Tuesday, June 12, 2012

My Tax Policy

I am not an expert in economics or tax laws or much of anything really but I do know a bit about equality or maybe I should say, "inequality". Not all things are equal but there are choices that we all make; i.e. whether we want to have children (unless of course you can't but there is adoption) if we want to own a home or not, how we invest our money and where we want to live. We may make some of these decisions based on taxes. The more children you have the more write offs, same thing with more homes, which means more mortgage payments and property taxes, possibly even business tax if that is what you're into. Some states have state tax and some don't. Property tax varies from county to county and then there is city taxes for some and not for others. But these are all choices we make.

Some choices we don't make; i.e. whether we are born into money, what kind of education our parents give us. (some can afford to send their children to the best of schools, some can't) now what we do with what is given to us is up to us. But the reality is that if you're a man you're more likely to make more money than women; regardless of your job, skills or abilities. If you're an attractive female you're more likely to make better money. If you have a rare gift, emphasis on, 'rare' you may make more money and sometimes you might just get lucky and stumble onto something such as, 'facebook' owner (no dig on him) but it was genius more than hard work.

So when you hear someone talk about working hard to achieve it is a bunch of BS. Some people do work hard, some are born with money, some are born with looks or even a charismatic personality (Hitler, Karesh come to mind) and somehow they have power or success without much effort. So I would venture to say that taxes should be based on one thing only:

How much income you make each year. No write-offs for being married, head-of-household, number of children, expenses, etc. Just simply how much money you make. The more money you make the higher percentage of taxes you pay. Seriously would anyone who makes under $50,000 a year who currently pay 18% in federal tax (approximation of course and then you get to subtract all your write-offs) really complain if they made $1 million and had to pay 35% or even 50% to the federal government. Think about it. You can live off of $50k a year or $500k a year. I can just bet there are a lot of people out there saying, "No way, I don't want the government to get half my income, so I'll just stick to making $50k a year."  NOT

So this little chart you will find below is just a suggestion. Oh and I want to add that it would be so much easier to file your taxes, you could forget audits for the most part (maybe just an occasional check on someone to ensure they aren't making $ under the table, to keep us honest) and you wouldn't even need a tax accountant.

All amounts in dollars of course. (e.g. if you make $15,001 you pay the higher bracket so you might want to treat yourself to a day off if you are that close to the dollar amount)


Income                                               Tax Percentage

0 - 15k                                                            0
15k - 20k                                                        2
20k - 30k                                                        6
30k - 50k                                                       10
50k - 80k                                                       14
80k - 100k                                                     18
100k - 150k                                                   22
150k - 200k                                                   25
200k - 400k                                                   28
400k - 750k                                                   32
750k - 1mil                                                    38
1mil - 2 mil                                                    45
2 mil - 5 mil                                                   55
anything over 5 million                                 70

Of course we would all pay our share into FICA which is an additional 7.8% or something and this way we would be contributing to our own retirement and helping those who are unable to work. Anyone caught scamming the system should have to do a year of volunteer work @ 40 hours a week for each year they try to scam the system.

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