100%. And a livable wage based on where you live. The cost of living in some regions is way higher than in others and you can’t just say that low income people should have the longest commutes, or spend the most to move to someplace with lower cost of living.
I’d also be in favor of a negative tax bracket. Something that adjusts below poverty income to above poverty. If done right everyone would see some benefit as the system adjusts everyone’s income <= $40,000 up to $45,000 or something via refundable tax credit or some such. Make over $40k and you taxes go down $5k. Make $40k or below and you pay no taxes and get a refund of however much less than $40k you made + $5k.
It really sucks when you’re self employed. I can almost eliminate my taxes with expenses, except I still pay both the employee and employee tax for social security/payroll taxes which bare almost 15% I can’t avoid. Billionaires don’t pay that much tax ever. I can’t afford to go to the dentist.
Poverty should be tied to livable wage and that bottom tax bracket should be too. So really, for single filer the first ~40k should be tax exempt.
100%. And a livable wage based on where you live. The cost of living in some regions is way higher than in others and you can’t just say that low income people should have the longest commutes, or spend the most to move to someplace with lower cost of living.
I’d also be in favor of a negative tax bracket. Something that adjusts below poverty income to above poverty. If done right everyone would see some benefit as the system adjusts everyone’s income <= $40,000 up to $45,000 or something via refundable tax credit or some such. Make over $40k and you taxes go down $5k. Make $40k or below and you pay no taxes and get a refund of however much less than $40k you made + $5k.
It really sucks when you’re self employed. I can almost eliminate my taxes with expenses, except I still pay both the employee and employee tax for social security/payroll taxes which bare almost 15% I can’t avoid. Billionaires don’t pay that much tax ever. I can’t afford to go to the dentist.