This is my tax plan. It ignores dependents and allows for no tax breaks. First, this is what I think should be done to personal income taxes:

Under $16,000: $0

$16,000 to $30,000: $0 + 15% of the amount over $16,000

$30,000 to $100,000: $2,100 + 20% of the amount over $30,000

$100,000 to $250,000: $16,100 + 40% of the amount over $100,000

$250,000 to $1,000,000: $76,100 + 60% of the amount over $250,000

Over $1,000,000: $526,100 + 70% of the amount over $1,000,000

... And corporate taxes:

50% flat tax (No loopholes or exemptions)

... And finally, inheritance taxes:

99% of the amount over $1,000,000, 0% of the amount under $1,000,000

On a side note, I'm curious about what this plan would do to your tax bills. I appreciate all replies. Thank you very much.

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"I am a Tory Anarchist. I should like every one to go about doing just as he pleased- short of altering any of the things to which I have grown accustomed." (Max Beerbohm)

I don't like it and I'll tell you why. I believe (very firmly) that the government should take only what it needs and nothing more. Your plan is based on punishing the rich simply becuase they make more money. While I am not a rich man, I am a man of principles and of some knowledge of economics, and I believe that such a system is aimed towards stealing people's hard earned money. I want to live in a society that I know I can make more money if I have a good idea and work really hard towards it. Your proposed system punishes people for being rich, and will disciourage innovation and hard work. It will also create a massive, overbearing government with the kind of money it would get from taxes, and alienate the wealthy. The 99% inheritance tax is reminescent of the practices of an authoritative socialist government, which I would rather flee the nation that risk being subjected to their will.

Other than that I have no feelings on the subject.

Countless working class people work harder than the rich for the simple reason that they have to. This isn't punishment of the rich; it is giving the working class what it deserves.

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"I am a Tory Anarchist. I should like every one to go about doing just as he pleased- short of altering any of the things to which I have grown accustomed." (Max Beerbohm)

By the way, I still support free trade because tariffs are, without exception, counterproductive.

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"I am a Tory Anarchist. I should like every one to go about doing just as he pleased- short of altering any of the things to which I have grown accustomed." (Max Beerbohm)

The rich will move their money into foreign banks and foreign investments like China if they haven’t already done so.

Why would a corporation let you cut into their profit margins when they move their companies overseas, and pay their workers less?

grinding halt. It would also lead to a massive movement of capital outside the country. Tax revenue to the government would actually go down. Likely way down.

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I wasn't born with enough middle fingers.

How about a flat tax in which people making under a certain amount are exempt and where we get rid of loopholes? It would still do okay for the poor. The rich will pay their taxes without creative accounting and still invest. I am for giving some kind of tax incentives for charity and other public good-type actions.

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That information is classified and to be given only on a need-to-know basis...

And I do not need to know.

People forget that. But what happens over time is that every special interest lobby fights for their deduction and/or credit and before you know it we get what we have now. A major pain in the ass.

The simplest method is a national sales tax with a rebate for taxes paid on the essentials. (www.fairtax.org)

It's simple. There are no forms. Overall prices will stay mostly flat, even with the tax included and poor people pay $0.

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I wasn't born with enough middle fingers.

I like the idea because it places tax on consumption rather than investment or savings. Frankly, I think that will help the poor. But I have two concerns:
1) Why not just not put tax on essentials in the first place? Why rebates?
2) Would this drive down consumer spending enough to destroy jobs and do damage to the economy?

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That information is classified and to be given only on a need-to-know basis...

And I do not need to know.

I'm not changing my mind on this one. I've moved left fiscally for good.

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"I am a Tory Anarchist. I should like every one to go about doing just as he pleased- short of altering any of the things to which I have grown accustomed." (Max Beerbohm)