I'm going to answer my own question just so you Leftists will get an idea of the type of numbers I'm asking for from you.
I think the top tax rate should be 15%. Non-deductible based on earned income either through savings or Investments or however you put dollars in your pocket. I think 15% across the board for everyone who earned income is both fair and will provide plenty of money to fund all the operations of Uncle Sam that are either needed or necessary.
If that's not enough money then we're spending too much.
So if you earn $15,000 in one year you pay 15% on that income. That's $2,250.
You earn 150,000...you pay 15% on that income. That's 22,500.
You earn 150 million you pay 15% on that income. That's 22,500,000.
See how easy that is?
(but not if you want it all or think it all belongs to the government)
Damn! You have no f'ucking clue. We currently have a huge deficit (not to mention debt) with effective tax rates much, much higher than 15%. Our debt problem is obviously two-pronged; too much spending and not enough tax revenue. If you look at the historical income tax tables for the US, you will see we have dropped effective income tax rates substantially over the years. The income tax in this country only accounts for about half of the total tax revenue - another huge flaw in your proposal, further showing your ignorance.
Here is a little excerpt from "The Balance."
The government's annual income only pays for 88 percent of spending. It creates a $985 billion
budget deficit. Shouldn't
Congress only spend what it earns, just like you and me? It depends on where the economy is in the
business cycle. Congress should use
deficit spending to boost economic growth in a
recession. It uses stimulus spending to create jobs. Once the recession is over, the government should live within its means and spend less. It should raise taxes, if needed, to reduce the
deficit and the debt. That will keep the economy from overheating and forming dangerous bubbles. Congress should switch from
expansionary to contractionary
fiscal policy. The revenue collected equals 16.3 percent of
gross domestic product. That's the nation's measurement of economic output. That's like saying the average tax rate for the United States itself is 16.3 percent. If that much production is going to the federal government, then you want to make sure it's reinvested into the economy to support future growth. It's also much lower than the historical 19 percent target. But that's because the Trump administration cut taxes. It also estimates GDP will increase 3.2 percent in FY 2019. That's higher than the
ideal growth rate. Revenues would be much higher without the Trump tax plan. It was also lowered by the extension of the
Bush tax cuts and the
Obama tax cuts. They were meant to fight the
2001 recession and
2008 recession. They were supposed to spur
the consumer spending that drives almost
70 percent of economic growth. But most people didn't even realize this happened,
since the tax cut showed up as reduced withholding instead of a check. Instead of spending the cuts, people used some of it to pay off debt. The recession scared people into saving more and
using credit cards less. So, the budget didn't expand enough to spur
economic growth. Now that the recession is over, those tax cuts should be reversed. Taxes should be increased, not cut. An economic expansion is the time to pay off the debt, not add to it.
