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Does this plan make sense? (lemmy.world)

submitted 7 months ago by 3volver to c/general

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[–] Mr_Blott 22 points 7 months ago (1 children)

Just so you know, the rest of us grudge our income tax, but pay it because of the massive benefit to us and others less fortunate

The answer is abolishing income tax below a certain threshold, and raising it above certain thresholds

[–] SpaceNoodle 6 points 7 months ago* (last edited 7 months ago) (2 children)

Ding ding ding

No tax up to $75k, tax brackets with exponential decay reaching 95% at $1MM, all adjusted for inflation annually.

[–] Anticorp 0 points 7 months ago (1 children)

Percentages adjusted for inflation? Do you mean lower percentage of income is taxed during years with high inflation?

[–] SpaceNoodle 1 points 7 months ago* (last edited 7 months ago)

The tax bracket limits, obviously.

[–] 3volver 0 points 7 months ago

This makes sense, I agree to an extent. Abolishing income tax in hindsight is a bit extreme.