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TJBender · 09-27-2017, 03:27 PM

(09-27-2017, 02:55 PM)StroudCrowd1 Wrote: Doubling the standard deduction and increasing the child tax credit will make the economy absolutely explode.

Yes, but it has the potential to make inflation explode right along with it.

(09-27-2017, 03:02 PM)The Drifter Wrote:
(09-27-2017, 02:32 PM)TJBender Wrote: I don't like any tax plan designed to lighten the load on the highest of earners. If we're going to stick with an income tax, it should have graduated brackets with the lowest rates for those in the middle class, second lowest to those in poverty, second highest to those in the "upper middle/high income" fringe group, then the highest (by far) to those making over $200k/yr.

Oh, and find a way to charge companies that move their HQs offshore for tax sheltering all they would have owed if they'd stayed domestic--and then some. How about an exit tax of 50% of that year's revenue for corporations that move their headquarters out of the US, and an ongoing 25% tax premium on all revenue (not just profit) to companies that conduct a significant chunk of their business in America while headquartering overseas?

Just tell me, what's wrong with letting people keep what they earn? We didn't even have an income tax before 1913 (The 16th amendment) yet we still had roads, bridges, railroads, the Military, universities, etc.... The problem today is too many free loaders living off the system

This is why I strongly, strongly, strongly prefer a flat consumption tax for individuals. Say what you want about it being unfair to the lowest income bracket, I haven't seen too many people roll up to Food Lion in a Bentley, and I haven't seen all that many people get off a bus and walk onto a Mercedes Benz lot. People overwhelmingly spend to (or above) their means, so if someone making six figures wants to "game the system" by eating ramen noodles, drinking tap water and buying a third-hand Taurus off of Craigslist, then more power to them.

If we're going to rely on income tax, then it seems ridiculous to me that we would be asked to bend over backwards so the wealthiest individuals can keep more of their money while the rest of us keep the government running.