0eda15e8a4a685a0722949782c90e863

My tax plan

AMi @ 4 months ago

Comments (42)

0eda15e8a4a685a0722949782c90e863

Employed Individuals (2x Earnings for Married filing jointly, 1.5x Earnings for HoH) 0 to 30.9k - - No Tax Owed 31 to 60.9k - - - 10% 61 to 125.9k - - - 20% 126 to 300.9k - - - 30% 301 to 999.9k - - - 37.5% 1m to 10.9m - - - 45% 11m+ - - - 55%

AMi @ 4 months ago

Villa Park, IL, USA

0eda15e8a4a685a0722949782c90e863

Deductions from taxable income: $10k per child 100% of charitable donations 25% of rent paid 100% property tax 100% mortgage interest

AMi @ 4 months ago

5f13389fd6ea4b6de49bacec84ed7d8f

Not bad. I still think any tax plan should include a long term capital gains rate.

jc @ 4 months ago

Yellow Springs, OH 45387, USA

0eda15e8a4a685a0722949782c90e863

Sure this was just my proposal on income received as an employee

AMi @ 4 months ago

0eda15e8a4a685a0722949782c90e863

What would you propose on capital gains?

AMi @ 4 months ago

5f13389fd6ea4b6de49bacec84ed7d8f

I don't see anything wrong with taxing it the same as income. Maybe a 20k deduction to protect the small investor.

jc @ 4 months ago

Yellow Springs, OH 45387, USA

0eda15e8a4a685a0722949782c90e863

Makes sense to me

AMi @ 4 months ago

5f13389fd6ea4b6de49bacec84ed7d8f

The difference between short and long term has been seriously blurred by the big boys. Long term investment on anything other than equities could be favored with flat 20 % rate.

jc @ 4 months ago

Yellow Springs, OH 45387, USA

0eda15e8a4a685a0722949782c90e863

401k disbursement before 62?

AMi @ 4 months ago

Villa Park, IL, USA

5f13389fd6ea4b6de49bacec84ed7d8f

It's already 59 1/2. I think all pension distributions should get a tax break. Social security should never be taxed. It was taxed going in.

jc @ 4 months ago

Yellow Springs, OH 45387, USA

0eda15e8a4a685a0722949782c90e863

I agree

AMi @ 4 months ago

Villa Park, IL, USA

0eda15e8a4a685a0722949782c90e863

I'd like a similar tax progression for businesses as well

AMi @ 4 months ago

0eda15e8a4a685a0722949782c90e863

Maybe multiply the levels by about 1000

AMi @ 4 months ago

Villa Park, IL, USA

0eda15e8a4a685a0722949782c90e863

Similar deductions

AMi @ 4 months ago

Villa Park, IL, USA

7feb020fb3d3aa6cf2752031cf61da89

ami, progressive or total income? individual or combined? any/all mortgages? why rent? if so, even government subsidized? .

H2O @ 4 months ago

Spotsylvania, VA 22553, USA

0eda15e8a4a685a0722949782c90e863

Progressive 2x income married jointly, 1.5x income HoH Any and all mortgages, not just primary 25% of the portion paid out of pocket

AMi @ 4 months ago

Villa Park, IL, USA

0eda15e8a4a685a0722949782c90e863

Rent is a requirement for many people and can be a burden in certain markets especially on lower middle class persons. This would alleviate some of that burden

AMi @ 4 months ago

Villa Park, IL, USA

0eda15e8a4a685a0722949782c90e863

Most persons with subsidized housing aren't paying income taxes anyways so the deduction does not play a significant part there

AMi @ 4 months ago

Villa Park, IL, USA

7feb020fb3d3aa6cf2752031cf61da89

how do you arrive at the 1.5 income for HoH? So if withheld correctly, everyone would have to be withheld at individual rate? No adult dependants? So I can purchase myself house poor and deduct it all, and my renters can too? .........

H2O @ 4 months ago

Spotsylvania, VA 22553, USA

7feb020fb3d3aa6cf2752031cf61da89

..... doesn't this give 2 deductions for the same dollar? .

H2O @ 4 months ago

Spotsylvania, VA 22553, USA

C767f03aeb282b9660d8157840047228

The more important question may be, what behavior do you want to encourage? Encouraging homeownership was the purpose behind the mortgage tax break to begin with.

Dr. Evil @ 4 months ago

Lakeland, MN 55043, USA

C767f03aeb282b9660d8157840047228

What's the purpose behind encouraging rentership, ami? I'm not being a smart ass, I'm curious. Also remember that government subsidies for such things become de facto entitlements after awhile.

