What do you think of these tax brackets? (user search)
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  What do you think of these tax brackets? (search mode)
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Author Topic: What do you think of these tax brackets?  (Read 2207 times)
mileslunn
Junior Chimp
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Posts: 5,837
Canada


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« on: August 20, 2019, 05:12:06 PM »

Income:
10%: $0-$9,500; $0-19,000
12.5%: $9,500-$40,000; $19,000-$80,000
20%: $40,000-$80,000; $80,000-$160,000
27.5%: $80,000-$150,000; $160,000-$300,000
34.5%: $150,000-$200,000; $300,000-$400,000
39.5%: $200,000-$300,000; $400,000-$600,000
42.5%: $300,000-$490,000; $600,000-$980,000
44.5%: $490,000+; $980,000+

Corporate:
10%: $0-$75,000
15%: $75,000-$150,000
20%: $150,000-$200,000
25%: $200,000-$300,000
27.5%: $300,000-$900,000
37.5%: $900,000-$1,900,000
30%: $1,900,000+

Value-Added Tax:
6.0%(5.0% for food)

Payroll Tax:
6.5% - Employer & Employee

Estate Tax:
22.5%: $1,000,000-$1,500,000; $2,000,000-$3,000,000
37.5%: $1,500,000-$3,000,000; $3,000,000-$6,000,000
50%: $3,000,000+; $6,000,000+

Stocks Tax:
0.1%

Gas tax:
Gasoline: 24.4c
Diesel: 29.4c

Capital Gains:
0%: $0-$40,000; $0-$80,000
10%: $40,000-$100,000; $80,000-$200,000
15%: $100,000-$200,000; $200,000-$400,000
20%: $200,000-$400,000; $400,000-$800,000
25%: $400,000+; $800,000+

I don't live in US, but I would try to simplify it

Income

0 to 40K - 10%
40K to 200k - 25%
200K to million - 35%
over a million - 40%

Corporate

Flat rate of 25%

VAT

5% on all goods (rebate cheques to low income Americans)

Payroll tax

Social security (6.2% up to 125K for both employees and employers)
Medicare (1.45% for both employees and employers on all incomes)

Estate Tax

0% under a million
40% over a million

Fuel Taxes

$0.25/gallon

Capital Gains tax

Income tax rate - corporate tax rate

0% under 200k
10% 200K to million
15% over a million

For my own country Canada, here is mine.  In brackets are what I think it should be for the provinces

Income Tax

First 20K tax free
20-50K - 10% (5%)
50 - 100K -  20% (10%)
over 100K - 30% (15%)

Corporate Tax

under 500k 10% (2%)
over 500k 15% (10%)

VAT

HST of 15% (7% federal GST, 8% provincial component)

Payroll Tax

CPP 4.95% (both employer and employee each, capped at 53K minimum 3K)
EI 1.6% (both employer and employee capped at 53K, minimum 5K)

Estate Tax

0% under $5 million
40% over $5 million excluding farms

Fuel Taxes

$0.10/litre ($0.15/litre)

Carbon Tax

$50/tonne at both levels

Capital Gains Tax

50% of whatever income tax rate (so 5% federally in lowest bracket, 15% in highest bracket)
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mileslunn
Junior Chimp
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Posts: 5,837
Canada


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« Reply #1 on: August 21, 2019, 01:05:28 PM »

Income and capital gains should not be taxed at all.

US is more reliant on income tax than any other developed country.  Over 50% of federal budget comes from income taxes, while in most European countries typically only 25-30%.  That being said I figured if US implemented a 25% VAT they could scrap all income taxes, but that would probably be political suicide.
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