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Where I stand on...

Our federal income tax policy on individuals has totally gone awry. How is it possible that a family of four (two children under age 16) that has an annual income of $42,800.00 and had zero taxes withheld during the year would receive a refund of $4.00 while a couple that has no children would pay $2,087.00. (This based on standard deductions) If you where single you would pay $3,868.00.

I believe that personal income taxes should be based upon the individual's income only, and not take into account marital status and the number of children sixteen and under living in the home. My tax proposal would do just that. Those making $50,000.00 or less would pay zero in personal income taxes. Income between $50,000.00 and $75,000.00 would be taxed at 5 percent, income between $75,000.00 and $100,000.00 would be 10 percent, income of $100,000.00 and $125,000.00 at 15 percent, income between $125,000.00 and $150,000.00 at 20 percent and income of over $150,000.00 at 25 percent or more. Income would include bonus pay, stock options and other perks. Savings accounts, IRA’s and 401(k)’s would be tax exempt while investments would not. No deductions, no tax shelters, just income. In reality, a couple could make up to $100,000.00 in income and not pay any federal income tax.

See how you would do under this plan:

Current System

New System
Income Single Percentage Married
w/2 Children		 Percentage Married
w/o Children		 Percentage Individual
Only		 Percentage
$   10,000 $     - 0% $         - 0% $ - 0% $       - 0%
$   20,000 $      448 2% $       -1,238 -6% $        - 0% $       - 0%
$   30,000 $   1,861 6% $       -1,427 -5% $            573 2% $       - 0%
$   40,000 $   3,429
9%
 $          -424
-1%
 $         1,648
4%
 $       -
0%
$   50,000 $   5,273
11%
 $         1,125
2%
 $         3,216
6%
 $       -
0%
$   60,000 $   7,886
13%
 $         2,693
4%
 $         4,784
8%
 $      1,000
2%
$   70,000 $ 10,500
15%
 $         4,261
6%
 $         6,353
9%
 $      2,000
3%
$   80,000 $ 13,114
16%
 $         5,830
7%
 $         7,921
10%
 $      3,250
4%
$   90,000 $ 15,728
17%
 $         7,610
8%
 $         9,701
11%
 $      4,750
5%
$ 100,000 $ 18,573
19%
 $       10,224
10%
 $       12,315
12%
 $      6,250
6%
$ 110,000 $ 21,500
20%
 $       12,838
12%
 $       14,929
14%
 $      8,250
8%
$ 120,000 $ 24,420
20%
 $       15,974
13%
 $       17,543
15%
 $    10,050
8%
$ 130,000 $ 27,347
21%
 $       19,105
15%
 $       20,150
16%
 $    11,300
9%
$ 140,000 $ 30,275
22%
 $       22,241
16%
 $       22,764
16%
 $    13,800
10%
$ 150,000 $ 33,202
22%
 $       25,378
17%
 $       25,378
17%
 $    16,300
11%
$ 160,000 $ 36,209
23%
 $       28,217
18%
 $       28,217
18%
 $    19,300
12%
$ 170,000 $ 39,296
23%
 $       31,145
18%
 $       31,145
18%
 $    22,300
13%
$ 180,000 $ 42,642
24%
 $       34,072
19%
 $       34,072
19%
 $    25,300
14%
$ 190,000 $ 46,280
24%
 $       37,000
19%
 $       37,000
19%
 $    28,300
15%
$ 200,000 $ 49,918
25%
 $       39,927
20%
 $       39,927
20%
 $    31,300
16%
$ 250,000  
 
 
$    48,800
20%
$ 300,000  
 
 
$    66,300
22%
$ 350,000  
 
 
$    83,800
24%
$ 400,000  
 
 
$  101,300
25%
$ 500,000  
 
 
$  137,855
28%