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Eat the rich. (lemmy.world)
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[-] PhlubbaDubba@lemm.ee 49 points 5 months ago

I've posted this before and next time it comes up I'll probably post it again,

Way it should be in my eyes,

Set the brackets at calculated thresholds for the 20th percentile, 40th percentile, 60th percentile, 80th percentile, 95th percentile, and 99th percentiles of incomes.

  • For the 20% bracket, you pay no income tax,
  • For the 40%, and 60% brackets, you pay a percent equal to the share of the national wealth controlled by households in those brackets
  • For the 80% and 95% brackets you pay twice your bracket's share
  • For the 99% bracket you pay three times your bracket's share

And just to turn the dial up even more, find the median income in the 20% bracket, and apply just the teensiest percent multiplier to the nominal rate for every time someone's income tips over another twenty times that median

Doesn't just keep tax rates dynamic to reflect the economy, it also ramps up the pressure extremely quickly against wealth accumulation, and suddenly inclines the rich to start eating each other, because now they're all in direct competition to have the most while cutting each other all down to avoid their tax rates spiking, and since it's a flat multiplier instead of a more complex formula, those 99 percenters can get titanically screwed by actually losing money for getting too much, since anything above a third of the nation's wealth means they're paying a dollar and change for every dollar they make. They'll become each other's worst enemies since anyone who starts hording raises the tax pressure on everyone else.

Oh and just to make sure it stays that way, anyone who peaks the 99% club, you are officially acknowledged as "doing well and good enough", and are barred from public office for the next ten years following the last time you pay in that bracket. Just picture it, a government with no one percenters in it, and instead of trying to lobby their way back in they're all too busy trying to tear each other down for a decimal point off their nominal rate.

[-] gimsy@feddit.it 0 points 5 months ago* (last edited 5 months ago)

The taxes should be an exponential function of the income, no tax brackets

I never understood why it isn't like that

At least a quadratic or cubic function

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this post was submitted on 14 Jun 2024
1464 points (99.2% liked)

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