DaddyBoBo
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I love thinking about how to better simplify some of our current taxes to be more efficient and more equitable.
Everyone should Google "tax brackets 1960" to understand how low our taxes are today.
Why can't estate taxes be structured in steps like income? Seems like an easy compromise.
Rich people with investment income stay wealthy because they don't pay income tax - they pay capital gains tax. 20% if the stock is held over a year.
Marginal vs nominal tax rates explained.
The GOP Tax Plan that scrapped the state/local/property tax deduction is a disaster for a number of states.
Student loan interest rates are higher than market rates.....but you're also getting a loan with no collateral that's discharged after 25 years.
idontliketheclonebone
Not terrible ideas actually
DannyDan4
this is too logical. It'll never pass!
OneOfTheChosenOnes
And what’s wrong with the tax plan on the floor now? I’ve looked through it and it’s pretty damn good.
DaddyBoBo
By capping the State/local/prop tax you effectively punish high tax states which already send more money into Fed coffers than they get back
DaddyBoBo
It also reduces taxes during a time of high national debt and with an economy that's been growing at 2%+ for years
DaddyBoBo
Not to mention the majority of tax cuts went to the wealthy who already pay some of the lowest taxes in the last 60 years
Piewhore
National sales tax and do away with income tax
idontliketheclonebone
Significantly higher burden on the lower classes
Piewhore
I’m pretty sure it is used widely in Europe but they don’t get rid of income tax
OpieWinstonliveson
get rid of the estate tax, get rid of social security entirely, 45% tax rate is immoral, and no govt. mandated min. wage
TheLeftPocket
"45% tax rate is immoral" "no govt. mandated min. wage" Do you understand what immoral means? Or have you just twisted it for yourself?
DaddyBoBo
Do you want to provide any examples of successful societies with ideas like that?
OpieWinstonliveson
America before FDR
aintnochallabackgurl
Who wouldn't pine for a time without freeways and with the great depression?
OpieWinstonliveson
i know, we had no roads till 1913. and the great depression was made so much worse by govt intrusion
DaddyBoBo
Also, government spending (new deal + the War) saved the country.
DaddyBoBo
Uhhhh you mean during the era of wage slavery, child workers, dangerous working conditions, and slums?
mmfrancis
Way to discourage marriage with the huge marriage penalty.
DaddyBoBo
Care to elaborate?
mmfrancis
2 single making 100k ea tax at 25% if they get married and have the same income they get taxed at 35%
DaddyBoBo
So they'd pay individually about $13k in taxes (~26k total). Married they'd pay closer to ~40k in taxes, you're right.
DaddyBoBo
I think the likelihood of homeownership and the subsequent tax breaks could help reduce that penalty.
DaddyBoBo
However, odds are that a married couple will have reduced living costs (consolidated living). It's not perfect, for sure.
mmfrancis
An unmarried couple living together would also have less living expenses and pay less taxes.
DaddyBoBo
True. This isn't a perfect system, just a framework of a suggestions.