houndawg wrote: ↑Mon Mar 29, 2021 3:08 am
BDKJMU wrote: ↑Fri Mar 26, 2021 11:43 am
Since corporations pass those tax costs onto their employees and customers,
I would say close to zero for corporations. Certainly not more than low double digits.
Current fed pov level for a family of 4 is $26.5k. So about triple that, 80k. For a family of 4 income tax (not including payroll):
Income 0 to 80k: 0%
Income 80k to pick a 6 figure number- 15%, no deductions.
Income above that 6 figure number: 30%, no deductions.
Could say start the income tax at 2x the poverty level. Or not till 4x. Change the percentages. But along those lines- simple. Of course it will never happen for obvious reasons.
0% on anything reinvested in the company, about 25% on profits. Tax the shareholders/executives investment income at the same rate as they would pay if they had to work for their money.
A nation of 330 million that spans a continent and projects power across the globe requires a big government. We’ve already dramatically cut and/or provided loopholes for corporate taxes and wealth. But we never replaced that revenue.
Also...an inheritance tax. It checks a few of the boxes we are supposed to be in favor of...no such thing as a free lunch, equality of opportunity, national debt, a check on established power and monopoly....
“We grudge no man a fortune in civil life if it is honorably obtained and well used. It is not even enough that it should have been gained without doing damage to the community. We should permit it to be gained only so long as the gaining represents benefit to the community … The really big fortune, the swollen fortune, by the mere fact of its size, acquires qualities which differentiate it in kind as well as in degree from what is possessed by men of relatively small means. Therefore, I believe in a graduated income tax on big fortunes, and … a graduated inheritance tax on big fortunes, properly safeguarded against evasion, and increasing rapidly in amount with the size of the estate.”
- Teddy Roosevelt