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Reply to "What really needs to be fixed in the tax code?"
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[quote=Anonymous][quote=Anonymous]Eliminate all deductions and exemptions. 0% tax rate for incomes below $50,000 10% for incomes between $50-$150,000 with no tax on first $50 20% tax on all income above $150,000 30% tax on all income above $1,000,000 20% corporate tax rate No deduction for interest on debt [/quote] What income do you think should be taxed in your scheme? Wages from a job Interest Profit from sale of real estate Profit from the sale of stocks or bonds Profits made from a business Gambling winnings Gifts Inheritance Alimony Child support Unemployment A non-cash gift of value that someone gives you (e.g., you win a car on a game show, you get a 'tuition waiver" scholarship from your school) For all of the "profit" ones, how do you calculate profit? [/quote]
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