I believe the best approach is to have all Social Security payments to be tax free income, incomes to minor children to be tax free, and for individual/corporate/government retirement payments to be tax free up to $150K; however, I believe in a modified flat tax for all regular and tip income from one's adult labor (age 18+) and for individual/corporate/government retirement payments that exceed $150K per year. The flat tax would charge every employee/worker 10% on employee/worker earnings up to $500K/Yr with an additional 1% tax added for earning greater than $500K (taxable for the entire amount earned) and adding 1% for each $500K/yr until an effective tax rate of 50% is reached. This system is fair for the vast majority of Americans and taxes those who are making millions per year at a rate that is commensurate with the blessing they have received by living in the United States of America!
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I believe the best approach is to have all Social Security payments to be tax free income, incomes to minor children to be tax free, and for individual/corporate/government retirement payments to be tax free up to $150K; however, I believe in a modified flat tax for all regular and tip income from one's adult labor (age 18+) and for individual/corporate/government retirement payments that exceed $150K per year. The flat tax would charge every employee/worker 10% on employee/worker earnings up to $500K/Yr with an additional 1% tax added for earning greater than $500K (taxable for the entire amount earned) and adding 1% for each $500K/yr until an effective tax rate of 50% is reached. This system is fair for the vast majority of Americans and taxes those who are making millions per year at a rate that is commensurate with the blessing they have received by living in the United States of America!
I must admit I would like that