Originally Posted by JoeyStylez
It's been that way for years. Higher income, higher tax rate. Rates now are at their lowest ever. The top tax rate in the 50's was 90%.
As I said earlier, I don't agree with removing the Bush tax cut from those making 250K. I would set the bottom at 500K. Also, where and how you live determine how much you keep. 250K gets you a lot farther in Manhattan, Kansas, than in Manhattan, NY. But most people would prefer to live in the latter. You have to ask yourself what you feel is worth to you. I could live like a fat cat in the Florida panhandle but I detest the rest of his state north of Miami-Dade county, so I made a decision to stay here.
If I were running for office, I would set the top tax rate at 30% and do across the board cuts in military spending, foreign aid and inefficient social programs.
I agree on the 30% top tax tier. The increments should start at 5% for those under 25k, 10% for those under 75k, 15% for those under 250k and 30% for anything over 250K.
This would eliminate the need for the IRS and accountants.