Regardless, all federal departments and agencies established after 1960 should be eliminated.
Politicians should review the staunch reality of this cartoon:
Not a word about reducing spending - just new taxing revenue streams, like eliminating deductions, business expenses, etc.
The tax rules could be made easy:
Flat tax rate for everyone of a fixed percentage. e.g., 15%
Taxed on total income, not just wages - e.g., wages, dividends, capital gains - whatever you get between Jan 1 and Dec 31 no matter what the source.
Exempt first $15000 or so of income.
No deductions.
There, it’s done.
A guy making $35,000 will pay $3000.
A guy making $10,015,000 will pay $1,500,000.
That should make a liberal happy, and a conservative happy, and 64,000 IRS agents and 125,000 tax lawyers unemployed.
Yes, but, the next Congress could make some spending cuts. Maybe.
And the guy making $15K, or couple making $30K pays nothing ? That doesn’t make me happy.
A truly flat rate of 10% would suffice without your $15K deduction.
Regardless, all federal departments and agencies established after 1960 should be eliminated.
Politicians should review the staunch reality of this cartoon:
Tax on dividends and tax on capital gains is taxing money that’s already been taxed.
Me no likey.
We would then nipp in the bud any desire going forward to revert back to Obamacare or become Europe or Canada in that regard.
Their would be no excuses to getting health insurance other than an individuals own stupidity. It would require removing the exemption of the industry from anti-trust and allow purchasing across statelines.
Other than that remove the exemption of real-estate of the 250k-500k no cap-gain on 2 yrs living their. Same deal on homes as you noted, all money made on homes 15% flat.
That would be a great flat tax plan.
“Taxed on total income, not just wages - “...
“Exempt first $15000 or so of income.”...
Double talk. What else will we exempt? How long will is take for the tax rate to start creeping up to 15.1, 15.2, 15.3 ...->20.5 or higher etc? Then comes state and local taxes.
You’re suggesting raising rates on the lowest bracket by 50 percent?