Why not tax all income above $1 million at 90%. This includes all of shore monies from entertainers. I mean, anyone can live a life of luxury off $1 million per year.
How very French of you. Freedom to persue happieness in the form of income should not be capped. I'm more in the favor of eliminating the income tax for everyone and making a national sales based tax system. Seems to be the only way it will ever be fair.
I'm with donkiez. I think some sort of rebate at tax time might be needed to keep the tax from being regressive. Like maybe a flat $2K per person refund. $2K won't mean so much to the $1M salary guys. But it would make up a lot for taxing the lower income folks 100% of their income since they likely spend it all just to survive. Mostly on food and housing.
I would be in favor of this if, and only if, it meant that income tax was permanently banned. Gramps...
I always sort of liked Thorsten Veblen's idea about a huge estate tax, which would force money back into the economy and do away with a know-nothing, do-nothing class of trust fund brats living off the accomplishments of their forebears, but this "cutting the tallest blades of grass" tax is bullshit.
Agreed but if our drug policy was properly reformed also then that problem would fix itself another way, but that's for another thread.
It's a tough question. What I like about it is that everyone with skin in the game pays an equal amount. The more you make, the more you pay. No exemptions or write-offs. According to Senator Wyden (a huge proponent) more money will thrown into the economy as well and that is a positive thing. But I also get the sales tax thing except that for those making a bit less, they cannot buy certain things they may want solely to the sales tax as it can add a lot to the bottom line.
I favor taxing the Chinese. They are used to existing on rice and chemically-tainted water, and there are billions of them.
why not just ban all income over $1 million? There's no reason people should be making that much. Hell, make it $250,000.
