Originally Posted by NYJ37/12
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.
Sounds reasonable, but there will always be some deductions for school, medical n so on... Also Probably need to add in a 25% rate for over 160k and 39% for over 500k.
The big issue though is investment tax rates. The whole thing that explains why Warren Buffet pays a much lower tax rate than his secretary. Keep the rate low for first 250k to assist those planning for retirement n such, but jump it up to somewhere in the mid 30%s gradually as people begin profiting millions.
What's it gonna take to stop the continuing class divide? If the top 10% controlling 74% of the wealth isn't enough while 50% of the country has 1%... when is it enough? When the top 10% controls 90% of the wealth?
Tax rate on "normal" income can use some adjustment. The big thing though is investment income.