A little reminder to people that the top tax bracket is ONLY on non-reinvested income over the incredibly high bracket limit. All the income below that was taxed at a much lower rate. Honestly, I think that ten times the cost of living should be the fixed "tax free income" bracket.
So the first $800,000 of income is tax free?
Yes, most of the population should not pay income taxes. Only the most wealthy should.
Oh, you are referring to the current top tax bracket? No, the first $800,000 is taxed at a lower rate right now. The first $20,000-$50,000 depending on deductions is tax free right now. Way too little. It should be around $200,000-$300,000
No, you said 10x cost of living would be tax free. That's about $800k. I just don't think that would work
I'm also confused on not being taxed on "non-reinvested income." If I make $100k and buy $100k of bonds, I still have to pay tax on the $100k I made. I'm then taxed on the bond income I make. If it's equipment or whatever for a corp, that is a balance sheet item anf is only reduceable by
Depreciation
This should be supplemented with luxury taxes, not general sales taxes.
This bottom bracket should be adjusted yearly. Specifically, it should be ten times the cost of living, rounded up to the nearest two significant digits. This makes for nice clean accounting.
Top brackets should be based on 4 year top 1 percentile, top 2 percentile, top 5 percentile and top 10 percentile threshold statistics of net taxable income. They should be rounded down to the nearest two significant digits.
I think you are either miscalculating cost of living or income thresholds based on percentile. Only the top 1% would be taxed on this plan.
Perhaps 10 times is a bit much. Twice the cost of living may be more appropriate.
Yeah, two or three seems abt right. I make $200k a year and I definitely should be paying taxes
Yeah, you should be barely paying taxes, not paying what you are paying now, and someone making 2-5 times your income should be paying a LOT more.
However, those making less then the cost of living should not have any income tax levied against them, and it is reasonable to add a generous amount on top of that that is also tax-free income.
I'd be all for direct payments (UBI) as tax free supplemental income for anyone under cost of living to get them to coat of living
I'd be for no questions asked UBI for every person if in response all other income was taxed. Same goes for universal health benefits.
Same! We just need one or two more studies to show it works /s 😂😂🙄
Every study so far says it works. All you do is progressively tax all income to pay for it. This also forces employers to improve work moral to retain workers, something that results in better customer service, better work culture, and overall a better world.
Yes, I was being sarcastic lol
People actually want to work when their contributions are valued. Having added luxuries due to the added money in the pocket is on top of that.
Yeah, they're already killed with sales tax, FICA, and property (whether they rent or own)