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Franklin Roosevelt made an excellent defense of the graduated income tax. "Wealth in the modern world does not come merely from individual effort," he said. "The individual does not create the product of his industry with his own hands." The rich get rich, in other words, to a great degree because they live in a rich society.
The answer, clearly, is more of a graduated income tax.
The quote is from "Traitor to His Class," by H.W. Brands.
Remove all tax credits.
Remove all tax deductions.
Remove standard deduction.
Peg personal exemption to cost of living. Food and Rent. Increase this every year by inflation.
Flat tax rate.
It’s an easy fix with a few parts. 1 – A graduated V.A.T. (value added tax) that is reasonable on items up to $500-$1,000 (this $$ level is adjustable), then starts to ramp up (exceptions for some goods like transportation – basic cars, bikes, scooters, etc. - it stays low) It should be high on very high end luxury items. 2 – A graduated income tax that does not tax any income below $50,000 (no change there), a fixed % on the amount from $50,001 - $99,999, with pre-determined jumps up the 35% on the highest earners. I also feel that cost of living in any given area should be taken into account. Only a small number of deductions are allowed. Such as: Interest on only 1 home, a fixed maximum % of your income on charities, A maximum on school costs, and I’m open to a few more if they make sense. 3 – All income, no matter the source, with the exception of welfare & unemployment (no tax at all), is taxed at the same rate. 4 – I am no expert on taxes regarding small & family businesses, but there has to a specific system set up for them.
Bob C.
The grand bargain with the right: institute more or less flat tax based on CARBON with some adjustment for life essentials; retain SS tax with higher top limit; retain income tax only for top few percent and adjust as needed for revenue
Larry
Tappan, NY
When will people realize that you can't treat someone with $250k income the same as someone at $1million and that the millionaire shouldn't pay the same as the guy who makes $50 or even $500 million? When looking at the highest 5% of earners there should be about 5 or 6 brackets from 250k up to 10million or so. Someone who makes $50k doesn't want to pay the same rate as someone who makes $100k. Why should I pay the same rate as a hedge manager who makes hundreds of millions of dollars?
Jerry Brown was right - file it on a post card, set rate for ALL income. If there were not any loopholes, the overall rate would drop for almost everyone since those that have so many legal loophole advantages would pay more. And the system would be equitable. When it come right down to it, the tax system is social manipulation. Buy a house, deduct the mortgage interest. Everyone thinks that is great but the entity that gains in the Banking system. The taxpayer pays a dollar to the Bank and get about .30 cents back via the tax system. The Bank gets it $1 and you lose .70 cents. It is an illusion to believe homeownership is for everyone but the tax system makes you believe it is great.
Eliminate the self-employment taxes! As someone who makes most of their money in that evil "box 7" on the 1099-MISC, I get hit doubly hard, and just about every other person who does this claims excessive deductions and/or under-reports this figure to make up for the burden.
Especially with 2009 being as hard as it was for so many people, I've been unable to collect on about 30% of my invoices, which when you don't make that much to begin with, and have to pay New York rents, is devastating. I know many people who are in this same boat with their deadbeat clients. But when you're doing the work yourself, there's no way to write all those hours off (when they could have been spent on paying clients!)
Thus, the combination of the double taxation from SE taxes, plus the inability of the sole proprietor to write off unpaid invoices, means my burden is well more than what a full-fledged company would pay in the same situation. I have nothing against taxes at all, but for the small contractor the system seems to be if not purposely set up against you, totally regressive and unfair.
Equalize the tax rates on earned income and capital gains and dividends. Abolish the AMT. Eliminate FIT for singles earning under $30,000 and couples earning under $60,000. Simplify the tax rates by instituting a flat tax of 25% for income up to $500,000 and 35% for income above $500,000. Eliminate all deductions and tax credits, except a 5% credit for residents of predetermined high tax states and a dollar for doolar credit up to $15,000 for IRA nad 401k contributions. Modify the tax depreciation rules for businesses.
Make it much much simpler and much less regressive. Get rid of AMT and tax the richer (like myself) more directly and at a higher level
tax capital gains at the same rate as earned income, perhaps at a higher rate. Why should taxes on money acquired without work be less than on money worked for?
Reinstate the estate tax at its previously highest levels.
A few suggestions for Federal income tax:
Have a top marginal rate of an even 40% for high incomes (say over $250K for singles and $500K for couples).
Increase the capital gains tax rates to something closer to regular income rates, but allow a larger write-off per year for capital losses.
Abolish the AMT; the regular tax system is complicated enough without AMT.
Tax any and all religious institutions and make all clergy subject to income tax withholding and paying into Social Security. Clergy should also have to pay state unemployment taxes.
1st - Investment income, outside of designated retirement funds, should be treated exactly the same as income.
2nd - Loop holes for business and high earners need to be closed to level the playing field.
3rd - The system needs to be greatly simplified. The number and types of deductions, write offs, etc. need to be stripped down to only a few essentials (i.e. business improvements, children, tuition) and the rest left out.
