A fair tax rate

[Spongebob]

I'm open to changing my mind on it. I agree that a 15% on 30k/year is more impactful than 15% on 30k/week. However if we actually enforced a system holistically it could be easily reduced to 5%. If, instead of income + withholdings, inheritance, wealth, property, etc. taxes.... what if it was just everyone needs to pay their part, which is 5%, of what they have available for spending, no shelters or loopholes. That's the type of flat tax I would support. What if, all of your bank accounts (offshore or not), income sources, pay, dividends, etc. were factored in. All of your available spending monies, minus credit, were the factor of your 5%. Then the 5% of the billionaire and 5% of the coal miner was equivalently contributing, IMO. I don't think the laws could get there, I don't think the high end of the parejto distrib. would allow it either. Conceptually though I'd prefer equanimity of opportunity to contribute, rather than equanimity of outcome for the variable taxes based on brackets.

Everything you're saying is theoretically and philosophically well and good, but reality is the wealthy & corporations dedicate massive effort to avoiding taxes.  This has been the case for decades with no change.  If people paid a fair share, there would be plenty, but everything hinges on the "IF".  The other side of it is if we could get the government to stop wasting money in a thousand ways.  Way #1, stop spending on military like we're at war with the rest of the world.  $700 BILLION per year!!!

[The Grand Nudger]

I'm a big fan of the smallest possible number, whatever that may be. For most people, I imagine it would be zero. The tax burden will end up being as concentrated as wealth by necessity if nothing else. Can't tax people who have nothing to tax.

[Brian37]

I'm a big fan of the smallest possible number, whatever that may be.  For most people, I imagine it would be zero.  The tax burden will end up being as concentrated as wealth by necessity if nothing else.  Can't tax people who have nothing to tax.

To be somewhat fair to both parties, while I still think our class stability is lopsided and favors wealth to the detriment of the other 99%, I think economics should not be views as static, in that things change over time, and what works at one point will not be indefinite, and will always need adjustment. 

I do think unfortunately humans in general, get stuck on patterns they think work, and will work forever. The truth is far more nuanced and complex than static rigidity.

[Spongebob]

Oh, and BTW. If simpler tax filing is what turns you on (it sure does me), then there's been a proposal out there for years now that is being blocked by (you can probably guess). Let the IRS calculate your tax return for free. Yes, I know, that sounds like giving the keys to the safe to the criminal. But it wouldn't be binding. You can do your own tax return and compare and challenge what the IRS claims you owe and you would always be given the full paperwork to take it to a CPA if you like. This option is already being used in many civilized countries and people love it. I believe the Ausies are doing this. @BrianSoddingBoru4, can you confirm?

[Ranjr]

If I have to give half of it away to lazy, poor people, why work so hard to be wealthy?

Because you couldn't stop yourself if you tried.

[BrianSoddingBoru4]

Oh, and BTW.  If simpler tax filing is what turns you on (it sure does me), then there's been a proposal out there for years now that is being blocked by (you can probably guess).  Let the IRS calculate your tax return for free.  Yes, I know, that sounds like giving the keys to the safe to the criminal.  But it wouldn't be binding.  You can do your own tax return and compare and challenge what the IRS claims you owe and you would always be given the full paperwork to take it to a CPA if you like.  This option is already being used in many civilized countries and people love it.  I believe the Ausies are doing this.  @BrianSoddingBoru4, can you confirm?

Can’t confirm, as I’m not an Aussie. In New Zealand, however, Inland Revenue will review your tax return and let you know if there’s anything to be corrected, but you have to file your own return. You have a right to dispute their assessment, either in-house or via an outside accountant.

Boru

[Silver]

A nonexistent one.

[arewethereyet]

The first thing I think needs to be done is closing some loopholes. Too many get away with paying less, or no, taxes thanks to loopholes.

[Divinity]

Progressive rate is the way to go. Top income earners should be paying 70%. After all, why are they going to work harder to make more money, when they've already got more than they can spend?

[onlinebiker]

There is no such thing as having too much money to spend.

If you do - quit shopping at Walmart and BUY Walmart.