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Depends on the level of benefit you get. I'd like to see a 50% effective rate, and a guaranteed basic income for example. LOL.
Honestly its about 25%, which based on taxes, and fees is what the vast majority effectively pay....except for some at the very very top. They actually pay less then that on average. Some pay more.
Please note-effective.
Well, why don't you go live in some country that is to your liking. That isn't America. We were founded as a "free country"; i.e. "Liberty and Freedom for all." Do you know what Liberty is?
When we let the government rob us of our income, we are no longer free, and it also robs us of Liberty.
If you want a flat tax then you are no working class hero. Giving the rich a HUGE tax break will only make us all un-equal. Our progressive tax system (although flawed) is the best we have right now. Now, a consumption tax would hurt the working class even more. I'm not sure you are thinking this through. I base this assessment on your moniker.
actually no
if you clicked the link.. the fair-tax is a consumption tax, that gives a prebate for necessities. (ie the poverty level)
a flat tax or a semi-flat tax, would not hurt the poor or middleclass... everyone would have skin in the game...everyone would pay 1 level or 2 levels
let's use 10% flat tax
if my household is with the median (60k) (currently the 15% and under bracket) minus the std ded 12k, minus the personal exemptions (4k per person) your tax would be about (we will use a family of 2) 4k... less than the current
for a household making 5 million, their tax would be 500k
now what we could also do is a two tiered system of a modified flat tax
income of 0-100k....0%
income of 100k-1m...10%
income of 1m- infinity....15%
the problem is a good portion of income is never reported (people working off the books) and therefore, there are trillions of income that is never realized for tax purposes
by taxing sales of new items... everyone pays... be it a bottle if Tide, or a brand new Lexus
this also helps the environment as used items would be available for recycling/repurposing which will save/change our disposable ways(our society throws too many things out)
Well, why don't you go live in some country that is to your liking. That isn't America. We were founded as a "free country"; i.e. "Liberty and Freedom for all." Do you know what Liberty is?
When we let the government rob us of our income, we are no longer free, and it also robs us of Liberty.
if you clicked the link.. the fair-tax is a consumption tax, that gives a prebate for necessities. (ie the poverty level)
a flat tax or a semi-flat tax, would not hurt the poor or middleclass... everyone would have skin in the game...everyone would pay 1 level or 2 levels
let's use 10% flat tax
if my household is with the median (60k) (currently the 15% and under bracket) minus the std ded 12k, minus the personal exemptions (4k per person) your tax would be about (we will use a family of 2) 4k... less than the current
for a household making 5 million, their tax would be 500k
now what we could also do is a two tiered system of a modified flat tax
income of 0-100k....0%
income of 100k-1m...10%
income of 1m- infinity....15%
the problem is a good portion of income is never reported (people working off the books) and therefore, there are trillions of income that is never realized for tax purposes
by taxing sales of new items... everyone pays... be it a bottle if Tide, or a brand new Lexus
this also helps the environment as used items would be available for recycling/repurposing which will save/change our disposable ways(our society throws too many things out)
Well, why don't you go live in some country that is to your liking. That isn't America. We were founded as a "free country"; i.e. "Liberty and Freedom for all." Do you know what Liberty is?
When we let the government rob us of our income, we are no longer free, and it also robs us of Liberty.
I listen to a radio program, and they often say:
Our government steals our rights, then sells them back to us.
The more I work, the more I get paid. I think I would drastically cut down my hours with this system. As it is now, even with the current tax structure I always factor in the taxes when deciding how much I want to work. If I knew I would only get 30%, I would choose to just go home instead of working the extra hours. I would be done with my 20 hour days for good, in exchange for 8 hour days, and I would be taking 10 weeks vacation a year.
...Actually, that doesn't sound so bad.
Getting to choose how many hours one works is not typical. Many below you are in the 60-70 hour a week category and have no choice.
My dream scenario would eliminate personal exemptions or distinctions of “filing status”. Also eliminate the mortgage-interest deduction, and the charitable-contributions deduction. Marginal rates could rise, to be revenue-neutral.
I’m willing to pay a higher percentage of income-tax, than persons who earn less. What ceaselessly irks me is how persons who earn considerably more, may nevertheless pay less in taxes (percentage, or absolute amount) than me, not because it’s business-income or investment-income or whatever, but because of their lifestyle choices.
Quote:
Originally Posted by InformedConsent
...Too many ill-informed people whining that the rich don't pay their "fair share" when, clearly, the rich are actually WAY overpaying their share.
While overall your point is eminently sensible, there is a caveat, regarding the source of income. A professional athlete earning $5M in one year, is going to be taxed very differently from an investor with a $100M portfolio, that brought in $5M of long-term capital gains. There’s also a caveat, depending on where one lives. Top marginal income tax rate in California is something like 13%, which is knocking on the federal rate for long-term capital gains. But in some states, that state tax rate will be 0%... makes a huge difference for wealthy people, whereas say “cost of living”, in term of real estate prices, is pretty much irrelevant.
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