Falconomics

Re: Falconomics

Postby Medius » Thu Mar 26, 2015 9:14 pm

The CINC wrote:Our tax system is actually progressive. The first $20,000 anyone earns is tax free. The Goods and Services Tax will have annual rebates. Then we have the tax on Derivatives. Also we plan to keep the Estate Tax. The capital gains tax will be waived for reinvesting in manufacturing or urban and rural enterprises.


It might be progressive if this were 1980.
User avatar
Medius
Governor
 
Posts: 4019
Joined: Sun Aug 19, 2012 9:21 pm
Gender: Male
Has thanked: 123 times
Been thanked: 495 times
Political Leaning: Middle of the Road

Re: Falconomics

Postby The CINC » Fri Mar 27, 2015 2:37 am

No, if you make $22,000 a year, You keep all of that $20,000 and you pay $400 of the $2000. So in reality a poor person would pay 5% of his/her income in income tax.
The CINC
Citizen
 
Posts: 28
Joined: Sat Feb 28, 2015 3:09 pm
Gender: None specified
Has thanked: 1 time
Been thanked: 0 time

Re: Falconomics

Postby The CINC » Fri Mar 27, 2015 5:14 am

As far as the $800 billion a year we will spend to rebuild and expand our infrastructure we will put 16 million people to work rebuilding this country. Not to mention that for every $1 invested in this program $3 will be added to the GDP.
The CINC
Citizen
 
Posts: 28
Joined: Sat Feb 28, 2015 3:09 pm
Gender: None specified
Has thanked: 1 time
Been thanked: 0 time

Re: Falconomics

Postby exploited » Fri Mar 27, 2015 6:33 am

The CINC wrote:No, if you make $22,000 a year, You keep all of that $20,000 and you pay $400 of the $2000. So in reality a poor person would pay 5% of his/her income in income tax.


Ah, yes, of course. That was genuinely stupid of me. So if you made $42,000 in a year, you'd have to pay $4400 in income tax?

These users thanked the author exploited for the post:
The CINC
User avatar
exploited
Vice President
 
Posts: 20999
Joined: Fri Sep 14, 2012 2:32 pm
Location: Ontario, Canada
Gender: Male
Has thanked: 2207 times
Been thanked: 1702 times

Re: Falconomics

Postby The CINC » Fri Mar 27, 2015 8:02 am

exploited wrote:
The CINC wrote:No, if you make $22,000 a year, You keep all of that $20,000 and you pay $400 of the $2000. So in reality a poor person would pay 5% of his/her income in income tax.


Ah, yes, of course. That was genuinely stupid of me. So if you made $42,000 in a year, you'd have to pay $4400 in income tax?


Yes that would be correct. Likewise someone who made $1 million a year would be taxed on $980,000 of those earnings and pay $196,000 in taxes.
The CINC
Citizen
 
Posts: 28
Joined: Sat Feb 28, 2015 3:09 pm
Gender: None specified
Has thanked: 1 time
Been thanked: 0 time

Previous

Return to Economy

Who is online

Users browsing this forum: No registered users and 1 guest