Maybe, maybe not but we’ll see what happens won’t we? Coming up with the more simpler income tax system might be better than just getting rid of it entirely…
I’m going to wait and I hear from Trump, and tell them I don’t wanna personally get my hopes up. My point don’t pay any attention to rumors.
Giant corporations and the super rich write the tax playbook, so only they can afford the top accountants to avoid tax through many loopholes.
They pay a smaller percentage of their turnover than smaller businesses.
I have always said, instead of "tax deductions" for "business costs". Just have a straight up tax.
Based on tiers.
This would apply to everyone, as an example (just a guide).
The first 20,000. Zero tax
if you make 40,000., then STILL zero on the first 20, and 2.5% (e.g.) on the 2nd 20,000.
Make 60,000, zero on the 20, 2.5% 20 - 40 part. And then 5% on the above 40.
And so on, all the way up to the millions+. These numbers are just made up, so real percentages and levels would have to be worked out etc.
I think this would be fair, even a multi-millionaire would get the same tax free funds at the lower levels.
My idea for this came from the fact, that here in the UK, you could get a wage increase from 29,999 to 32,000, but end up with less take home money than when you earned 29,999 , because you went into a higher tax band. To make it worth your while you needed a much larger pay increase (again, I just made those numbers up as an example).
Going into a higher tax band can be bad, but with a fairly tiered system, you would not feel it, because your lower level funds are not suddenly taxed at a higher level if you cross a threshold.
Hong Kong literally uses this kind of tax system, but with an additional rate cap at 15% of entire income. Half of the wage earners in HK pay less than 2% of their income.
Hong Kong's income tax is almost never referred as "Income Tax", but referred separetely as Salaries Tax, Profit Tax and Property Tax.
As it is called, "Profit Tax" is taxation on the income subtracted by expenses. And like Salaries Tax, it is capped at 15%.
The name "property tax" is mesleasing because it actually refers to taxes on rent. That doesn't mean HK has no real property tax – for that is called Land Rent and Rates.
HK largely follows the Georgist model, with the government's income sourced largely from selling land.
Or how about this, let's say I go shopping at a grocery store right and when I buy something, the added TAX is divided between state and federal Government.
Its good to think about and talk about. The way it is now, has been set up to enslave people.
I am against, Death - Inheritance tax, even though the wealthier benefit from it, it does not seem right.
I am against Property Taxes (or Council Tax Poll Tax as is our closest similar thing here).
Once you have paid for your house, if you choose, you should be able to quit the rat race and grow your own food, not worry about paying thousands a year to authorities just for having a roof over your head.
Maybe, maybe not but we’ll see what happens won’t we? Coming up with the more simpler income tax system might be better than just getting rid of it entirely…
I’m going to wait and I hear from Trump, and tell them I don’t wanna personally get my hopes up. My point don’t pay any attention to rumors.
There should definitely be a simpler system.
Giant corporations and the super rich write the tax playbook, so only they can afford the top accountants to avoid tax through many loopholes.
They pay a smaller percentage of their turnover than smaller businesses.
I have always said, instead of "tax deductions" for "business costs". Just have a straight up tax.
Based on tiers.
This would apply to everyone, as an example (just a guide).
The first 20,000. Zero tax
if you make 40,000., then STILL zero on the first 20, and 2.5% (e.g.) on the 2nd 20,000.
Make 60,000, zero on the 20, 2.5% 20 - 40 part. And then 5% on the above 40.
And so on, all the way up to the millions+. These numbers are just made up, so real percentages and levels would have to be worked out etc.
I think this would be fair, even a multi-millionaire would get the same tax free funds at the lower levels.
My idea for this came from the fact, that here in the UK, you could get a wage increase from 29,999 to 32,000, but end up with less take home money than when you earned 29,999 , because you went into a higher tax band. To make it worth your while you needed a much larger pay increase (again, I just made those numbers up as an example).
Going into a higher tax band can be bad, but with a fairly tiered system, you would not feel it, because your lower level funds are not suddenly taxed at a higher level if you cross a threshold.
Hong Kong literally uses this kind of tax system, but with an additional rate cap at 15% of entire income. Half of the wage earners in HK pay less than 2% of their income.
I thought I invented it!
That's great and it should be more widespread, it seems a common sense and fair approach.
Still think that business expense deductions should get the chop too. Does Hong King use it on just wages/income or does it apply to businesses?
Hong Kong's income tax is almost never referred as "Income Tax", but referred separetely as Salaries Tax, Profit Tax and Property Tax.
As it is called, "Profit Tax" is taxation on the income subtracted by expenses. And like Salaries Tax, it is capped at 15%.
The name "property tax" is mesleasing because it actually refers to taxes on rent. That doesn't mean HK has no real property tax – for that is called Land Rent and Rates.
HK largely follows the Georgist model, with the government's income sourced largely from selling land.
No.
No more govt intrusion into your private life to see how much you made
That's what Elon has been hinting at
Taxes are slavery.
Or how about this, let's say I go shopping at a grocery store right and when I buy something, the added TAX is divided between state and federal Government.
Its good to think about and talk about. The way it is now, has been set up to enslave people.
I am against, Death - Inheritance tax, even though the wealthier benefit from it, it does not seem right.
I am against Property Taxes (or Council Tax Poll Tax as is our closest similar thing here).
Once you have paid for your house, if you choose, you should be able to quit the rat race and grow your own food, not worry about paying thousands a year to authorities just for having a roof over your head.