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Edited by A Good Troll:
1/17/2013 6:12:39 PM
3
$15,000 per person excluded from taxable income ($30,000 for joint filers)
-$15,000-50,000 in income taxed at 10% rate
-$50,000-100,000 in income taxed at 15% rate
-$100,000-infinite taxed at 20% rate
Most all exemptions/deductions eliminated. No deduction for having children, going to college, etc. Two that I would keep around are charitable giving and the 401(k)/IRA contributions. You incentivize helping others and saving for your future, not pooping out babies.
Capital gains/dividend income becomes tax-free for those making less than $100,000 in income. 10% for dividends/long-term gains, 20% for short-term gains for those above that threshhold.
English
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I was going to balk at the 20% top tax rate..until you eliminated all exemptions. I'm on board.
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Agreed.
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System needs simplification more than anything. What I listed above is probably fairly close to revenue neutral to what we have now income tax wise for most tax filers - capital gains tax revenue would fall but I think encouraging saving, especially among the poor/middle-class, might be worth it in the end. And I'd probably be able to eliminate 80% of the IRS budget due to simplification - save $10 billion or so.
