Quote:
Originally Posted by GGG
I disagree with you on number 4. Our problem in terms of service level versus funding is a lack of middle class taxation. I agree with you that the wealthy should not have access to loopholes holes but we need to increase taxes on the middle class to fund at the level of our European counterparts we want to compare to.
It’s not a platform to run on but a Prentoce look in the mirror type statement is required on taxation versus expected service level.
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I think the issue with the tax code is it captures basically the entire middle and lower class while keeping the elite upper class taxed the same as the middle class.
15% - 57,375 or less
20.5% - over $57,375 to $114,750
26% - over $114,750 to $177,882
29% - over $177,882 to $253,414
33% - More than $253,414
To me this is a completely outdated range set. Why is the max so low? You could bump everyone down a tax bracket if you could capture people making $1M+ and then those with $5M+. And you need to separate the lower end more.
5% - 60k or less
10% - over $60k to $80k
15% - over $80K to $110K
20% - over $110 to $500k
25% - 500k to 1M
30% - 1M to 5M
35% - 5M+
The problem is, even if you set this up, the people at the top can find away to put themselves in the 110-500k bracket just by paying themselves personally a salary falling into that range, while stashing everything else in various shell companies, trusts, etc.. This is also what groups people like the plumber with a few million in a solid business with people like Kevin O'Leary. Because despite being lightyears apart in income, they are for some reason fighting to stay in the same tax bracket.