President Trump's tax planning team have proposed doubling the standard deduction for individuals and households. In doing so, more income would be exempt from taxation.As well, the proposal calls for culling the marginal rate tax brackets to merely three with with marginal rates of 10, 25, and 35 percent. As of filing year 2016, marginal tax rates start at 10 percent and rise to a top rate of 39.6 percent.
Team Trump proposes raising the deduction single filers from $6,300 to $12,600 and couples filing from $12,700 to about $24,000.
The current deduction of $6,300 is a joke. It costs at least $19,737.60 for a worker to feed himself, pay rent and run utilities.
A business operator gets to deduct all expenses and even depreciate capital before paying taxes. Yet, for a worker whose labor is his capital, he gets to deduct a paltry $6,300, or what is 68% below what it should be.
Labor (skills, body) is the wage man's capital. The work of the wage earner is his wealth. The wage earner sells work, which is the embodiment of his skills and muscles and buys wages, which are bank credits, most often in the form of deposits, but sometimes in cash.
The standard deduction for one person should reflect the region of the country where someone lives and be adjusted every year based on these:
- Average grocery bill for one person
- Average utility bill for one person
- Average rent bill for one one-bedroom apartment
- Some kind of calculation for clothing
- Full deduction for medical bills insurance premiums
- Full deduction for medical bills insurance deductible paid
- Some kind of depreciation schedule for age
- Some kind of depreciation schedule for documented skills acquired from year of acquisition
No one should get tax deductions for having children or having a spouse. All deductions should arise solely for those who work.
Behind every tax scheme of every politician is this: You don't have right to your property (right of ownership) gained by profit in trade and they lack the duty to keep their hands from your property.
Said another way: You have the duty to surrender all of your property to the amount that politicians say you do.
As I showed you in REAPING DAY APPROACHES. THE REAPER COMES TO REAP YOU. ANOTHER TAX DAY IN AMERICA COMES:
Income tax on wages is an ongoing sales tax on the product of capital of any wage earner. Said another way, income tax is a series of sales tax levies on wealth traded between wage earner and employer.
Income taxes levied on work sold means that you, the worker, have no right to work. Yet, if you work, you have a duty to yield an unearned share of your profit with politicians who have not invested in your personal enterprise, yourself. Politicians have given themselves the right to an unearned share of your profit without investing in you.For more on the taxation scam and schemes in the USA:
- ELITES SEEK TO PUNISH WORKERS WITH A CONSUMPTION TAX, OR A TAX ON WORKERS' WEALTH
- KILLING THE MIDDLE CLASS AND THE "WE WANT YOU TO BELIEVE CAPITAL GAINS INCOME IS DIFFERENT" TRICK
- IF YOU DRIVE A CAR, I'LL TAX THE STREET. IF YOU TRY TO SIT, I'LL TAX YOUR SEAT. MR. WILSON. MR. HEATH.
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