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Does this plan make sense?
(lemmy.world)
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this post was submitted on 21 Feb 2024
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Just so you know, the rest of us grudge our income tax, but pay it because of the massive benefit to us and others less fortunate
The answer is abolishing income tax below a certain threshold, and raising it above certain thresholds
Ding ding ding
No tax up to $75k, tax brackets with exponential decay reaching 95% at $1MM, all adjusted for inflation annually.
Percentages adjusted for inflation? Do you mean lower percentage of income is taxed during years with high inflation?
The tax bracket limits, obviously.
This makes sense, I agree to an extent. Abolishing income tax in hindsight is a bit extreme.