[Sour D]

Originally Posted by Ghaati

People who -earn- $1 million every year get enough write-offs that they don't actually pay their tax rate. That's the problem. They get tax write-offs. They have ways of investing the money so they don't have any tax burden on that portion at all. They can afford to invest in non-taxable interests.

Poor people can't invest anything. Most of the middle class can't invest much either, which is why they actually pay more, percentage wise, than the wealthy pay, when all is said and done.

I'd love to see millionaires actually PAY their 28% tax rate. But as long as they get all those shelters and deductions, they will typically pay less than 10% while the middle class pays their 22-25%.

BS. I paid over $600k in taxes for 2020 and made 1.3m. You have no idea what you're talking about.

[Ghaati]

Originally Posted by Sour D

BS. I paid over $600k in taxes for 2020 and made 1.3m. You have no idea what you're talking about.

You didn't pay almost 50% of your income in federal income tax. The income tax rate in the USA is progressive. The highest rate you'd be taxed is 37%, but only on the income over the first $518k. So that would be around $190k, for that bit.

The rest is on a lower digression, and digresses further in stages to 10% on the first $9000-and-change, and would amount to a total of possibly $140k. So add the $140 and the $190 and you have $330k total income tax, on $1.3 million income. And that's without ANY deductions at all, which, if you're earning that much, you have.

[Cruzincat]

Originally Posted by nep321

I think Florida should have a state income tax on all income earned by individuals. Sales tax can be reduced or eliminated in exchange for the income tax. Property taxes can be abolished, too. I would say a 5% income tax is reasonable, on all income over $30K, graduating up to 10% on all income over $1 million. The money would go to fund infrastructure projects and public schools. Taxing income just makes a lot more sense than taxing sales and wealth IMO. The more you make ,the more you pay.

I think having a state income tax would also be a great way to slow down the insane amount of people from moving here and destroying the land and building tons of new houses and apartments. It would help stabilize the population growth and strengthen schools. I would love to see FL public schools overall be at the same prestige and quality as the northeastern states, which trounce FL public schools.

I moved down to Florida from Connecticut three years ago and think Florida can learn a thing or two from northeastern state policies and taxation. Florida can get away with having an income tax because so many people don't care and just want to move here for the beaches and climate.

Thoughts?

Right here is why Florida should have restrictive laws, keeping people moving in from blue states from voting for a long time, unless they are 50 years old or more. Most people that age have seen a thing or two, about how taxes seldom go down, even when a new tax is approved to "replace" it.

[ninetynine]

Originally Posted by nep321

Property taxes can be abolished, too.


I think having a state income tax would also be a great way to slow down the insane amount of people from moving here and destroying the land and building tons of new houses and apartments. It would help stabilize the population growth and strengthen schools.



Thoughts?

Eliminating property taxes to slow down home building? Let me guess, you're a senior who doesn't work. Your solution is like throwing gasoline on a fire to 'put it out'. I'm glad I'm retired & there is no longer anyone around me who can spout this inane nonsense within earshot.

[JoseyWales90]

As someone from Chicago, it's hilarious to see braindead transplants from failed states try and implement the same failed policies again and again. Zero self-awareness. These locusts should stay in the North if they love high taxes that accomplish nothing and enrich corrupt bureaucrats.