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Reply to "What really needs to be fixed in the tax code?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]No deductions or exemptions. Progressive tax on all earnings (including investments, rental income, anything). But reasonably progressive. Not something like 90% of all income over 500K----something that continues to increase at 1 million, 10 million, etc but taps out on 50-60% or thereabouts. [/quote] You're contradicting yourself. We make the tax code progressive largely through the use of deductions and exemptions. You're making a case for marginal rates starting with the first dollar of income, but that's not "progressive." [/quote] What are you talking about?! What PP described is literally the definition of progressive taxation: https://en.wikipedia.org/wiki/Progressive_tax PP does not seem to be making the case to apply marginal rates to the first dollar...that would actually be harder, I think. marginal rates apply for every dollar above a given threshold, as they currently do.[/quote]
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