To solve most of the problems of not taxing the rich or how much relief to give to what “class” of American, we need to evaluate the economy in which all Americans live. This is simple. The average wealth of all Americans has risen, and a ton of money has been printed and poured into the economy, therefore, the antiquated income tax brackets are no longer an accurate measure to be used to determine deductions and taxable income.
Even a poor family without taxable income can be receiving up to $75,000 in federal, state, and local assistance, with allowable income of up to around $20,000. It makes no sense to even consider taxation at these income levels.
All the income tax brackets need to be expanded. For example, the lower income bracket from $0 to $100,000, the middle from $101,000 to $599,000, upper from $600,000 to $2,999,999 and a fourth bracket over the $3,000,000 level.
Salary levels and cost of living increases have grown dramatically, since the last tax overhaul in the 1980s; the same standards are just simply outdated and can’t be applied.
All one has to do is compare the prices of goods and services to know what’s up. These out of touch senators that make up these tax codes are clueless, because they live in a world where they are overpaying for everything they buy. That is why this legislation is so hard for them to get on the same page.