Yep, put another hit on those that actually pay taxes.Hokie CPA wrote:If they're smart they'll fix the gasoline tax problem first. It needs to be doubled and indexed for inflation (gas tax should be about 10% of the average price per gallon of gasoline rather than the flat 13¢ per gallon, or whatever it is, the Commonwealth currently collects).
If they want to raise the income tax, the creation of new brackets makes the most sense. Maybe create a 0% bracket at the bottom and create a 7% bracket for VATI greater than $50,000.
So ... how high do taxes go?
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Re: So ... how high do taxes go?
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Re: So ... how high do taxes go?
If you read through my other posts in the thread, you'll see this was an answer to the OP's question. I'm not actually in favor of raising taxes (except for the gas tax). If anything, I want to cut the income tax by making it so you don't reach the highest tax bracket until some level far higher than $17,000.133743Hokie wrote:Yep, put another hit on those that actually pay taxes.Hokie CPA wrote:If they're smart they'll fix the gasoline tax problem first. It needs to be doubled and indexed for inflation (gas tax should be about 10% of the average price per gallon of gasoline rather than the flat 13¢ per gallon, or whatever it is, the Commonwealth currently collects).
If they want to raise the income tax, the creation of new brackets makes the most sense. Maybe create a 0% bracket at the bottom and create a 7% bracket for VATI greater than $50,000.
I don't care if you're a Democrat or a Republican... if you refuse to consider alternatives to the two parties, you support the Status Quo and you are a major part of the problem.
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Re: So ... how high do taxes go?
I laugh at your paltry tax bill!!!BigDave wrote:Because evil rich people just don't pay enough in taxes!Hokie CPA wrote:Even for folks with $100,000 of VATI pay $5,490 under the current system and only $3,940 under my proposal. It's about putting a lower rate on a higher income base and slapping a higher rate on higher income.
In fact, it's a tax cut for everyone with VATI less than $224,200, if you set the two equations equal and solve for x.
My wife and I are on track to pay 35% of our income in state and federal taxes this year. How much is enough to make you happy?
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Re: So ... how high do taxes go?
That would reduce tax revenue so not gonna happenHokie CPA wrote:If you read through my other posts in the thread, you'll see this was an answer to the OP's question. I'm not actually in favor of raising taxes (except for the gas tax). If anything, I want to cut the income tax by making it so you don't reach the highest tax bracket until some level far higher than $17,000.133743Hokie wrote:Yep, put another hit on those that actually pay taxes.Hokie CPA wrote:If they're smart they'll fix the gasoline tax problem first. It needs to be doubled and indexed for inflation (gas tax should be about 10% of the average price per gallon of gasoline rather than the flat 13¢ per gallon, or whatever it is, the Commonwealth currently collects).
If they want to raise the income tax, the creation of new brackets makes the most sense. Maybe create a 0% bracket at the bottom and create a 7% bracket for VATI greater than $50,000.