Opinion: My Tax Plan

 

By George Smith  — November 27, 2021

I wrote up a tax plan decades ago that went something like this (allowing for inflation):

Folks making $25,000 )

($50,000 couple) pays no federal income tax. The tax structure breaks down something like this:

Individuals:

$25,000-$50,000

10%

$50-100,000

15%

$100-$250,000

20%

$250-$500,000

25%

$500-1 million

30%

$1-20 million

32.5%

$20-100 million

35%

Over $100 million

40%

Only deductions

are for one mortgage (limited amount), college tuition (only for those making less than $100,000) and charitable contributions (maximum allowable for deductions $50,000).

Small businesses, corporations on a similar sliding scale.

Of course, the numbers are a moving target and debatable  but big corporations and the uber-rich not paying taxes is not an option.

Under this plan, based on current demographics in earning power, the government would have more than enough money to fix societal ills, balance the budget and buy every kid a pony.

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