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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] Love it, but it won't bring in enough revenue. The 30% would need to kick in lower. I'd say 25% between $150,000 and $500,000, and 30% kicks in at 500k. One deduction: Medical expenses above 20% of income. People are going broke paying for nursing homes. Rather than have them run through their money faster and being moved to Medicaid, let them deduct the $120,000/year for the cost and delay or avoid the need for Medicaid.[/quote]
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