How would you restructure the tax code to bring in more revenue and decrease the deficit?

[Dawson Leery]

What marginal brackets would be acceptable?
At the same time, what would you cut from the budget to bring down the deficit?

[HopeHoops]

1. Kill the loopholes so the rich pay what the rest of us do (percentage) and kill the SS ceiling.

[damntexdem]

2. Eliminate the FICA tax cap; increase percentages for very-high incomes.

Reboot estate taxes. Stretch out tax-percentage increases for moderate incomes (e.g., the sudden jump form 15% to 28%).

Don't cut the budget -- or maybe the military budget and some subsidies to corporations.

[Dawson Leery]

3. Military and corporate subsidies do count as budget cuts.

[OneTenthofOnePercent]

4. Kill loopholes. All incomes over 2X poverty pay a flat tax. All corporations pay tax.

Nonprofit's and charities primarily aiding the poor/needy can be exempt.
With no loopholes or exceptions, most people would end up paying lower amounts of money.

[taught_me_patience]

5. I flat progressive tax with no deductions

0-20k: 5%
20-40k: 10%
40-60k: 15%
60-120k: 20%
120-240: 25%
240-500: 30%
500-1MM: 35%
1MM-3MM: 40%
3MM+: 50%

Everybody benefits from income taxes, so everybody pays... no matter how small the amount. Taxes would be as simple as a 1040EZ.

Slowly raise gas taxes by $1/gal over the next 5-10 years
Lower the corporate tax rate to 20% and close all loopholes.
Raise the FICA cap to 120K
Cut the military to 60% of current levels
Raise SS by 1yr
Raise Medicare by 1yr

[jpljr77]

6. Recognize all income, regardless of source, as regular income.

The fact that gains on sales of "long-term" investments are taxed at a different rate than ordinary income is absurd. I know that it's in place to help middle income people on sales of homes and encourage investments from the middle class. But just recognize ALL income as income and hell, keep the tax rate the same, and you'd have immediate revenue lift.

Hedge fund managers and other Wall Streetists use this rule as a loophole to pay only 20% on annual gains in the millions, or even billions.

I would also advocate a 45% top tier rate on incomes over $3 million.

[dems_rightnow]

7. Many things

Got rid of percentage depletion for oil & gas.
Raise marginal rates to low to mid-40's.
Get rid of making work pay credit, and maybe the child tax credit.
Remove social security lid.
Tax dividends as ordinary income.
Means testing to receive social security at all.... maybe $100k of other income.