Biden planning first major tax hike in almost 30 years

We have generally lower taxes and can get by without an income tax.

The overall rates for all taxpayers:

https://tradingeconomics.com/country-list/personal-income-tax-rate

It's not that much different than what I proposed. I removed the need to determine who is poor by rebating to everyone.

VATs are used for a reason--they're better than sales taxes.

 

I'm for a zero corporate tax rate. The income tax and tax on dividends covers anyone making money of the corporations.

The rest of the tax is a little low though. I'd make several brackets for the rich going up to near 90% for Jeff bezos and the like.

 

The Republicans controlled Congress and the White House in 2017-19 and look at what happened--a doubled deficit.

 

This is sensible, the only flaw I could see would be these ultra high wealth earners would just renounce citizenship but that could be handled with additions to the new streamlined tax code.

 

What additions?

I think he has to pay tax on any earnings from American corporations even if he isn't an American anymore and I don't think Amazon will leave because they would be giving up a 0% tax rate and many other reasons. He might avoid much of the taxes in retirement for whatever he invests in the stock market or whatever but Warrens one time asset tax, when you renounce your citizenship, will help with that small part.

 

No clue, I do not know much about overseas taxation on income earned in the US or if they could shift income to foreign divisions for him to escape those taxes.