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Reply to "What really needs to be fixed in the tax code?"
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[quote=Anonymous]I'd have 10 brackets: 5, 10, 15, 20, 25, 30, 35, 38 [550<750], 40 [750<1.25m], 43 [1.25m+]. Std ded=S 10,000. M=20,000. Itemized=mtg interest on 1m + state + local; cap at 75k casualty loss=none. States can deal with it. child credit=1000/kid under age 17. 500/other dependent [child, parent- each must have SS-citizenship, NO moving granny over from another country] Phase out begins S=100k. M=150k. Refundable=100max per 3 kids bio or adopted living in same household. All US citizens with SS. No other dependents. Medical exp deduction=same as current code. Inheritance/estate/gift=same as current code. Raise limit by1.5. [/quote]
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