What are YOUR ideas on Tax Reform?

[NeverAgain]

Great! Love it.

- Reform the current 7 income brackets down to a 6, 8%, 12%, 20%, 25%, 32%, and 40% system:
  8% = 0-$25K (1/2 Single, 3/4 HoH) (fraction is eligibility based on filing status, so $12,500 and   $18,750 for Single and Head of Household)
  12% = $25K-$75.9K (1/2 Single, 3/4 HoH)
  20% = $75.9K-$120K (3/5 Single, 7/8 HoH)
  25% = $120K-$200K (4/5 Single, 9/10 HoH)
  32% = $200K-$450K (9/10 Single, FULL HoH)
  40% = $450K+ (FULL Single, FULL HoH)
- Establish the Buffet Rule for Millionaires, while reducing the AMTs affect on those below the new 32% bracket

- Increase EITC by 50% for single filers, 25% for married couples
- Raise the phaseout start to $25K
- Raise the max child care tax credit to $1250
- Add $250 for parents with 5 kids or more
- Increase Max Childcare Deduction per dependent to $3500

- Raise the Standard Deduction to $15,000, raise it to $2,000 for the blind and elderly.

Paying for this would be relatively simple: Reform the mortgage interest deduction (lower the cap to $500,000, end second-home deduction, make a tax credit), and the charitable deduction (only for those giving more than 2% of their AGI). And of course, END the Carried Interest Loophole. Along with a couple more nitty gritty ending of deductions and loopholes.

- Corporate Taxes need to be lowered. I'd say make a two bracket system of 14% for business profits under $1M, and then 28% above that. End a couple of silly corporate tax loophole structures like lowering the meals and entertainment to 25%, Blue Cross/Shield Preferences, etc.

- Raise the individual mandate fees being tied directly to an increase in subsidization of the exchanges.

- Create a new 45% Estate Tax Bracket for those making $10M+

- Start making sizable increases in the gas tax, to adjust for inflation, the alcohol/tobacco taxes ($16 per gallon, and $1.50 a pack, for each respectively), and raise the bejeezus out of the indoor tanning salon tax.

- Raise payroll taxes to account for 90% of wages, as was established in the 80's S.S. Reform package

- Double the tax on heavy vehicle tires to help pay for the HTF.

I will likely add some more stuff here. Such a fun topic.