Dr. Evil @ 4 months ago

Lakeland, MN 55043, USA

C767f03aeb282b9660d8157840047228

Even further, such subsidies could lead to inflation of rental rates, erasing the benefit and making the subsidy pretty much necessary.

Dr. Evil @ 4 months ago

Lakeland, MN 55043, USA

0eda15e8a4a685a0722949782c90e863

1.5 income for HoH as there are less assumed expenses If you're married and filing jointly with a total income of $120k, you would pay 10% taxes on $60k worth of income Any adults under your care unable to care for themselves would qualify for the

AMi @ 4 months ago

Villa Park, IL, USA

0eda15e8a4a685a0722949782c90e863

10k deduction Renters can only deduct 25% of money paid out of pocket, only a portion of that same dollar is deducted from lessee and Lessor income

AMi @ 4 months ago

Villa Park, IL, USA

0eda15e8a4a685a0722949782c90e863

No one is going to rent instead of own to obtain a 25% deduction when owning provides a more desirable tax benefit What this would allow is a few hundred dollars per year per renter on average to spend within the local economy

AMi @ 4 months ago

Villa Park, IL, USA

7feb020fb3d3aa6cf2752031cf61da89

Ami, I'm confused 2x indicates "times 2" not 1/2. .

H2O @ 4 months ago

Spotsylvania, VA 22553, USA

C767f03aeb282b9660d8157840047228

It's ridiculous to say such a thing wouldn't change the equation for some people, of course you know it will. So, create a new entitlement for renting. ok. I still don't know why.

Dr. Evil @ 4 months ago

Lakeland, MN 55043, USA

0eda15e8a4a685a0722949782c90e863

It's not that big of a game changer but it can help a lower middle class family afford groceries each month

AMi @ 4 months ago

0eda15e8a4a685a0722949782c90e863

If the threshold is that thin for a family financially they shouldn't be taking on a bank loan anyways

AMi @ 4 months ago

C767f03aeb282b9660d8157840047228

theories are fine but the reality is that human behavior is often driven by a complicated set of factors of which finances are only one part. You know people behave contrary to their own best interests financially, right?

Dr. Evil @ 4 months ago

Lakeland, MN 55043, USA

0eda15e8a4a685a0722949782c90e863

Renting is not always a bad thing versus owning, in fact many times it's the clearly better option Also, letting people keep more of their own money is not an entitlement

AMi @ 4 months ago

Villa Park, IL, USA

C767f03aeb282b9660d8157840047228

Renting and owning property goes to a fundamental need for a home, but often also driven by emotional desire to own, to own better or more, etc. People tend to overreach when it comes to what they can afford because it's important to them.

Dr. Evil @ 4 months ago

Lakeland, MN 55043, USA

C767f03aeb282b9660d8157840047228

So I don't buy the whole "well they shouldn't do that" way of theorizing. The reality is what end up having to address, whether it's taxes or health care or any other change on that scale.

Dr. Evil @ 4 months ago

Lakeland, MN 55043, USA

0eda15e8a4a685a0722949782c90e863

So wouldn't it be important to encourage renting then where home ownership affordability is not clear?

AMi @ 4 months ago

Villa Park, IL, USA

C767f03aeb282b9660d8157840047228

...And if you'd like further proof of what I'm saying, the recent housing debacle was caused by relaxed rules meant to encourage homeownership...And led to people way overextending themselves financially.

Dr. Evil @ 4 months ago

Lakeland, MN 55043, USA

C767f03aeb282b9660d8157840047228

Our failure to recognize the reality of illogical and emotional factors when it comes to the housing thing, in fact led to disastrous consequences. And plenty of that "well they shouldn't do that" logic that is unhelpful in addressing reality.

Dr. Evil @ 4 months ago

Lakeland, MN 55043, USA

0eda15e8a4a685a0722949782c90e863

Right, which is why it's good that home loans are not easily approved these past few years.... But ironically enough car loans have been extremely easy to get

AMi @ 4 months ago

Villa Park, IL, USA

5f13389fd6ea4b6de49bacec84ed7d8f

It just dawned on me that your tax plan is more complete and much more detailed than the one proposed by Trump.

jc @ 4 months ago

Yellow Springs, OH 45387, USA

0eda15e8a4a685a0722949782c90e863

It took me less than an hour to think through. Things are easier when you don't have a bunch of benefactors to please

AMi @ 4 months ago

Villa Park, IL, USA

C767f03aeb282b9660d8157840047228

It's not a high bar.

Dr. Evil @ 4 months ago

Lakeland, MN 55043, USA

0eda15e8a4a685a0722949782c90e863

What's your tax plan?

AMi @ 4 months ago

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