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1 RoadWarrior  Wed, Oct 19, 2011 2:19:40pm

We need to bound all rates between 5% and 25%, with a rate of 30% for incomes above $1 million.

0% is too low.

39.6% is too high.

We also need to eliminate all deductions…ALL deductions, exclusions and credits.

The 1st amendment will always permit lobbying.

However, we need a tax code where lobbying does not pay.

Finally, the corporate income tax is highly regressive and inefficient and should be eliminated, with provisions for ensuring that closely-controlled businesses do not convert wages into dividends to reduce tax rates on executives.

Only the payroll tax should stay just as it is, so that social security remains strongly linked to individual contributions: what a person didn’t himself pay for can be much more easily taken away.

2 RoadWarrior  Wed, Oct 19, 2011 2:20:33pm

A code can be enormously simplified without being flat.

A code can be flattened without being flat.

3 EiMitch  Wed, Oct 19, 2011 2:31:53pm

The mega-wealthy friendly tax-breaks are what are ultimately killing the budget. We need to eliminate those loopholes. If you want to, go ahead and lower the capital gains tax. Just make sure they effing pay it this time.

4 RoadWarrior  Wed, Oct 19, 2011 2:45:44pm

The top 1% earn 20% of the national income and pay 40% of the income tax.

The bottom 99% earn 80% of the income and pay 60% of the income tax.

Therefore, the wealthy are paying over 2.5X the effective tax rate on income as everyone else.

Nevertheless, there is a perception that too many wealthy get away with not paying their fair share.

This is because of munis (I suggest we eliminate special tax status for munis, that causes states to become too indebted). However, this is not really a give-away to the rich, but to the states, as investors in munis must accept lower yields that offset the vast majority of any tax benefit—a de facto tax.

This is also because of capital gains, which are taxed at a lower rate because corporate income tax and dividend taxation already tax much of the same income.

It is also because of charitable deductions…I say we should eliminate all deductions. Is a wealthy person’s dollar better spent on:

a) charity
b) government
c) yachts
d) investment

I believe, at the margin, the answer is (d) investment.

So why should we encourage them to give it to non-profits?

They’ll be doing plenty of that, anyway…when you’re retired, you need meaning. When you’re about to die, you need a legacy.

Until then, the wealthy should invest and increase growth rates for the benefit of all.


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