Booker Pushes Bill to Make $75,000 in Income Tax Free

[Dave says]

25. It's essentially a flat tax

Let’s say the flat tax rate is 20% (I read some time back that at least 17% would be needed to match revenues, but it was without a $75k deductible).

So, the tax on a single taxpayer earning $100k would be $5000, or 5% of earnings. A taxpayer making $100,000,000 would pay $4,996,250, or 4.996% of earnings. Essentially we’re looking at a flat tax, not progressive in any meaningful sense. Quite a lot less than rich earned income is taxed now (it would be a bonanza of a tax break).

However, I might come on board if capital gains are treated like earned income, and if all the loopholes available to the very rich were closed. Plus eliminate the upper limit for social security tax. It might be better than what we have now.