What do you think of these tax brackets?
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  What do you think of these tax brackets?
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Author Topic: What do you think of these tax brackets?  (Read 2141 times)
Kingpoleon
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« on: April 18, 2019, 12:13:17 PM »

Income:
10%: $0-$9,500; $0-19,000
12.5%: $9,500-$40,000; $19,000-$80,000
20%: $40,000-$80,000; $80,000-$160,000
27.5%: $80,000-$150,000; $160,000-$300,000
34.5%: $150,000-$200,000; $300,000-$400,000
39.5%: $200,000-$300,000; $400,000-$600,000
42.5%: $300,000-$490,000; $600,000-$980,000
44.5%: $490,000+; $980,000+

Corporate:
10%: $0-$75,000
15%: $75,000-$150,000
20%: $150,000-$200,000
25%: $200,000-$300,000
27.5%: $300,000-$900,000
37.5%: $900,000-$1,900,000
30%: $1,900,000+

Value-Added Tax:
6.0%(5.0% for food)

Payroll Tax:
6.5% - Employer & Employee

Estate Tax:
22.5%: $1,000,000-$1,500,000; $2,000,000-$3,000,000
37.5%: $1,500,000-$3,000,000; $3,000,000-$6,000,000
50%: $3,000,000+; $6,000,000+

Stocks Tax:
0.1%

Gas tax:
Gasoline: 24.4c
Diesel: 29.4c

Capital Gains:
0%: $0-$40,000; $0-$80,000
10%: $40,000-$100,000; $80,000-$200,000
15%: $100,000-$200,000; $200,000-$400,000
20%: $200,000-$400,000; $400,000-$800,000
25%: $400,000+; $800,000+
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S019
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« Reply #1 on: May 24, 2019, 07:32:15 PM »

Those income and estate taxes look atrocious
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Nathan
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« Reply #2 on: May 31, 2019, 10:46:25 PM »

VAT on food is regressive and a non-starter.
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True Federalist (진정한 연방 주의자)
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« Reply #3 on: May 31, 2019, 11:51:47 PM »

A stock tax is likely not covered by the 16th Amendment and thus would be considered a direct tax subject to apportionment and thus bloody-well politically impossible to ever be made a Federal tax.

Also, unless we're going to fund Social Security and Medicaid from general tax revenues, cutting the payroll tax rate from the current 7.65% is a non-starter.
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Nathan
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« Reply #4 on: June 01, 2019, 12:06:28 AM »

unless we're going to fund Social Security and Medicaid from general tax revenues,

Which we should.
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True Federalist (진정한 연방 주의자)
Ernest
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« Reply #5 on: June 01, 2019, 12:23:24 AM »

unless we're going to fund Social Security and Medicaid from general tax revenues,

Which we should.

Only if you want to kill or severely cut back the programs.  Politically, they only survive long-term because they have the appearance of being pension programs instead of welfare programs.  However, I think we'll eventually need to have a gradual increase in the full retirement age to 70. (The primary saving from that change would be to raise the age at which one can double dip, i.e., continue working full time and collect social security without penalty.)
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Nathan
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« Reply #6 on: June 01, 2019, 12:25:07 AM »

unless we're going to fund Social Security and Medicaid from general tax revenues,

Which we should.

Only if you want to kill or severely cut back the programs.  Politically, they only survive long-term because they have the appearance of being pension programs instead of welfare programs. 

I'm speaking morally rather than politically.

At the very least, Social Security benefits should be an averaged flat rate for every American over whatever the retirement age is rather than a function of who did and didn't have A Successful Career while they were working.
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DC Al Fine
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« Reply #7 on: June 03, 2019, 05:12:37 PM »

unless we're going to fund Social Security and Medicaid from general tax revenues,

Which we should.

Only if you want to kill or severely cut back the programs.  Politically, they only survive long-term because they have the appearance of being pension programs instead of welfare programs. 

I'm speaking morally rather than politically.

At the very least, Social Security benefits should be an averaged flat rate for every American over whatever the retirement age is rather than a function of who did and didn't have A Successful Career while they were working.

FYI, there is a progressive element to Social Security distributions insofar as one earns benefits at a much higher rate at lower levels of income than higher levels.
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DC Al Fine
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« Reply #8 on: June 03, 2019, 05:18:33 PM »

Not a fan of progressive tax rates for corporations. Those can lead to some really unfair results at the individual level. A buck should equal a buck for tax purposes.
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parochial boy
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« Reply #9 on: June 04, 2019, 02:28:46 AM »

Not a fan of progressive tax rates for corporations. Those can lead to some really unfair results at the individual level. A buck should equal a buck for tax purposes.
Yeah, agree with this. As much as a small companies rate might have its advantages; as much as anything, a progressive rate just gives companies a major incentive to find ways to try and push revenue and cost recognition back or forward just to try and massage their profits to get the best rate profit. That ends up both costing the jurisdiction in tax revenue; and is not exactly healthy from an accounting or investment point of view.

I mean, as much as anything here, the rates that are proposed have a massive loophole within them. Suppose I have a corporate making $500k a year - why not just split it into 5 different incorporated entities which each make $100k a year and each have a 15% tax rate rather than a 27.5% one? It is individual entities that are taxed, not the post consolidation group prtofits.
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Sestak
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« Reply #10 on: June 06, 2019, 11:37:58 PM »

VAT on food is regressive and a non-starter.

Yeah, if there's a VAT it should absolutely be 0 for food and other essentials.
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John Dule
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« Reply #11 on: June 13, 2019, 09:04:05 PM »

Why the hell should anyone earning under $20,000 a year be taxed at all?
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NeverAgainsSock
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« Reply #12 on: August 11, 2019, 10:41:16 PM »

Why the hell should anyone earning under $20,000 a year be taxed at all?

