Showing posts with label taxes. Show all posts
Showing posts with label taxes. Show all posts

Tuesday, May 26, 2009

How taxes are suppose to work:

A Progressive Flat Tax by Justeconomics

All income you receive will be taxed at a single rate (~25%?) subject to the following two adjustments only:
1. Deduct $10,000 from your household's income for every living breathing human being
2. Deduct/Add your net deposits/withdrawals to/from any saving or investment account.

Repeal:
Corporate taxes
Capital gains taxes
Payroll taxes
Property taxes
Estate taxes
Sales taxes (except when applied to control externalities such as cigarette taxes or gas taxes)

If you support a family of 4 with a $40k income, you will pay no taxes. If you have an income of lots and lots of money, you will pay about 25% in taxes.

If you want to raise more revenue, increase the tax rate (on everyone). If you want to make the tax more progressive, increase the personal deduction.