Stop Making Taxes About Vilifying the Wealthy

To me, the most equitable way to increase tax revenue is to phase out tax deductions, tax credits special tax rates at certain income levels.  The tax code already does that for many tax breaks: child tax credit, tuition credit, 0% capital gains and dividend tax rate.   After all, tax breaks are to help lower income taxpayers.    Why should a taxpayer with $1million income get many of the same tax breaks as someone who earns $40,000?

For example, above a certain income the following can be eliminated:

• Special tax rate for long term capital gains and dividends.
• Standard or itemized deductions, including charitable and mortgage deductions.
• All tax credits.

Simply, have the taxpayer pay a tax on their total income, without any deductions, adjustments or credits.

I don't know why progressives have to make a point about "taxing the rich."   Just change the tax code.

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This is not financial advice. Please consult a professional advisor.

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