[GCFL-discuss] Flat Tax

[gcfl-discuss at gcfl.net]

A flat tax is a dangerous proposal, pushed by the higher tax brackets to
push more of the burden onto working families. It does have its appeal
though, because EVERYONE is tired of how complicated the whole system is.

Tax relief and reform needs to begin by exempting the first $20,000 or so
from taxation. That applies to everyone, from a minimum wage counter
person at McDonald's to Bill Gates. We all share this equally. After
that, there should be a few graduated steps, say up to $50,000 at 10%
(someone with $50,000 annual income would pay a total of $3000 tax),
remaining income up to $100,000 at 15%, up to $500,000 at 25%, up to
$1,000,000 at 35%, and over $1,000,000 at 50%.

But deductions? Get rid of most of them. Businesses need to balance gross
revenue and genuine expenses to determine income, maybe have a deduction
for families with children, but for the rest, keep it simple and let
people spend the rest without needing government permission to deduct it,
or expecting subsidies from the rest of us for their choices of how to
spend it.

Siarlys


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