Quote:
Originally Posted by OldJeff
10% of Net Income, this is "personal income taxes" corporations are another animal all together, and 10% would actually be too low, but it is an easy number to work with.
And it would be on all income, probably about 20% would do nicely, Wages and Salary, Corporate profits, Capital Gains.
Simple math says 20% tax on all income combined with an actual 10% cut in spending (not the typical cut down on the rate we are increasing)
I am also not opposed to "The Donalds" one time wealth tax on billionaires going straight into the National debt, although I doubt it would eliminate it it would take a very healthy bite out of it and skyrocket the USD value
|
The flat tax is much harder on the working poor then the wealthy as written. Maybe that is ok.
The detail thing is the hard part. Do you deduct education? Private planes? You still have to define income and deductions. That is where all the hanky panky is. Off shore earnings? Etc.