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	Name:	water_watcher -
	Subject:	Tax Reform - another approach
	Date:	10/2/2011 7:22:48 AM (updated 10/2/2011 8:04:51 AM)

I think you are on the right track for reform and simplicity we need. On individuals, one of the problems with brackets with big jumps in rates vs a flat tax is you have situations at the fringes where someone making $50k vs $49k pay double the tax.   But you are on the right track with your thinking.   Also, I know you are trying to capture illegal income as well in saying all money received ... but unless there is a way to track it will not be reported, just like today.

That is why I favor a larger consumption tax and a very simple and low flat tax for all income with no deductions.   To satisfy the liberals ... you may need a 3 tier flat tax on "excess" income over certain levels.   For example, a 5% flat tax for all over $15K (the first 15k is excluded for everyone and pay no income tax, only a consumption tax). Then 5% additional (10% total) on just the excess over say $250K and then an additional 10% (20% total) on just the excess over $500K.

Then have a 7.5% consumption tax.

Corporate tax ... my view is very simple ... all corporations pay 15% tax on calculated income before depreciation and you also add back individual compensation over $500k to satisfy the excessive income hawks.   But you allow a 3 year write off of all "new" capital spending in the US "only". This would promote US investment without the crazy approach of Obama. There would be a 3 year limit for start-up companies or companies in finacial difficulty, where they could pay no taxes based on this structure ... then it would revert to a minimum tax of 3.5% of revenue.

I do agree on SS the entitlement reforms will not be enough and going to a "lower rate" on "all income" may be the only answer. It makes dems happy since lower income will pay less for benefits they ultimately receive, while higher incomes will subsidize that since they will never get out of the system what they put in. But it has to be looked at as insurance or annuity plan rather than a retirement plan that it has evolved to when it was never intended to be.

Other messages in this thread:

View Entire Thread

Tax Reform - Any ideas? - 4691 - 10/1/2011 11:54:53 AM

Tax Reform - Any ideas? - Barneget - 10/1/2011 11:20:21 PM

Tax Reform - another approach - water_watcher - 10/2/2011 7:22:48 AM

Tax Reform - Any ideas? - Packrat - 10/2/2011 7:52:50 AM

Tax Reform - Any ideas? - water_watcher - 10/2/2011 7:55:42 AM

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