Reply to Is 39% tax rate for wealthy really fair?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]A better way is to continue to allow loopholes, tax shelters, etc, but to put a hard bottom below which your effective tax rate cannot drop.  You can run a tiered structure like a marginal tax rate.  If you make 0-$50K, then you can pay no taxes.  $50-100K you cannot drop below 15%, $100-250K you cannot drop below 20%, over $250K you cannot drop below 25%[b][u] or whatever levels you want.[/b][/u]  Then you won't have these multi-millionaires with 7-10 figure annual incomes paying 5-15% taxes.  Then you wouldn't worry so much about the marginal tax rate and tax shelters, etc.  And everyone would know that all were paying "their fair share."[/quote]

Making $50k and not paying taxes?  That isn't right. Do you know how many singles make that and live comfortably?  Especially in non urban areas.[/quote]

You missed a line.  The numbers I threw out were only an illustration not an actual proposal.  The point is that if you want to really avoid people abusing the system and getting away with too much, don't worry about closing loopholes, because they'll find others.  Don't worry about something like the AMT which just recomputes how they calculate what they owe.  Instead, just put a floor on the bottom level that each income level can hit and then they can use any means that they can to get that low, but won't be able to drop their income lower.

You can make it $0-&lt;poverty level&gt; pays no taxes, &lt;poverty level&gt; - 2x&lt;poverty level&gt; pays 5% and on up. or whatever.  The point is that there should be a way to limit how far anyone can drop their taxes.[/quote]

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