This too leads to increases in tax revenue. If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item.
For some reason, many people believe that higher income earners should not only pay more tax dollars but should pay a higher rate than others. All of these should be considered to determine the one plan that fits best for the majority of the people. We have no references for this item. But that needs to be done in such a way that it is not harmful to economic growth.
That means more people would be hired so that the unemployment rate would fall and there would be more people paying taxes.
This proposal is very efficient since it does not favor nor discourage any method of earning income or any method of spending that income. All income is taxed at the same rate, no matter how the income is earned or how the income is spent.
Replace the current complicated and counter-productive federal income tax code with this: Every income earner pays exactly the same rate on all income earned above a livable minimum. This does not seem equitable.
So a person who chooses to rent a home is treated exactly the same as a person who chooses to own a home with a mortgage, thereby not distorting housing prices. What is necessary may be a complete overhaul of the federal income tax code to make it 1 more equitable, 2 more efficient, 3 easier to administer and 4 able to increase tax revenue.
Even with prebates and making the rate higher on some goods, the tax is still regressive, which means the rate of taxation decreases as income increases, placing the heaviest burden of the lower income earners. An individual simply adds up all of her income from all sources.
This proposal is fair and equitable. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: More services and features. So Romney and Buffett pay the same rate as their secretaries. The current code is viewed as not equitable fair since wealthy individuals like Mitt Romney and Warren Buffett pay a lower tax rate than their secretaries, and many large multi-billion dollar corporations pay no income tax at all because they relocate their headquarters outside of the US.
This proposal will raise more revenue. Others have offered suggestions that should also be considered. But they pay proportionately more, not disproportionately more.
Then the livable minimum is subtracted. The current code is extremely difficult to administer since the 3. These studies have concluded that lowering the tax rate and switching from a progressive tax to a single rate tax would add significantly to growth in real GDP.
A number of studies have been done examining the relationship between tax rates and economic growth. Wealthy people will pay more tax dollars but proportionately the same as everyone else. It is a one page form. Some will argue that this proposal is really a tax cut for the wealthy.
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If the wealthy pay the same percentage, they will pay more dollars as their income increases. See general information about how to correct material in RePEc.For many people, this Problem Solver provides an immediate solution to a pressing IRS problem.
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