Quote:
Originally Posted by basilsands
10% is a good general measure for federal taxes. Make it even though, every pays the same regardless of income. Dependents would be the only deduction I'd allow for, no business write offs and such. That way everyone knows how much they are going to pay.
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That's my other crazy fix-the-tax-code notion. Deduction of $11,000 per person (based on
2010 poverty level for a single person); everyone pays 10% or 15% of everything past that. This means a family of four doesn't pay taxes until its income is over 44k for the year (but that's everyone in the family's income, not one person's).
Business deductions: Income, minus salaries (not expenses) which the employees will be paying taxes on: 10% or 15% goes to the government.