Here's *MY* simplification of the federal income tax code

[scheming daemons]

(first number is individuals, second number is families)

Income, including Capital Gains income:

0% on first 30,000        (60,000 for families)
10% on 30,000 to 60,000   (60,000 to 120,000 for families)
20% on 60,000 to 120,000  (120,000 to 240,000 for families)
30% on 120,000 to 240,000 (240,000 to 400,000 for families)
50% on 200,000+           (400,000+ for families)

Corporations:  Flat 25% on all profits, no deductions or subsidies

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Absolutely ZERO deductions.

There would be no need for tax software or tax accountants. The 1040 would be the size of a postcard.

The poor (under 30k individual, 60k family) would pay no federal income tax.

More money would be brought into the treasury. It would be fair, and it would be progressive. The business world would have "certainty", families would have "certainty"... everyone would know what they're paying and cheating would be much more difficult.

There'd be less lobbyists, since a lot of them are lobbying to get loopholes in the tax code for the wealthy.

The economy would improve, the deficit would go down.



Who's with me?