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and how much money do you get back when you file your tax returns each year?
I get nothing back, I have an actual tax liability and underwithhold because (a) part of my income is from self-employment, which means I'm never overwithheld, and (b) Dept of Ed would take my federal refund if I ever had one (hence I have an incentive to avoid overwithholding even in the absence of SE income).
A tax policy think tank says that elimination of the income tax in Wisconsin and its replacement with a sales tax will pad the wallets of the wealthy to the tune of thousands and cost the poor hundreds in extra tax dollars.
The analysis, conducted by the Institute for Taxation and Economic Policy, says the top 1 percent of earners — those making an average of $1,065,000 — would see a windfall of $43,997 a year under such a policy, which Gov. Scott Walker says his administration is studying. Meanwhile, the bottom 20 percent — those pulling in an average of $14,000 — would be paying an extra $747 each year.
The second 20 percent — those earning an average of $29,000 — would be hit even harder, to the tune of $1,045. In fact, to come out ahead on the deal, taxpayers would have to fall in the category that earns an average of $113,000.
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Read more: Think tank: Income tax elimination would benefit wealthy, cost low earners : Ct
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freemkt, the reason you are being told that the rich will benefit is because they are paying all the taxes in the first place but get very little if anything for all the money they pay. The poor who don't pay anything get all the benefits even though they don't pay anything. How do you think that is fair?
I like the concept - it gives the state a vested interest in the governeds' economy. Good economy = good tax revenues.
??? The income tax doesn't give the state a vested interest? Good incomes = good tax revenues. Good economy makes many unskilled workers worse off, esp with a higher sales tax.
freemkt, the reason you are being told that the rich will benefit is because they are paying all the taxes in the first place but get very little if anything for all the money they pay. The poor who don't pay anything get all the benefits even though they don't pay anything. How do you think that is fair?
Unlike liberals, I don't have a problem with the rich benefitting; my problem is with the lower working class getting soaked with higher and regressive taxes.
I don't think anyone "hates" anyone but do you really expect people who work hard to earn money only for the government to take it off them to be happy about it.
When the poor supported Obama as he ran around saying raise taxes (take more off working people) what do you think people thought? We also have enough common sense to know that government will never be happy and next they will want to raise taxes on lower income levels.
A tax policy think tank says that elimination of the income tax in Wisconsin and its replacement with a sales tax will pad the wallets of the wealthy to the tune of thousands and cost the poor hundreds in extra tax dollars.
The analysis, conducted by the Institute for Taxation and Economic Policy, says the top 1 percent of earners — those making an average of $1,065,000 — would see a windfall of $43,997 a year under such a policy, which Gov. Scott Walker says his administration is studying. Meanwhile, the bottom 20 percent — those pulling in an average of $14,000 — would be paying an extra $747 each year.
The second 20 percent — those earning an average of $29,000 — would be hit even harder, to the tune of $1,045. In fact, to come out ahead on the deal, taxpayers would have to fall in the category that earns an average of $113,000.
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Read more: Think tank: Income tax elimination would benefit wealthy, cost low earners : Ct
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Lol....they make a proposal and you get all up in arms because it's a regressive tax.
Meanwhile, Cook County and other parts of the country have INSTITUTED the highest sales taxes in the nation and you kept quiet. LA is the other biggie.
Where have you been?
P.S. Cook County and Wisconsin have similar budget sizes. Within about 20%.
It's a great idea. The state would be inline with 9 other states that eliminated income taxes and that keeps the money in the economy rather than in some greedy political hack or government agency.
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