Show of Hands

Well luckily for us, this abomination of a bill is failing miserably

Don't forget we've had a top rate of 70% before. And of course I'm for tariffs, penalties for offshoring, cracking down on loopholes and tax havens, etc.

I agree with everything, expect I think that a flat tax at 20-25% would be best.

That would allow too large a federal bureaucracy. We need to eliminate at least 80% of our current federal bureaucracy. Only way to do that is to starve it to death.

I understand that, however, I don’t think that lowering it to 10% straight away would be a smart idea. Keep lowering it gradually over time.

You have no idea what the federal government does.

Of course I do. Would you like to re-read Article 2, Section 8 and review what it’s constitutionally ALLOWED to do? Then go straight to the Tenth Amendment and see who’s supposed to do all the other stuff.

70% only on income above $387k. People shouldn't be raking in much more than that anyway. (And to clarify, nobody would actually pay the full 70% unless they make infinite income, because you're still only charged the lower rates on the first $387k.)

Who are you to tell anyone how much they should be making? No one had the right to dictate how much is “enough” this bill is exactly what is wrong with government. Arrogant, uninformed, totalitarian reps thinking they have the right to tell people how much money they should be allowed to keep. Total and complete nonsense

On income above $387K, yes.

I. Income tax rates shall be adjusted as set forth in (a)-(f). This shall not be understood as affecting any exemptions or credits.

(a) The tax rate on income below $17K is hereby lowered to 0%.
(b) The tax rate on income above $17K is hereby lowered to 10%.
(c) The tax rate on income above $71K is hereby lowered to 20%.
(d) The tax rate on income above $143K is hereby raised to 45%.
(e) The tax rate on income above $218K is hereby raised to 55%.
(f) The tax rate on all income above $387K is hereby raised to 70%.

Summary: Estimated cost $4B/yr. according to Splitwise's (admittedly slightly outdated) tax revenue estimation tool.