paid income taxes all of their lives, and are now expecting a lower income tax rate based on reduced income and didn't take into account a new sales tax in their retirement planning.

Of course, most of what I suggest here are the proposals of the 'economist party' which is so named not just because this is what most economists would propose, but also because economists know that the majority of the public would never vote for these proposals.

[Oldiesfreak1854]

Here's my ideal income tax plan.  I wanted to make the highest bracket begin at $500K, but couldn't get it to work, so used $750K instead, which I think is still reasonable:

http://splt.ws/28TKpyg

Anyway, some other ideas I would support include the following:

1. Abolish or drastically reduce the estate/inheritance tax
2. Lower corporate tax rate to 15%
3. Remove loopholes and deductions that disproportionately favor wealthy taxpayers and/or corporations
4. Increase federal cigarette tax to $2 per pack and extend to all tobacco products
5. Increase all federal alcohol taxes
6. Institute "environmental sin tax" based on sustainability of goods (including tariffs) and provide tax incentives for sustainable development

[mvd10]

Something like this:

- Eliminate all itemized deductions and use the revenue to cut income taxes and capital gains taxes
- Eliminate the employer provided healthcare exclusion and use the revenue to cut payroll taxes
- Enact a carbon tax and use the revenue to cut payroll taxes
- Cut top corporate tax rate to 15%
- Territorial taxation

[World politics is up Schmitt creek]

SOAK THE RICH

[Antonio the Sixth]

SOAK THE RICH

There you have it.

It's too bad they don't have an option to add more brackets, though. Or to raise the marginal rate above 80%.

[OSR stands with Israel]

Get rid of nearly all deductions in the federal income tax bracket and make these the rates

$0- $35,000: 0%
$35,000-$75,000: 8%
$75,000- $250,000: 16%
$250,000- $ 1,000,100: 24%
above $1,000,000 - 32%

The only deduction you keep or for business owners you can offer them up to a 50% deduction in taxes if they hire more people then they lay off , hire people in the United States,and give your employees good salaries.

On the other hand if you lay off more people then you hire, or outsource more jobs then jobs you bring back from overseas your tax rate can go up by 50%.

[RaphaelDLG]

Get rid of nearly all deductions in the federal income tax bracket and make these the rates

$0- $35,000: 0%
$35,000-$75,000: 8%
$75,000- $250,000: 16%
$250,000- $ 1,000,100: 24%
above $1,000,000 - 32%

The only deduction you keep or for business owners you can offer them up to a 50% deduction in taxes if they hire more people then they lay off , hire people in the United States,and give your employees good salaries.

On the other hand if you lay off more people then you hire, or outsource more jobs then jobs you bring back from overseas your tax rate can go up by 50%.

Is this revenue neutral?

[Weiner/Holder]

We can't tax ourselves to prosperity but there's certainly people who could afford to contribute to programs for those who need help the most.  Those earning over roughly $220,000 should be paying 50% of their income in federal taxes.  Everyone has the need for education healthcare, food, Medicaid, and eventually Medicare and social security.  Don't forget funding our veterans and armed forces along with law enforcement too.  In an above thread I posted tax brackets that I believe to be fair.  At the same time, there shouldn't be a penalty for marriage and couples with children should have a child tax credit. 

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


Lastly, I reassert we can't tax ourselves to prosperity and in addition to these new brackets, corporate taxes should be eliminated for companies who have shareholders which would bring jobs back from overseas many of which left due to higher taxes and an unfriendly attitude towards businesses.