I would propose having higher tax rates the wealthier you are, as defined by
some y=mx+b curve that rises exponentially and steeply for the upper 20%
wealthiest individuals. And there is no reason why the richest 5% of our
country shouldn't have up to 45% of their income taxed when one really looks
at how that disposable income is spent and what common good it could be
rechanneled to. Greed will be the downfall of this nation otherwise.
I would propose at minimum 5 tax brackets roughly along these lines,
appropriate for the % of income that is spent on basic needs vs. disposable
10-15% for household income level $40,000 or less and above poverty level
15-20% for $41-80,000
25%-30% for $81,000-$200K
35%-40% for 201K to 1M
45% for over $1M
Additionally minimum wage is in desperate need of a dramatic increase.
The most important initiative however is to close tax loop holes, whether
that be by simplification or more laws, I don't know. But the corporate
stranglehold on the tax system is despicable and more tax dollars should be
channeled to countering private tax accountants working for corporations.
Los Angles, CA
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