OPERATION INTERVENTION FAILMERICA
I will start by saying,
WE HAVE NO RESPONSIBILITY TO SUPPORT, AT OUR EXPENSE, THE UNNECESSARY WEALTH BUILDING OF THE MEGA-RICH.
POSTED AS A SHOUT OUT TO OCCUPY WALL STREET!!!
KEEP AT IT!! Love to all of you guys!
(work in progress, updated the tax rate & total withholdings info)
Success needs a plan folks, change needs a direction to change to. Remember that. In reality we are suffering from our own rules. We make the rules, so to fix our problems we simply need to consider what is generating these problems, and set these things right. We need to start making rules that make more sense viably and economically.
Here are the current numbers for taxation in the US. The Federal withholdings consider Social Security, Medicare side by side with the Federal tax rates. I show figures with and without the State tax rate included. Due to the large variance in taxation rates per state, the state rate was considered universally at 6% for the purposes of this example.
2011 Federal Tax brackets and adjustments+SS+MC: Eee: Employee, Eer: Employer, SEm: Self-employed
Federal Tax Rate Only: Federal Tax + additional withholdings SS + MC
10%=0 to 8375 rates adj.+SS%+MC%: Eee=15.65%, Eer=17.65%, SEm=23.3%
15%=8,375 to 34,000 rates adj.+SS%+MC%: Eee=20.65%, Eer=23.65%, SEm=28.3%
25%=34,000 to 82,400 rates adj.+SS%+MC%: Eee=30.65%, Eer=32.65%, SEm=38.3%
28%=82,400 to 171,850 rates adj.+SS%+MC%: Eee=33.65%, Eer=35.65%, SEm=41.3%
33%=171,850 to 373,650 rates adj.+SS%+MC%: Eee=38.65%, Eer=40.65%, Sem=46.3%
35%=373,650 and above rates adj.+SS%+MC%: Eee=40.65%, Eer=42.65%,Sem=48.3%
Previous Tax rates adjusted +6% state tax on all: Eee: Employee, Eer: Employer, SEm: Self-employed
Federal Tax Rate Only: Federal Tax + additional withholdings SS + MC + ST figured at 6% universally
10%=0 to 8375 rates adj.+SS%+MC%+ST%: Eee=21.65%, Eer=23.65%, SEm=29.3%
15%=8,375 to 34,000 rates adj.+SS%+MC%+ST%: Eee=26.65%, Eer=29.65%, SEm=34.3%
25%=34,000 to 82,400 rates adj.+SS%+MC%+ST%: Eee=36.65%, Eer=38.65%, SEm=42.3%
28%=82,400 to 171,850 rates adj.+SS%+MC%+ST%: Eee=39.65%, Eer=41.65%, SEm=47.3%
33%=171,850 to 373,650 rates adj.+SS%+MC%+ST%: Eee=42.65%, Eer=46.65%, Sem=52.3%
35%=373,650 and above rates adj.+SS%+MC%+ST%: Eee=46.65%, Eer=48.65%, Sem=54.3%
Federal withholdings rates info:
Source: http://www.ssa.gov/pubs/10003.html
SS: Social Security taxes 2011
Eee: Employee 4.2% on earnings up to $106,800
Eer: Employer 6.2% on earnings up to $106,800
SEm: Self-employed 10.4%* on earnings up to $106,800
*Can be offset by income tax provisions
MC: Medicare taxes 2011
Employee/employer (each) 1.45% on all earnings
Self-employed 2.9%* on all earnings
*Can be offset by income tax provisions
ST: State income tax rates:
These vary greatly from state to state and in many cases differ between income levels, but are mostly between 4% and 7% for relevant incomes. For ease of use I will consider State universally at 6%. For a precise list of Income tax per state reference: http://www.taxfoundation.org/publications/show/228.html
Here's my idea. With pipin fresh figures based on the current numbers.
0%; Earners grossing < 20K take home 100% net income. No minimum income.
10%; Earners grossing 20K to 35K take home 90% net income. Min income = 20K net
20%; Earners grossing 35K to 80K take home 80% net income. Min income = 31.5K net
30%; Earners grossing 80K to 180K take home 70% net income. Min income = 64K net
35%; Earners grossing 180K to 370K take home 65% net income. Min income = 126K net
40%; Earners grossing 370K to 500K take home 60% net income. Min income = 240.5K net
50%; Earners grossing 500K to 1M take home 50% net income. Min income = 300K net
60%; Earners grossing 1M to 20M take home 40% net income. Min income = 500K net
70%; Earners grossing 20M to 100M take home 30% net income. Min income = 8M net
80%; Earners grossing 100M to 350M take home 15% net income. Min income = 30M net
90%; Earners grossing 350M to 600M take home 10% net income. Min income = 52.5M net
93%; Earners grossing 600M to 1B take home 7% net income. Min income = 70M net
Reinvestment guaranteed%; Earners grossing 1B and greater. Max income achieved @ 90M net
Max income 90M net yearly. MAX INCOME IS JUST AN IDEA. WHAT SHOULD IT BE?
WHAT IS FAIR? WHAT IS BEST FOR ALL OF US?
This is based on the current economic conditions for 2011 and does not reflect future inflation.
These are concepts and ideas in a nation that needs things like this right now. So let’s start having them!
Justification of maximum individual income: Figures for this are currently conceptual.
MAX INDIVIDUAL INCOME ENCOURAGES REINVESTMENT IN LEGITIMATE BUSINESS AND PROFIT SHARING AS OPPOSED TO INDIVIDUAL HOARDING OF LIQUID ASSETS THAT NEGATIVELY IMPACT LOWER EARNERS AND THE HEALTH OF THE NATION’S ECONOMY AS A WHOLE.
Under this plan, the more a man pays himself, or is paid in individual income, the greater the incentive to share some of it with his Labor force and or reinvest in physical infrastructure which creates new sectors of labor force, as a means of retaining it rather than allowing hoarding of liquid assets to detract from society and drive inflation rates.
For example; If you would claim 500 Million personal income you will pay in 90% in Federal and state withholdings, or you can found a number of business holdings with that money, TAX FREE, with the exception of sales tax on building goods, materials, etc. and claim a much lower personal income**. This still allows the amassing of wealth, but it harnesses it in a way that benefits all of us. A mega rich earner will be far better off claiming 19Million in gross earnings, paying in 60% of that in tax, and pouring 481M back into the US business sector as a means of keeping most of it as significant holdings, than a mega-rich earner would be claiming 500M in personal income and paying 410M in tax and tax-like withholdings. Hell, we could write this to include a clause stating, "Individually generated healthy business creation exceeds 600Million this year, max income is granted, and un-taxable." We could even write it so that you earn the minimum income that is less than 2x you’re reinvestments, EG, if you invested 180M or more into physical entity creation generating Jobs and tax revenues, you are allowed to take home max income of 90Million yearly. This would effectively change your take-home rate both dramatically and positively allowing much more to be taken home in the event that you are helping to drive a stable economy.
The minimum incomes are based on this addendum rule;
When you pass into a higher taxation rate bracket, you will not take home less than you did in your previous tax bracket. Once your income increases such that you make enough to take home the same income and pay the new tax rate you will officially be in the new tax bracket. This addresses 98k earners undesirably taking home more than 102k earners seemingly unfairly, as an example of the rift between tax brackets with earners earning less at the top of a bracket taking home more than earners at the bottom of the bracket one up from it.
OPERATION INTERVENTION FAILMERICA HAS BEEN INITIATED.
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