Some interesting “Wealth Tax” ideas in there and proposed changes that would net an extra ~$5B (estimated).
- Big corporations tax: The corporate tax rate will be increased from 28 percent to 33 percent for big companies with annual turnover exceeding $30 million. This will impact about 0.7 percent of businesses (e.g. banks, supermarkets and energy companies).
And new income tax rates:
Current
| Income band | Tax rate |
|---|---|
| 0 - $15,600 | 10.5% |
| $15,601 - $53,500 | 17.5% |
| $53,501 - $78,100 | 30% |
| $78,101 - $180,000 | 33% |
| $180,001 and over | 39% |
Proposed
| Income band | Proposed rate |
|---|---|
| $0–$9,999 | 0% |
| $10,000–$19,999 | 10% |
| $20,000–$39,999 | 17.5% |
| $40,000–$59,999 | 25.5% |
| $60,000–$79,999 | 30.5% |
| $80,000–$159,999 | 33.5% |
| $160,000+ | 45% |
| – |
If we are going to move the tax brackets then I think the low and mid rates should be lower:
$20k-$40k => 15%.
$40l-$60k => 20%.
These are the workers that are doing it the hardest, and up the corporate tax rates up a touch, all to 33%? and the to 1% to 39/45%?
IMHO the tax brackets should be defined by a minimum wage multiplier.
E.g. someone part time on minimum wage: 0%, full time minimum wage: 5% and so on… Go as high as necessary.
Corporate tax? Every $ they’re paying tax on could have been used to pay their employees better.
sure and they still can and take it from profit, that lowers they’re profit and fence thief tax. Seems unlikely though
What about median income instead of minimum wage?
Hmm, maybe. I suspect that the median income is quite close to minimum wage :-/ at least in magnitude.
Mean income as a floor for the larger tax rates would shift the tax burden up over the mean… and egregiously large incomes would drag that floor up.