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Originally Posted by pan6467
A flat tax rate of 15% on all incomes between $100,000 and $5,000,000 with only 2 deductions, mortgages and 100% tuition for college students would be untaxed.
Under $100,000, same 2 deductions with a 10% tax.
Anything over $5,000,000 would be 25% with absolutely NO deductions.
The rates would be on ALL income from bonuses, to stock options, to income properties, to capital gains..... everything.
But I am not an economist, I think if our government truly wanted to leave a better country and not buy votes with tax cuts and truly looked at what they need..... they could find a solution that may hurt us, may mean sacrifice short term..... but long term will save this country and make it better.
I'm sorry but leaving a better country, a better possible future and a better life for my kids and knowing that my grandkids will have that oppurtunity also, means more to me than watching us destroy ourselves with greed and debts that will take generations to pay off.
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I can live with your proposal of generally flat taxes. The more complicated the tax code is the easier it is for the rich to game the system. You keep it simple which is good.
I don't support your deductions. Why a deduction for college, and not trade school? Why deduct trade school and not an apprentice program? Etc, Etc. Not everyone wants to go to college, and those who do, generally make more money in life anyway.
If I can deduct interest on a morgage, why not get a $500,000 mortgage, when I only need a $250,000 mortgage. Our current mortgage deduction causes inflation in the housing market. It makes it harder for people to "join the club" of home ownership. Why doesn't the single mom with two kids, renting a one bedroom apartment get a break?