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Finally, a common sense tax proposal. Fix the brackets before any of this wealth tax nonsense. We already have a thorough and effective system of measuring inco
by lend000 6y ago
Finally, a common sense tax proposal. Fix the brackets before any of this wealth tax nonsense. We already have a thorough and effective system of measuring income in this country.
I would add another bracket for 100mm+, as well as stretch the brackets out for regular income. It's ridiculously broken when people make 10,000 times as much as the highest bracket. If someone makes more than an order of magnitude above the highest level, it's time for an update, imo.
- closeparen 6y agoWho is realizing $100mm in taxable ordinary income? That is one hell of a wage. Much more likely you "make" $100mm by owning a company that increases in value by $100mm. That is not subject to any tax rate or bracket at all. Only the portion that you sell for diversification / consumption is.
- lend000 6y agoFounders and early investors cash out billions in capital gains at a time every year. The brackets should reflect that.