Here's a project for any math and/or Excel standout ...
build a model using the most recent IRS tax receipt records, that assumes:
1) a diminishing Federal tax credit for all households below 50% of the national Median Income.
example:
Income T/C
$0-5,000: $20,000-15,000
5,001-10,000: 15,000-10,000
10,001-15,000: 10,000-5,000
15,001-20,000: 5,000-0
This would create a revenue floor for the low income, without creating a disincentive to working (not that I believe there is a disincentive to work at any but the top income levels).
2) Those above 50% of Median Income being taxed progressively.
example:
50-100% of Median Income taxed at 0%
101-125% of Median Income taxed at 10%
126-200% of Median Income taxed at 15%
201-300% of Median Income taxed at 28%
300-500% of Median Income taxed at 31%
500-1,000% of Median Income taxed at 36%
1,000+% of Median Income taxed at 39.6%
This would shift the tax burden upward onto those that can afford to pay a bit more.
I wonder how the model would shake out revenue-wise and satisfy those keeping the lower 80% vs upper 20% share scorecard?
= new reply since forum marked as read
