How I would restructure US taxes.

I want to see the income tax become even more progressive, with 12 tax brackets instead of 6, and I want the first $11,000 (or basically what is just slightly above the US federal poverty guideline for a single person) to not be taxed, because it makes no sense to tax someone that is so poor, that they receive federal money for food stamps and Medicaid.

I want the income tax bracket for individuals to be as follows:

• 45% over $10,000,000;
• 42% over $1,000,000 but below $10,000,000;
• 40% over $500,000 but below $1,000,000;
• 38% over $250,000 but below $500,000;
• 35% over $125,000 but below $250,000;
• 30% over $75,000 but below $125,000;
• 25% over $50,000 but below $75,000;
• 20% over $35,000 but below $50,000;
• 15% over $25,000 but below $35,000;
• 10% over $15,000 but below $25,000;
• 05% over $11,000 but below $15,000;
• 00% below $11,000

I want to see capital gains taxed at four rates:

• 7+ years: 00%
• 2-5 years: 10%
• more than 6 months but less than 2 years: your ordinary income tax rate
• less than 6 months (day traders and speculators): your ordinary income tax rate + 10%

I would have the following six tax rates of estates:

• 40%: over $100,000,000
• 25%: over $10,000,000 but below $100,000,000
• 20%: over $2,000,000 but below $10,000,000
• 10%: over $500,000 but below $2,000,000
• 05%: over $250,000 but below $500,000
• 00%: under $250,000

I would have the following domestic corporate income tax rates:

• 35% over $100,000,000
• 32% over $10,000,000 but below $100,000,000
• 30% over $1,000,000 but below $10,000,000
• 25% over $500,000 but below $500,000
• 20% over $250,000 but below $125,000
• 15% over $75,000 but below $125,000
• 10% over $25,000 but below $75,000
• 05% below $25,000

And I would have the following foreign income corporate income tax rates:

• 50% over $100,000,000
• 45% over $10,000,000 but below $100,000,000
• 40% over $1,000,000 but below $10,000,000
• 35% over $500,000 but below $500,000
• 30% over $250,000 but below $125,000
• 25% over $75,000 but below $125,000
• 20% over $25,000 but below $75,000
• 15% below $25,000

Now, many people will insist that this is redistribution of wealth, but that's hardly the case.  What this proposal does, is recirculate money into the system, so that the ultra-rich cannot remove vast amounts of it from circulation on a near-permanent basis by creating huge estates of savings that then get passed along to their heirs, which are often set up in low-tax schemes.

Also, the corporate income rates are scaled such that, it tends to encourage small businesses domestically, while discouraging the exportation of jobs overseas in manufacturing.