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If Arizona shifts to a one-size-fits-all income tax, it would raise taxes for 88 percent of Arizona filers while cutting them for the 12 percent with a taxable income of more than $100,000 a year, a legislative analysis shows.
It's about time a state moved to something like this. It seems like only half or so even pay some form of income tax at all, and it's a lot easier for people to keep adding services when you never feel the expense that it brings along. They should include a breakdown of what various state and local initiatives cost everyone per $1,000 earned.
Because the rich have earned their money and the rest of us lazy heathens aren't worthy to lick the dirt off their expensive shoes.
The rich have 'earned' their money outsourcing all the middle class jobs. Just got back from a meeting - guess what? MORE outsourcing, more unemployed folks, more tax burden shifted to those who still have jobs - and the fat cats want us to give up our property tax deductions so they can can buy some new boots for us to lick.
And the poor people utilize how much of the tax dollars compared to the rich?
What has happened to this country? This redistribution of wealth from people who make money to poor people is wrong.....
What is the sense of working hard and getting ahead in life when the progressives want to take what you earn and turn it over to the poor?
A flat tax with no exemptions for anyone is fair, this proposed law is not that.
Funny you talk about the resdistribution of wealth but make no mention of tax breaks, subsidies and tax loopholes that allow corproations to keep BILLIONS of dollars every year.
The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.
Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.
Quote:
Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore. G.E.’s giant tax department, led by a bow-tied former Treasury official named John Samuels, is often referred to as the world’s best tax law firm. Indeed, the company’s slogan “Imagination at Work” fits this department well. The team includes former officials not just from the Treasury, but also from the I.R.S. and virtually all the tax-writing committees in Congress.
While General Electric is one of the most skilled at reducing its tax burden, many other companies have become better at this as well. Although the top corporate tax rate in the United States is 35 percent, one of the highest in the world, companies have been increasingly using a maze of shelters, tax credits and subsidies to pay far less.
In a regulatory filing just a week before the Japanese disaster put a spotlight on the company’s nuclear reactor business, G.E. reported that its tax burden was 7.4 percent of its American profits, about a third of the average reported by other American multinationals. Even those figures are overstated, because they include taxes that will be paid only if the company brings its overseas profits back to the United States. With those profits still offshore, G.E. is effectively getting money back.
Right now, people who make more than 150,000/yr pay 5 percent. That is the top bracket. The lowest bracket is 3 percent.
The legislature is considering instituting a flat rate of 2.08 percent. That means that people in the lowest bracket will get a whooping 0.92 tax cut and the top bracket will get a 2.92 tax cut.
The kicker is that they are going to eliminate a lot of deductions, including the standard deduction. They claim that the new bill is "revenue neutral". I'm having a hard time believing that one.
Given the financial situation of the state, I think it is going to be a "stealth" tax increase. I believe it is an ideological/political gimmick. Time will tell.
Last edited by EDnurse; 03-25-2011 at 01:42 PM..
Reason: To insert link
and because of hussein obama's spending EVERYTHING is going up, screwing the middle class and the poor. (his sheeple overlook that fact)
Agreed. He really needs to slow down on defense spending most of all.
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