People shouldn't pay state taxes on the first $25,000.
Bump up the higher tax brackets a bit in this proposal.
People shouldn't pay state taxes on the first $25,000.
Bump up the higher tax brackets a bit in this proposal.
Fuck that, first $75k at least. Right at the poverty line isn't enough to live independently anywhere in the country.
I'll be the first to say flat taxes are regressive and hit the lower income folks disproportionately high.
However, I'm curious where do you propose the revenue shortfall come from with that change? Or what state programs would you cut to remove the shortfall?
Making the top marginal brackets astronomical because that's dick-around money anyway
Okay so the current proposal is to rate rates above 8.4% for top earners ($1,000,000/year). What are you proposing it should be to be "astronomically high"?
Higher taxes for higher incomes?
Sure, thats a part of an approach, but the implementation is in the details. How much higher? For which higher incomes? Starting from which income? Graduated at what rate (and linear or exponential)?
What shortfall? If you scale the tax rate correctly, it should at the very least even out. The rich can afford to pay a lot more in taxes than the poor.
The rich can afford to pay a lot more in taxes than the poor.
Absolutely! This is why I said flat taxes suck too. Even at the same percentage rate, the poor lose substantially more income needed to meet basic necessities.
What shortfall? If you scale the tax rate correctly, it should at the very least even out.
Right, I've asked OP how he's scale it as a followup. I mean, the math works if we put the entire shortfall on the single highest earner, but I doubt that language would pass into law.
Do you have numbers on what the shortfall would be? If the proposal is a graduated tax rather than flat, Graduate the higher income to higher tax to make up this "shortfall", seems simple enough.
If you do have numbers, share them. And, make your own proposal. If not $75K, then where?
Do you have numbers on what the shortfall would be?
I don't, but Colorado has a Balanced Budget Amendment where the state revenue is balanced every year (meaning taxation equals state spending), then omitting any taxation of salaries up to $75k would mean there would be budget shortfall of some amount. Because of the Balanced Budget Amendment this means either revenue has to come from somewhere or spending has to be cut.
If the proposal is a graduated tax rather than flat, Graduate the higher income to higher tax to make up this “shortfall”, seems simple enough.
That would be a valid proposal. No one had suggested that yet including the person proposing the change. Thats a type of answer I'm looking for, but the details are important.
If you do have numbers, share them. And, make your own proposal. If not $75K, then where?
Someone else is suggesting a change that would introduce a new a problem. I think its fair to ask where they are also adding a solution to the problem they create. If I try to "solve" their problem in my own way, that would be putting words in their mouth which I don't think is fair. Its entirely possibly they have a view that I haven't considered. Thats why I asked the question. I'm not looking for how I would fix it. I'm looking for their insights as to how they would.
Excited to see the right-wing press announcing that Colorado has doubled its income tax rate, then spamming everyone in the state to insist this will bankrupt it.
Even more excited to see some epic brain-genius types in East Colorado try to do a Secessionism again.
That's how Illinois lost the amendment fight.
I used to love TABOR because I thought it was just the "give tax payers back their money if the state receives too much" but I've been learning that it's a lot more than that.
Do it
illinois needs this so bad.
All things Colorado
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