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Author Topic: Tax code for DUmmies.  (Read 1466 times)

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Offline Freeper

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Tax code for DUmmies.
« on: August 20, 2011, 12:38:45 PM »
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scheming daemons Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Donate to DU!    Sat Aug-20-11 11:52 AM
Original message
Here's *MY* simplification of the federal income tax code
   
Edited on Sat Aug-20-11 11:53 AM by scheming daemons
(first number is individuals, second number is families)


Income, including Capital Gains income:

0% on first 30,000        (60,000 for families)
10% on 30,000 to 60,000   (60,000 to 120,000 for families)
20% on 60,000 to 120,000  (120,000 to 240,000 for families)
30% on 120,000 to 240,000 (240,000 to 400,000 for families)
50% on 200,000+           (400,000+ for families)

Corporations:  Flat 25% on all profits, no deductions or subsidies





Absolutely ZERO deductions.

There would be no need for tax software or tax accountants. The 1040 would be the size of a postcard.

The poor (under 30k individual, 60k family) would pay no federal income tax.

More money would be brought into the treasury. It would be fair, and it would be progressive. The business world would have "certainty", families would have "certainty"... everyone would know what they're paying and cheating would be much more difficult.

There'd be less lobbyists, since a lot of them are lobbying to get loopholes in the tax code for the wealthy.

The economy would improve, the deficit would go down.



Who's with me?
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http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1777650

I'm shocked that the evil rich would get to continue to steal money from the poor by only having 50% of their money from 200K and on taxed.

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Uben Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Donate to DU!    Sat Aug-20-11 11:57 AM
Response to Original message
4. Needs a little tweaking......
   


Rich people pay 80% tax rate


The rest of us get to party!

That's more like it! After 200k you get 80% taken from you plus whatever amount the state you live in wants, before you know it we will take every penny over 200k from them evil rich.

 :mental:

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scheming daemons Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Donate to DU!    Sat Aug-20-11 11:57 AM
Response to Reply #4
5. Make another tier at say $2 million and above at 70-80% would be ok.

Why not just take it all after 2 million?

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taught_me_patience Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Aug-20-11 01:08 PM
Response to Reply #12
68. Why should someone making 30k pay nothing?
   
Do they not benefit from what income taxes provide?

Hell we have damn near half the population doing that now. They not only pay no taxes, they get more money back than was deducted every year.

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cleanhippie Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Aug-20-11 01:18 PM
Response to Reply #73
77. Well, I feel that we would be better off if population DECREASED for a decade or two.
   
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NutmegYankee Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Aug-20-11 01:22 PM
Response to Reply #77
81. I sure wouldn't.
   
Our social systems (like medicare and SS) would collapse and the economy would decline because of less demand. A stable rate would be enough to get our consumption under control as we changed our habits.

We could just tax the rich at 1000% then.

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Offline Ballygrl

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Re: Tax code for DUmmies.
« Reply #1 on: August 20, 2011, 12:51:32 PM »
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0% on first 30,000        (60,000 for families)
10% on 30,000 to 60,000   (60,000 to 120,000 for families)
20% on 60,000 to 120,000  (120,000 to 240,000 for families)
30% on 120,000 to 240,000 (240,000 to 400,000 for families)
50% on 200,000+           (400,000+ for families)

How about something even simpler, a 15% across the board flat tax?
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"The nation that couldn’t be conquered by foreign enemies has been conquered by its elected officials" odawg Free Republic in reference to the GOP Elites who are no difference than the Democrats

Offline Ballygrl

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Re: Tax code for DUmmies.
« Reply #2 on: August 20, 2011, 12:52:53 PM »
99 responses and it's at 0 recs?
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"The nation that couldn’t be conquered by foreign enemies has been conquered by its elected officials" odawg Free Republic in reference to the GOP Elites who are no difference than the Democrats

Offline wasp69

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Re: Tax code for DUmmies.
« Reply #3 on: August 20, 2011, 01:18:05 PM »
Quote from: Ballygrl on August 20, 2011, 12:51:32 PM
How about something even simpler, a 15% across the board flat tax?

How about 10% with a .2% federal sales tax?  I think that would probably bring in more money than Congress would know what to do with.

Wait, scratch that, they'd know what to do with it...   :thatsright:
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A community may possess all the necessary moral qualifications, in so high a degree, as to be capable of self-government under the most adverse circumstances; while, on the other hand, another may be so sunk in ignorance and vice, as to be incapable of forming a conception of liberty, or of living, even when most favored by circumstances, under any other than an absolute and despotic government.

John C Calhoun, "Disquisition on Government", 1840

Offline Texacon

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Re: Tax code for DUmmies.
« Reply #4 on: August 20, 2011, 01:48:54 PM »
There should never be anyone in this country who pays no taxes.  As to the rest of that LOL!  That would save me a few thousand dollars.

KC
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