I have always been, and remain, as opposed to soak-the-rich tax schemes as to shelter-the-rich tax schemes. What I'd like to do is toss out the entire current US tax code and start over with a modified flat-rate tax system.
Something like this: You have a "subsistence-level income" floor, which is regionally adjusted to that region's cost of living, and subject to a scaling factor per child. All personal income, from whatever source, below this floor is tax-free. (Mom-and-pop businesses count as personal income.)
All income above this tax-free subsistence floor is taxed at ten percent. No shelters. No deductions. No credits. No deferments. No AMT. No loopholes or accounting jiggery-pokery. No income brackets, everyone pays the same tax rate, period. No more voting tax breaks for yourself that don't benefit other people, or taxes on other people that you don't have to pay.
Same thing for corporations, except there is no subsistence floor. Ten percent flat rate. On EVERYTHING. No exceptions.The entire tax return and all
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Something like this: You have a "subsistence-level income" floor, which is regionally adjusted to that region's cost of living, and subject to a scaling factor per child. All personal income, from whatever source, below this floor is tax-free. (Mom-and-pop businesses count as personal income.)
All income above this tax-free subsistence floor is taxed at ten percent.
No shelters.
No deductions.
No credits.
No deferments.
No AMT.
No loopholes or accounting jiggery-pokery. No income brackets, everyone pays the same tax rate, period. No more voting tax breaks for yourself that don't benefit other people, or taxes on other people that you don't have to pay.
Same thing for corporations, except there is no subsistence floor. Ten percent flat rate. On EVERYTHING. No exceptions.The entire tax return and all ( ... )
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