Welcome to Religious Forums, a friendly forum to discuss all religions in a friendly surrounding.Your voice is missing! You will need to register to get access to the following site features:
We hope to see you as a part of our community soon!
I personally am of the opinion that taxes also need to be used to adjust the market. I think that there shouldn't be a cap to the increase of % of income needed to pay taxes depending on income. I think that we can lower the taxes we have currently but only if we get rid of most of the harmful loopholes that allow the effective tax rate to be so low.I have seen the idea of a flat tax tossed around over the years, and I like the idea. This would only be for personal federal income tax. State and local taxes are a different subject, as are corporate taxes.
For example. instead of having different tax brackets based on income, everyone would pay 10%. Using the 10% example, the breakdown is easy. I would advise an exemption clause for any household making under $25,000 per year.
Under $25,000 and pay $0
Make $50,000 and pay $5,000
Make $500,000 and pay $50,000
Make $5,000,000 and pay $500,000
Make $50,000,000 and pay $5,000,000
It does not matter how much you make, the rate is always 10%. Yes the wealthy will pay more in taxes, but they should. They have a MUCH easier life than someone making under $50,000 per year, so they can live off their remaining $45,000,000 after taxes. If they can't live off that, they have some serious issues.
I would see a 15% increase in my paychecks based off my current tax bracket (2017) of $75,900 - $153,100, not including the elimination of the 25% excess tax over $75,900.