This^^^

We need a standard deduction payroll tax.

Comparatively to other countries (adding state corporate taxes), your corporate tax is a bit high. Deductions, expenditures and loopholes are rampant, obviously, but if we are assuming a nearer to perfect no-evasion world. 30%+12% in IA would be 42%.

Personally, I would just say scrap the corporate tax. Too much complexity. Too little benefit. Let's get Liz's Wealth Tax or a shareholder tax to pick up the fiscal gap (and probably more).

Bleh to broad-based VAT without a rebate.
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Person Man
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« Reply #13 on: August 20, 2019, 11:29:30 AM »

Reasonable, but estate taxes start of kind of low and groceries shouldn't be taxed. This system is also naively set up to abused by the wealthy.
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mileslunn
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« Reply #14 on: August 20, 2019, 05:12:06 PM »

Income:
10%: $0-$9,500; $0-19,000
12.5%: $9,500-$40,000; $19,000-$80,000
20%: $40,000-$80,000; $80,000-$160,000
27.5%: $80,000-$150,000; $160,000-$300,000
34.5%: $150,000-$200,000; $300,000-$400,000
39.5%: $200,000-$300,000; $400,000-$600,000
42.5%: $300,000-$490,000; $600,000-$980,000
44.5%: $490,000+; $980,000+

Corporate:
10%: $0-$75,000
15%: $75,000-$150,000
20%: $150,000-$200,000
25%: $200,000-$300,000
27.5%: $300,000-$900,000
37.5%: $900,000-$1,900,000
30%: $1,900,000+

Value-Added Tax:
6.0%(5.0% for food)

Payroll Tax:
6.5% - Employer & Employee

Estate Tax:
22.5%: $1,000,000-$1,500,000; $2,000,000-$3,000,000
37.5%: $1,500,000-$3,000,000; $3,000,000-$6,000,000
50%: $3,000,000+; $6,000,000+

Stocks Tax:
0.1%

Gas tax:
Gasoline: 24.4c
Diesel: 29.4c

Capital Gains:
0%: $0-$40,000; $0-$80,000
10%: $40,000-$100,000; $80,000-$200,000
15%: $100,000-$200,000; $200,000-$400,000
20%: $200,000-$400,000; $400,000-$800,000
25%: $400,000+; $800,000+

I don't live in US, but I would try to simplify it

Income

0 to 40K - 10%
40K to 200k - 25%
200K to million - 35%
over a million - 40%

Corporate

Flat rate of 25%

VAT

5% on all goods (rebate cheques to low income Americans)

Payroll tax

Social security (6.2% up to 125K for both employees and employers)
Medicare (1.45% for both employees and employers on all incomes)

Estate Tax

0% under a million
40% over a million

Fuel Taxes

$0.25/gallon

Capital Gains tax

Income tax rate - corporate tax rate

0% under 200k
10% 200K to million
15% over a million

For my own country Canada, here is mine.  In brackets are what I think it should be for the provinces

Income Tax

First 20K tax free
20-50K - 10% (5%)
50 - 100K -  20% (10%)
over 100K - 30% (15%)

Corporate Tax

under 500k 10% (2%)
over 500k 15% (10%)

VAT

HST of 15% (7% federal GST, 8% provincial component)

Payroll Tax

CPP 4.95% (both employer and employee each, capped at 53K minimum 3K)
EI 1.6% (both employer and employee capped at 53K, minimum 5K)

Estate Tax

0% under $5 million
40% over $5 million excluding farms

Fuel Taxes

$0.10/litre ($0.15/litre)

Carbon Tax

$50/tonne at both levels

Capital Gains Tax

50% of whatever income tax rate (so 5% federally in lowest bracket, 15% in highest bracket)
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Del Tachi
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« Reply #15 on: August 20, 2019, 09:03:19 PM »

Generally, there should be some amount of personal income exempt from taxation.  That’s not represented  here so I’m guessing it doesn’t exist. 
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mileslunn
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« Reply #16 on: August 21, 2019, 01:05:28 PM »

Income and capital gains should not be taxed at all.

US is more reliant on income tax than any other developed country.  Over 50% of federal budget comes from income taxes, while in most European countries typically only 25-30%.  That being said I figured if US implemented a 25% VAT they could scrap all income taxes, but that would probably be political suicide.
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McNukes™ #NYCMMWasAHero
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« Reply #17 on: September 24, 2019, 06:51:34 PM »

Income and capital gains should not be taxed at all.
US is more reliant on income tax than any other developed country.  Over 50% of federal budget comes from income taxes, while in most European countries typically only 25-30%.  That being said I figured if US implemented a 25% VAT they could scrap all income taxes, but that would probably be political suicide.
The FairTax movement definitely supports this. It isn't exactly viewed as political suicide but it was mostly a 90s movement, although it got a bump with the Tea Party.
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Intell
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« Reply #18 on: November 21, 2019, 07:34:29 AM »
« Edited: November 24, 2019, 11:30:51 PM by Intell »

Income Tax


0-25 000: 0%
20 000-80 000: 25%
80 000-250 000: 40%
250 000+: 55%

Corporate Tax


Flat rate of 25% with tax refunds for new businesses.

VAT Tax


10% excluding food, female/male stationary necessities (toilet paper, tampons)


Payroll Tax


6.5% (Social Security)
3% (Medicare) (Extra 1.5% charge on those earning over 80 000 if they don't use private insurance instead)

Capital Gains Tax


0-80 000: 0%
80 000-250 000: 25%
250 000+: 40%

Wealth Tax


1% for assets over $1 200 000
2% for assets over $ 12 000 000

Inheritance Tax


25% for assets over $ 1 200 000



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