The thing I’m going to fix this Thursday is the Tax System. It is too complicated, it is too biased, and it is supporting a shift of wealth to the ultra wealthy while strangling the middle class.
So this is how I’d fix it.
A flat tax. Everyone pays the same taxes on each bracket. So if you make 15,000 you would only pay 7.5% on the 5k in the second tier.
This is what you pay. I don’t care if it is investment income or money earned by working your ass off. Bankers don’t to pay less on the money they made in the stock market than on what I pay working like a dog with my hands.
You can still contribute to a retirement account pre tax with a cap of 20k per year. When you withdraw the money you pay the same rates below as if it were income. And of course there are still penalties for early withdraw.
|1 to 30,000 Dollars
|No Federal Income Taxes
|30,001 to 60,000 Dollars
|5.0% Federal Income Tax
|60,001 to 100,000 Dollars
|10.0% Federal Income Tax
|100,001 to 200,000 Dollars
|25.0% Federal Income Tax
|200,001 to 500,000 Dollars
|50.0% Federal Income Tax
|500,001 And Above Dollars
|75.0% Federal Income Tax
So a person making 100K would see their current tax liability drop to $5150 dollars. There is no more filing jointly, head of household. This is per person with income.
Why do this? Because very penny you give someone making less than 100k per year goes right back into the economy. They spend it or pay down bills. Which will lead to more disposable income in the long run.
And it shifts the burden to the super wealthy who get way more utility out of the system than most of us. How many people making less than 30k per year get to fly a lot? But the wealthier do, and who pays for all that federal aviation dollars? And the list goes on and on. The more you have the more utility you get out of the federal infrastructure spends.
And lastly, but not completely thought out. The ability to “hide” assets offshore needs to be shut down. The how I don’t know yet, but when I rule the world I’ll have some smart people figure it out.