wealth tax

Letter: We must revise our income tax system to make it simpler and fairer


FILE – This Wednesday, Feb. 13, 2019 file photo shows part of a 1040 federal tax form printed from the Internal Revenue Service website, in Zelienople, Pa. (AP Photo/Keith Srakocic, File)

It is tax preparation season! We must revise our income tax system to make it simpler and fairer!

The solution is simple. Our current income tax system should be thrown into the trash and replaced with a 1% tax on the first $30K of income, 2% on the next $30K, 3% on the next $30K, and so on with incomes of over $1M charged at a 50% tax rate. No deductions no, exemptions, If it looks like income and smells like income it is taxed. A windfall gain or loss could be averaged out over 5 years.

Corporate income tax rates would be similarly structured. Loopholes must be eliminated.

A wealth tax for wealth (assets less liabilities) over $10M should also be considered. No games on asset values and liabilities allowed.

There should also be a gradually increasing carbon tax. I would recommend a $.10 increase per quarter for ten years and then leveling out at this rate. This would create huge employment as vehicles and buildings are converted to more efficient ones. The carbon taxes could be rebated back on a per person basis. This would be a huge job creator as we move to cleaner vehicles and cleaner buildings. It would significantly help reduce climate change and clean our air.

Complex tax systems only benefit the rich! The American people would support a simpler and fairer tax system! It would be great if the above was adopted worldwide!

Mark Rothacher, Salt Lake City

Submit a letter to the editor


Source link