[Disclaimer] I'm being rather pragmatic in this thread[/disclaimer]
Would you prefer to repeal the min wage and the payroll tax or would you prefer to keep the min wage and the payroll tax as they are?
I hate tariffs and govt revenue but for those who are okay with them... they could be used to partially offset no payroll tax revenue. I see nothing unreasonable about the following (other than that it doesn't go for enough):
repeal of the minimum wage,
repeal of all payroll taxes (or at least opt out of paying taxes and getting any benefits),
to have a 20% ad valorem (based upon invoice price) tax on all China imports,
5% ad valorem tax (again, based upon invoice price) on all other imports, repeal of trade agreements, all quotas, and no other barriers.
All of that would possibly be one-fourth of the payroll tax revenue.
I don't think tariffs would increase productivity and employment, but if they did somehow, then that would make income tax revenues go up a little bit.
Of course, I'd like to see all taxes repealed, but the revenue for the income tax can be more easily reduced by reducing the marginal rates (elimination of 39.6% rate, 35% rate becomes 33%, the old 33% becomes 28% and then 5 percentage point reduction for the other 4 brackets), as well as
more deductions (mainly all shelter and all medical expenses),
no AMT,
no taxes on capital gains, dividends, or interest,
no closing deductions,
no sunset for tax rate reductions, exemptions, or deductions,
all ACA taxes,
and a larger personal/household exemption (get rid of the standard deduction, make the exemption 9.9K + (CPI + 2.5%) per single filer, for couples and head of households it would be a little bit higher).
The corporate tax rate is absurdly high also; it shouldn't be any higher than 15% and businesses with profits less than or equal to $500k should not be required to file.
Finally, the NFA needs to be repealed as does Dodd Frank, Legal tender, SOX, and the ACA.
Would you prefer to repeal the min wage and the payroll tax or would you prefer to keep the min wage and the payroll tax as they are?
I hate tariffs and govt revenue but for those who are okay with them... they could be used to partially offset no payroll tax revenue. I see nothing unreasonable about the following (other than that it doesn't go for enough):
repeal of the minimum wage,
repeal of all payroll taxes (or at least opt out of paying taxes and getting any benefits),
to have a 20% ad valorem (based upon invoice price) tax on all China imports,
5% ad valorem tax (again, based upon invoice price) on all other imports, repeal of trade agreements, all quotas, and no other barriers.
All of that would possibly be one-fourth of the payroll tax revenue.
I don't think tariffs would increase productivity and employment, but if they did somehow, then that would make income tax revenues go up a little bit.
Of course, I'd like to see all taxes repealed, but the revenue for the income tax can be more easily reduced by reducing the marginal rates (elimination of 39.6% rate, 35% rate becomes 33%, the old 33% becomes 28% and then 5 percentage point reduction for the other 4 brackets), as well as
more deductions (mainly all shelter and all medical expenses),
no AMT,
no taxes on capital gains, dividends, or interest,
no closing deductions,
no sunset for tax rate reductions, exemptions, or deductions,
all ACA taxes,
and a larger personal/household exemption (get rid of the standard deduction, make the exemption 9.9K + (CPI + 2.5%) per single filer, for couples and head of households it would be a little bit higher).
The corporate tax rate is absurdly high also; it shouldn't be any higher than 15% and businesses with profits less than or equal to $500k should not be required to file.
Finally, the NFA needs to be repealed as does Dodd Frank, Legal tender, SOX, and the ACA.
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