posted on Mar, 20 2017 @ 08:55 PM
a reply to: diggindirt
How would you feel about this? We do away with brackets entirely and reduce the entire thing to one formula you can type into your calculator. Each
person pays according to the percentage of total income they earned for the year. If one person earns 1% of the total income in the US, then they're
liable for 1% of the tax burden. No deductions, no brackets, no corporate tax. Just a single income tax to cover everything.
Your income/Total earned income*Federal budget.
Using 2015 numbers, total income was approximately 16.406 trillion. The budget was 3.36 trillion.
If you earned $25,000 that would mean
$5,120.08 is your federal tax burden. You could contrast this with the tax tables for 2015 which would have had you paying $3,228.75. Of course,
it's also eliminating many other taxes you pay throughout the year like the gas tax, and corporate taxes which are factored into the products you're
And you're never going to get it down to 10%. That's just not realistic. Things cost money.
edit on 20-3-2017 by Aazadan because: (no reason