Free Republic

Greetings all: Here are my ideas for tax reform: Two brackets: 15% and 28% (instead of 12% and 25%), with said 15% bracket covering an amount of income equal to that taxed for Social Security (2X that for married couples and 1.5X that for head of household). There would be no higher 3rd, 4th or 5th brackets. Standard deduction of $12,000 ($24,000 for married couples, $18,000 for head of household), but keeping the personal and dependent exemptions (currently $4,050 apiece), with dependents including all dependents, not just children. Get rid of ALL deductions and credits, except for charitable giving and...

Mending America’s broken tax code Published: April 13 2009 19:16 | Last updated: April 13 2009 19:16 The approach of tax-filing day on April 15 invariably lowers spirits in the United States. Many taxpayers expect a refund when they have finished their calculations, but even this does little to improve the mood. The system’s surreal complexity is enough to defeat candidates for senior positions in the Treasury, let alone Joe the Plumber. Struggling with it arouses the suspicion that the income tax code is chiefly an instrument of political repression – a reminder of who is in charge. Ceaseless meddling...

Let's put tax cuts in terms everyone can understand. Suppose that every day, ten men go out for dinner. The bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this: The first four men (the poorest) would pay nothing. The fifth would pay $1 The sixth would pay $3 The seventh $7 The eighth $12 The ninth $18 The tenth man (the richest) would pay $59 So, that's what they decided to do. The ten men ate dinner in the restaurant every day and seemed quite...