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Two bracket tax code with no deductions or exemptions. The first bracket is 0% up to whatever the poverty level income threshold is. After that everyone pays the same rate on all dollars earned after that.
So you're saying that people at subsistence level - with no discretionary income - should pay the same tax rate as everyone else.
Yes, at the very least, though they'll be paying significantly less than others while tending to use more services. It's the cost of living in society. Cut back somewhere else. Get a roommate or 2, use public libraries for internet access, etc. There are plenty of ways to cut expenses and pay your fair share of taxes.
I don't understand why we can't just pay a flat tax across the board. A low percentage, no loopholes, no deductions. I would imagine with no loopholes and no deductions there would still be enough revenue because those who make more but take deductions now (which I have no problem with; it's legal) will end up having to pay more. Why can't we pay a 10% tax across the board and be done with it? Eliminating the IRS would save a lot of money too, except then they'd all be unemployed.
I don't understand why we can't just pay a flat tax across the board. A low percentage, no loopholes, no deductions. I would imagine with no loopholes and no deductions there would still be enough revenue because those who make more but take deductions now (which I have no problem with; it's legal) will end up having to pay more. Why can't we pay a 10% tax across the board and be done with it?
S Corp pass-through accounting. Profits are taxed as personal income. So they have to be able to take business deductions.
I rent, I make less than 50k, I am not paycheck to paycheck.
The median renter makes considerably less than $50k.
The median income of renters is just about 1/2 the median income of homeowners.
Fully two-thirds of renters make less than $50k, according to the National Multi Housing Council, a nationwide organization of apartment owners and managers:
(Note that >$50k renters are currently increasing rapidly, what with exorbitant home prices and millennials)
Apartment Household Incomes in the Previous Year
Income 2014 Households 2013-2014 Annual Change
Less than $20,000 6,157,887 1.52%
$20,000 to $49,999 6,355,362 0.92%
$50,000 or More 5,748,789 3.83%
Source:NMHC tabulations of 2013 & 2014 American Community Survey microdata. Updated 11/2015 Note: Income figures recorded in 2013 (2012 income) are adjusted for inflation using the Consumer Price Index.
Google says thusly in response to a search for median renter homeowner income:
Just over 11 million or 26.4% of all renters are between 25 to 34 years. Income, another critical component of tenure choice, is also provided in the 2012 ACS. The median income for rent-occupied households was $31,888. The median income for owner-occupied households was more than twice that amount at $65,514.Apr 18, 2014
S Corp pass-through accounting. Profits are taxed as personal income. So they have to be able to take business deductions.
(singing) Eve of destruction, tax deduction...
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