$0-$7,550
$7,550-$30,650
$30,650-$74,200
$74,200-$154,800
$154,800-$336,550
over $ 336,550
Those are the single filer federal tax brackets…
Wouldn’t it make for a more fair tax system if we explored bracketing incomes over $500K, 1M, 5M, 10M, 20M, 100M?
Even as little as spreading 2 or 3% from 336K to 100M would bring a lot more money in.
If we did that couldn’t we lower the taxes on 150K and lower to maintain the current federal tax income?
:shoot: :snky:
but then all the rich politcs that make mad loot would be out more money…we cant have that
i totally agree.
and i love 401k 
I can’t wait to open my new pizzeria up this fall,That will easily put me in that last category and I’m sure a new tax bracket.In the 29% bracket now(thanks NYS).
That reminds me for a new thread I should start about pizzerias.
D
dude, good thread, good point :tup:
can we put you in senate or something?
party: Online Car Forums
Fair Tax > Flat Tax > dog shit > Current Taxes
Abolishing the IRS would save billions of dollars.
The problem is accounts want the system to be as complex as possible so you need them to do your taxes.
I would rather give my employees a bonus than spend the money on a CPA.
Or I could spend the money on technology and be more competitive.
Spending money on CPAs is like burning money and it doesn’t help anyone except the CPA.
Hell my daughter is 6 months old and she is already on the payroll to avoid taxes.:biglaugh:
Consumption tax will save rich people more money because they can easily avoid consumption taxes.
The flat tax is the only fair tax.
Everyone pays the same percentage.
How can anyone argue with that?
With a flat tax you have to exempt a lot of people. What would you make the flat tax? 20%? No loopholes on income? Do you include capital gains? Are you reducing the tax on bonus’?
How do you tax corporations?
1)True
2)20% sounds about right.
3)Definately NO loopholes, they are complete bullshit.
4)Include capital gains.
5)Bonus’ 20% too.
The shorter the tax form the less room for shenanigans, it should only be a few lines long with a flat tax.
Child and education tax credits?
No, that wouldn’t be a flat tax.
You are already trying to add complexity to the system.
It would a true flat tax.
We could call it the K.I.S.S tax system.
I don’t have numbers but at first glace it would seem that a flat tax system would hurt the middle class…
A fair tax (sales tax) could work…but like AWD pointed out to me in the other thread rich people would buy things off-shore…so I think to counter that on purchases like boats I think you should pay the tax when they’re registered, and have a working red flag system to catch people trying to pass off a bill of sale for a 20M boat for 1M…
That would work with cars but the people that buy boats off shore leave them off shore like at their vacation homes in the Bahamas.
They do have taxes on exotic cars but the dealers sell them as used cars with like 10 miles on them so the rich avoid the taxes.
The rich can always avoid taxes that is why a flat tax would catch them all.
I hope to be out of this in the next 3 years…
When that happens… what will I be paying in taxes?
Sry for teh noob question, but I just know a lot gets taken out, and now that I’m making a lot more, I am upping my 403B from 15-20%…
Married and filing Jointly:
$58,101 - $117,250 - 25%
Married and filing seperately:
$58,626 - $89,325 - 28%
$89,326 - $159,550 - 33%
Getting married FTMFL
Single Filers
$70,351 - $146,750 - 28%
$146,751- $319,100 - 33%
Please ignore the slight difference, I can’t find the 2006 tables right now so those are 2005 numbers…notice the inflation adjustment from 70K 05 to 74K 06
People need to remember that you pay the percentage on each bracket.
So you pay 5% on the 0-10,000, then you pay 6% on your 10,001 to 15,000 and 7% on your 15,001 to 15M
Does anyone kniow a good accountant I will need one this year? Due to heavy equiity trades. I think I already owe a lot in short gains.