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Name:
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GoneFishin
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Subject:
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From "The Genius" to Lil Water Boy
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Date:
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11/29/2011 3:45:35 PM
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"So genius" Thanks for showing the maturity to finally state the obvious.
My post of the top tier of wealthy was to show that they are not paying the top rate of 35% as most of their income is capital gains and deductions or loopholes. You are an advocate of reducing taxes to increase revenue. Yet, under your posted plan of 3 Tiers you tax ALL INCOME, which by definition, would include capital gains at the same tax rate. Your plan would tax them at an effective rate close to your top 30% compared to the current average of 18% that they pay.
Since I was the only one who responded to the post on your tax plan, it is conceivable that no one read it. So, I will post the part I am referring to:
INDIVIDUAL
TAXES
A 3 tier flat tax on all income, no deductions. Tiers are based on "excess" income
over certain levels. It would be on
individual income from all sources (not combined for married people).
For example,
Tier I:
10% flat tax for all income over $15K up to $200K (the first $15k is
excluded for everyone and pay no income tax, only a small consumption tax).
Tier II:
Tax from Tier I plus 20% tax on the excess over $200K up to $500k
Tier III:
Tax from tiers I & II plus 30% tax on the excess over $500K.
Examples: $50K pays $3,500 ($50k - $15k * 10%)
$100K pays $8,500 ($100k - $15k * 10%)
$300K pays $38,500 (Max tier I=$18,500 + $100K * 20%)
$750K pays $153,500 (Tier I & II max =$78,500 + $250K *
30%)
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