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1 | tax reform | |
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3 | (total income) minus (survival income level), is taxed so survival income (what people actually need) is not taxed, and need is adjusted for dependents and cost of living in area. | |
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5 | NO PROPERTY TAXES OR WEALTH TAXES!! 😡 | |
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7 | total income minus survival need is taxed at a FIXED PERCENTAGE rate of 35 % | |
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9 | instead of having a wealth tax there could be an increase of the percentage tax on unneeded INCOME (not unneeded wealth and not total income) | |
10 | for people with net worth over 1 Million $ | |
11 | the wealth increase unneeded income tax percentage should gradually rise corresponding to net worths rising over 1 Million $ and should rise closer and closer to 100% of unneeded income (NOT WORTH) but never actually reach 100%. It will effectively put a cap on wealth growth but it would not make rich people start getting poorer. | |
12 | This wealth INCOME! feature not an ordinary wealth tax, should be determined by a mathematical curve: | |
13 | - | Percentage= 100 - (1/(Income over 1 million$)) |
13 | + | Percentage= (1-(50/((worth over 1 million$)+50)))*65 |
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15 | It's a 65 limit because this millionaire tax on unneeded income is added to the existing 35% tax on unneeded income. | |
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18 | There should be stiff monetary penalties for hiding wealth and income. Penalties would be in the form of a temporary raise of the percentage tax on unneeded income of the offending (hiding income or wealth) persons. | |
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20 | Stock market gains and interest/capital gains and trust fund income and inheritances are included in regular income total. |