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YEEESSS, Your mouth to Gods ear. Tax rate is very complicated, remember Romneys comment about the 40%. He didn't say 40% of people don't work, he meant the bottom 40% end up paying no federal income tax. To the guy who said "only the rich create jobs" That's ridiculous, most jobs in the US are created by small business. The vast majority of small business owners are NOT rich.
I wouldn't mind 18% ha or 10%. I mean current tax rate is about 22% ha.
We're middle class and my wife and I payed $9000 for Obamacare and another $35,000 or so on Federal taxes. I almost have enough left over to eat at Taco Bell.
Yeah Affordable Care Act my tush, but that's another topic. Think my mom making close to $60K with taxes deducted looses about $18-$20K a year add in insurance $1500 a year.
About 38% would be the tax on that That's A LOT! Also, depends if it's PAY or investment income.....there are so many loopholes....it really depends where the money comes from!
1 Mil per year is great...but if you only get 1/2 of that....(while it's still nice pay), it ain't a million!!!
Hopefully next POTUS does something with the tax system in the US. Who knows maybe by 2018 will just be mailing are item's in on a postcard or online with just a click.
The reason we have debt is simple. The Fed spends more money than they have revenue. The create budgets that call for paying it off down the road, which never happens, because the next budget does the same thing.
Our fed is addicted to spending. a million hear 500 million there. Some things we need and some not at all, but special interests always come first. Why do you think very few of them want campaign finance reform?
Some talk about it, but very few do anything about it.
Taxes. Instead of raising taxes, which gives politicians the excuse to spend more, why not cut out the pork and see where we end up? Then pass a balanced budget and stick to it. Just like the rest of us have to do.
So not here to cause argument, but insight. Hypothetically speaking the number of those making 1 Million and plus is about 260,000 people in the U.S. Now again hypothetically if each of those individuals made exactly 1 Million taxed at a 1.05% rate that would generate about 13 Trillion dollar's.
So two questions...What is the average tax on those making a million and over? Why hasn't the debt been erased where does that tax money go?
A bonus question for curiosity sake...What if we taxed everyone making more than a million in course of two year's in addition to regular taxes a tax at 1.02% that would clear the US debt?
Raising taxes on anyone is a losing proposition if the galactic waste and inefficiency of local, county, state and federal governments is not corrected or even approached.
All levels of government need to be sanitized of legal and illegal corruption, waste and inefficiency.
To rally around a tax for the uber wealthy is an act of futility and blindness and condones the waste which diminishes the quality of life of everyone.
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