Our current income tax structure exacerbates income inequality. Capital gains should be taxed at the same rate as salaries. Taxes should be simplified. General Electric and other profitable companies must pay their fair share of income taxes. The author proposes simplifying and rationalizing income taxes, getting rid of loopholes and deductions, and having three levels of income tax: 10%, 20% and 28%, with corporations making over $1 million paying 28% as well.
Social Security Taxes
I propose exempting the first $25,000 in income from both income taxes and social security taxes. At the same time, I would lift the cap on Social Security taxes. Now employees earning more than $118,500 pay no further social security tax. If we lift the cap, it will pay for the exemption at the bottom. At the same time I am proposing that corporations do not have to pay their share of social security taxes for those earning under $25,000. This will encourage employers to hire more workers.
The manufacturing tax of zero and the $25,000 exception for Social Security payments will significantly increase jobs and job growth in the United States. These focused tax incentives will create more jobs, at a lower cost to the budget, than President Trump's across-the-board tax grab for the rich.
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