Quote:
Originally Posted by davidmash
I do not see how being retired should have any affect on income tax. If a person is receiving income tax they should be taxed, if they do not have income then no tax. The fact that my income is taxed at a higher rate than two retired guys worth at least 1 or 2 times more than I am is BS. Since millionaires/billionaires do not seem to be paying as much tax as I am I have very little reason to believe that corporations are paying the 34% tax rate that they are complaining about either.
I do not think a flat tax is the way to go but I think a flat graduated tax would be better. I would like to see an increasing tax rate starting at perhaps 5% for low income and maxing out at perhaps 25-30%. No deductions. Income is income whether it be W2 or capital gains or interest or what ever other way you earn money.
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But are we agreed that 12% of $15 mill is a hell of a lot more than 35% of $150k? In order to balance thing out I would much rather Abolish the personnel income tax period. Go back to what is was prior to that amendment. Import tariffs on goods.
I can't remember where I read or heard it but it went along the lines of when you subtract the cost of that division of the IRS coupled with the audit dept and the cost of all the forms the personel income tax is hardly worth collecting.
My feeling toward a progressive tax is the same as the increase in the minimum wage. The people it affects most are the ones at the bottom. If you did away with the tax breaks for mortgages,boats as second homes, rvs the people that can afford to buy them don't, so the people that build them,us $65k to $100 k a year workers are the ones that lose the jobs in the rv factory or in the building trades.