1 min readSep 3, 2019
As a federalist I oppose big federal government and the associated taxes to support it. However, ratification of the 16th Amendment forces me to comply so I advocate taxes be implemented fairly. Here are some suggestions toward reversing the past several decades trend of increasing the wealth gap.
- Change the long term capital gains tax for married filing jointly as follows: tier one, $0-$77K stay at 0%; tier two, $77K-$479K from 15% to 18%; tier three, >$479K from 25% to 30%
- Change the income tax rates for married filing jointly as follows: tier one, $0-$19K stay at 10%; tier two, $19K-$77K stay at 12%; tier three, $77K-$165K from 22% to 20%; tier four, $165K-$315K from 24% to 25%; tier five, $315K-$400K from 32% to 35%; tier six, $400K-$600K from 35% to 40%; tier seven, >$600K from 37% to 50%.
- Reduce the estate exemption from $11.4M to $5.5M.
- Increase S and C Corporation tax rates to 30% while maintaining the Benefit Corporation tax rate at 21%.
- Allow nonprofit corporations tax exemption for all unrelated activities profit.