Income Taxes
Our tax system has gradually changed, staying favorable to the post WWII baby boom generation, and become unfavorable to younger generations. We have lowered the taxes on investment earnings as we have gotten older and our earning have transitioned to investments. Older invested people are content without realizing why younger generations are not able to achieve the same. Many boomers blame a lack of motivation for the younger generation’s financial anemia, tax laws favoring investors are the real cause of the problem. Graduating HS in 1974 the min wage was equivalent to $12.50 today. Raising the minimum wage to that level would give hope to new wage earners and go a long way in helping social security remain solvent. There can be no wonder why capitalism is not popular with our youth. Taxes favor boomers. Min wages have favored boomers. Education cost favored boomers. Boomers that think the problem is the younger generations need to wake up. By a strange coincidence the low wages for basic labor and low taxes on corporate and investment income is a boon for ultra-wealthy political donors.
In America’s wealth is derived from capitalism, the 16th amendment authorizes a tax on gains. Income regardless of type should be taxed equally, taxes rates should be based on the ability to pay. The IRS practice of choosing the easiest enforcement actions against low-income earners instead of more difficult action against the very wealthy with complicated tax avoidance schemes must end.
| Make the standard deduction $17,990 for single filers, $35,980 for joint filers Keep the child tax credits. Make permanent $20,000 accelerated depreciation. Corporate rate of 23%. 23% minimum tax on foreign earnings End capital gains and qualified dividend special rates. End unrealized capital gains loophole on collateralized investments. Fix the dynasty trust loophole. Exempt inflationary gains on primary residence. Exempt multi-state lottery winnings from federal income tax |
