HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » You've just been elected ...

Thu Apr 12, 2018, 12:41 AM

You've just been elected president. Fix the tax code.

Mine: Go back to Clinton's tax system with four changes:

1) Adjust all the numbers for inflation.

2) Index AMT to inflation. This will eliminate one of the Hard Right's biggest complaints - that the income needed to push someone into AMT territory decreases every year.

3) Any taxpayer whose taxable income, as calculated by the standard deduction method, is $100,000 or below gets to take both the Standard Deduction and the Itemized Deduction. Further, any Dual Deduction taxpayer gets to deduct all their medical expenses, not just ones that exceed a percentage of your AGI.

4) The deficit may never drop below $100 billion again, nor may the national debt drop below $5 trillion. Infrastructure investment will be used to increase the deficit or debt if required. A balanced budget encourages Congress to engage in a pattern of reckless tax cuts and spending in an attempt to "spend the surplus." Requiring a reasonable and sustainable level of debt will discourage Congressional stupidity.

13 replies, 1114 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 13 replies Author Time Post
Reply You've just been elected president. Fix the tax code. (Original post)
jmowreader Apr 2018 OP
A HERETIC I AM Apr 2018 #1
Adrahil Apr 2018 #3
A HERETIC I AM Apr 2018 #8
Adrahil Apr 2018 #9
pansypoo53219 Apr 2018 #2
Demsrule86 Apr 2018 #4
cpamomfromtexas Apr 2018 #5
jmowreader Apr 2018 #10
cpamomfromtexas Apr 2018 #13
scheming daemons Apr 2018 #6
Johnny2X2X Apr 2018 #7
TheSmarterDog Apr 2018 #11
maxrandb Apr 2018 #12

Response to jmowreader (Original post)

Thu Apr 12, 2018, 01:29 AM

1. Add 5 more brackets from the current 7

Top marginal rate is currently 39.6% for income over $418,401 filing single.
Current brackets filing single;
10% Up to $9,325
15% $9,326 to $37,950
25% $37,951 to $91,900
28% $91,901 to $191,650
33% $191,651 to $416,700
35% $416,701 to $418,400
39.6% $418,401 or more

Next brackets;

42% for income over $550,000

47% for income over $1,500,000

55% for income over $2,500,000

65% for income over $7,000,000

70% for income over $10,000,000

I would also reduce the levels for the first 3 brackets to 5%, 10% & 17% respectively. That would affect the vast majority of Americans.

Lottery and gambling winnings capped at current levels (39.6%)

Lift the cap on SS contributions.

Incomes over $10,000,000 are prohibited from utilizing traditional IRA and ROTH accounts and other company provided tax deferred investment vehicles. Taxable investment accounts only.

No company executive or employee of any firm that derives more than 75% of its gross revenue from government contracts shall have a salary that exceeds that of the President of the United States. This shall include stock options/gifts.



Budgets must be balanced and a surplus is desired to retire older maturity debt with the aim of no longer issuing 30 year paper. Bring the national debt down to the point where interest payments annually are no more than 1% of the national budget.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to A HERETIC I AM (Reply #1)

Thu Apr 12, 2018, 07:54 AM

3. Mostly like, but IRA and Roths are...

 

Already limited at a level WAY below your proposed level. Are you suggesting raising the cap? My family income is well below 7 figures, and we cannot take advantage of them. I can use a 401k. That's it, pretty much.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Adrahil (Reply #3)

Thu Apr 12, 2018, 01:00 PM

8. Poorly worded.

I am aware of the income caps on IRA's, I was thinking more long the lines of rollovers for high net worth individuals.

Look at the time of my post! It was late, and I obviously wasn't thinking it through.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to A HERETIC I AM (Reply #8)

Thu Apr 12, 2018, 01:03 PM

9. cool! NT

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to jmowreader (Original post)

Thu Apr 12, 2018, 06:41 AM

2. eisenhower. we have wars to pay for.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to jmowreader (Original post)

Thu Apr 12, 2018, 07:55 AM

4. It works for me.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to jmowreader (Original post)

Thu Apr 12, 2018, 09:03 AM

5. Unreimbursed employee bus expenses should be reinstated allowing deductible union dues

If I were running I would run on reversing almost everything Trump has done.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to cpamomfromtexas (Reply #5)

Thu Apr 12, 2018, 05:01 PM

10. "Almost" everything?

I can't think of anything Trump has done (and it's a very short list) that doesn't need to be repealed, revoked or impeached.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to jmowreader (Reply #10)

Fri Apr 13, 2018, 06:44 PM

13. Agree. Trust trying to be charitable you know.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to jmowreader (Original post)

Thu Apr 12, 2018, 10:07 AM

6. easy peasy

first 50k (100k for couples) is tax free.

50k-100k (100k-200k for couples) at 20%

100k-250k (200k-500k for couples) at 35%

250k+ (500k+ for couples) at 50%

Labor income and investment income treated the same.

Corporation taxed 25% on all profits. Period.

no exemptions, no deductions. you wanted a bigger family, sorry that's a decision you made.


The rich and poor alike get their first 50k tax free, so it is fair.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to scheming daemons (Reply #6)

Thu Apr 12, 2018, 10:11 AM

7. About what I was going to post

Exempt the first 50k, if you want to make it flatter at the top, exempt more than 50K.

No one, rich or poor, should pay taxes on the first $50K of their income that provides the bare necessities of life.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to jmowreader (Original post)

Thu Apr 12, 2018, 06:36 PM

11. Single filers earning less that $50k & joint filers earning less than $100k

 

Should pay no Fed income tax.

Unearned income should be taxed first, and at the highest rate.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to jmowreader (Original post)

Thu Apr 12, 2018, 07:16 PM

12. I'd tax the ever loving fuck out of the 1%

Bring back the 90% tax rate, with the only way to avoid it is if you roll the income into wages for employees or investment in growing production.

I'd calculate how much we pay in food stamps and welfare for companies like Walmart employees and send the Walton's the fucking bill in the form of you're a fucking asshole tax.

I'd require disclosure of CEO compensation, including stock options, and any one that made more than 15 times their highest paid hourly employees would be taxed at 100%, plus add a hefty fine. Call it, You're a shitbag tax.

That would be a good start.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread