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I kind of pointed that out. you hit 60% tax rates at 60K in income.
You are attempting to change the argument into something it isnt.
No, I'm not. I'm the one who said Scandinavia/Europe has regressive tax systems. Not only is their middle class in the top tax bracket, unlike the US, but they've added 20-25% VAT taxes on top of that, too, also unlike the US.
But what do we get? Ungrateful whiners and complainers here in the US who aren't even anywhere close to being in the top tax bracket incessantly complaining that the rich don't pay their "fair share."
Well, I call BS on that lame brainwashed mantra. Put the US middle class in the top tax bracket AND pile a 20-25% VAT tax on top of that, like Scandinavia/Europe, and see if they like that better. It puts tax fairness at a much more equal level. More people would pay the same tax rate.
A low flat tax combined with a consumption tax. We are already over taxed in this country for the services provided.
Local tax, state tax, Federal tax, sales tax, property tax, we are taxed to death.
What I don't understand is, if "fair" in the post-war period into the 70's, was considered to be around 65% for upper-middle class, why isn't that "fair" now? That's what people mean when they said "fair share". It was a graduated tax, that's what made it fair.
How so?
Is it fair to charge one person $4 for a gallon of milk but charge another person $400 for it? How is that fair? They're both getting the same thing.
A low flat tax combined with a consumption tax. We are already over taxed in this country for the services provided.
Local tax, state tax, Federal tax, sales tax, property tax, we are taxed to death.
There's actually data on that.
Two liberal think tanks analyzed US local, state, and federal tax rates and came up with the following, to their surprise...
Here's the average effective TOTAL (local, state, and federal) tax rate, by income group.
Quote:
Data sources for chart: Tax Policy Center and Institute on Taxation and Economic Policy
This is why we never get anywhere on anything in the US. 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. /SMH
Flatten taxes. Implement a consumption tax. Make taxation more fair.
Maybe now, instead of having the highest rate be 90%, as it was then, the highest could be 70%, so that most people would be paying 50% or less.
Suppose I make $100K and I'm taxed at 30%, I'll net $70K. If I make a million taxed at 90% I net $100K, not a whole lot of incentive to go out make a million is there? 70% is only marginally better.
With tax rates that go up to extremely high percentages you destroy the incentive to make it if the government is just going to take it. You are effectively penalizing success.
Maybe now, instead of having the highest rate be 90%, as it was then, the highest could be 70%, so that most people would be paying 50% or less.
As another example suppose you collect 50% on income up to 500K, at $500K I net $250K. If you are collecting 50.1% tax on income over 500K if I make $500,001 I'd net about $249.500
There's actually data on that.
Two liberal think tanks analyzed US local, state, and federal tax rates and came up with the following, to their surprise...
Here's the average effective TOTAL (local, state, and federal) tax rate, by income group.
Data sources for chart: Tax Policy Center and Institute on Taxation and Economic Policy
This is why we never get anywhere on anything in the US. 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. /SMH
Flatten taxes. Implement a consumption tax. Make taxation more fair.
Quick sniff test. According to that the effective tax rate on the one percent is 36%. Ie they take zero deductions.
If you believe that I have a bridge to sell you. Your data is obvious garbage.
Quick sniff test. According to that the effective tax rate on the one percent is 36%. Ie they take zero deductions.
Read what federal taxes include. It's not just income tax.
Reading is fundamental.
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