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This article claims that the "all-in" marginal tax rate is fairly flat - to within 5% difference:
News for Dallas, Texas | Dallas Morning News | Scott Burns | Personal Finance | Business Columnist | Dallas Morning News (http://www.dallasnews.com/sharedcontent/dws/bus/scottburns/columns/2007/stories/DN-burns_28bus.ART.State.Edition1.1cbab70.html - broken link)
It does not seem to do any analysis of effective tax rates for different brackets.
I think it implies the total marginal tax bite (including state / fed/ local etc) taxes is within 5%, and hence mostly flat. I am not sure if the total effective tax bite is almost as flat. I think people worry more about effective rates and less about marginal rates.
I think it implies the total marginal tax bite (including state / fed/ local etc) taxes is within 5%, and hence mostly flat. I am not sure if the total effective tax bite is almost as flat. I think people worry more about effective rates and less about marginal rates.
Right. My point is that people here are talking about only the federal income tax, while that article includes state and local as well.
The real cumulative tax rates per person would obviously vary by state and locality.
I am for a consumption tax. That way all the cash, under the table earners also pay.You spend, you pay tax. The rich will pay more by default because they spend more. It is the best, fair system.
You pay a flat 10% on adjusted gross income between $0 and $16,050
You pay a flat 15% on adjusted gross income between $16,050 and $65,100
You pay a flat 25% on adjusted gross income between $65,100 and $131,450
You pay a flat 28% on adjusted gross income between $131,450 and $200,300
You pay a flat 33% on adjusted gross income between $200,300 and $357,700; and...
You pay a flat 35% on adjusted gross income over $357,700
Too bad the "you" is the 50% of productive people who actually pay income taxes. The remainder just sucks at the nipple of society.
A flat tax is the only fair tax. The more you make, the more the government takes, so those who make more pay more, but everyone pays what liberals are always talking about...their "fair share." It seems most liberals always want to someone else to pay their "fair share" but are fine with the 50% who pay nothing or worse, get refundable credits.
A national consumption tax on luxuries would be my vote. And simplifying our current income tax, both for both upper and lower income earner advantages across the board.
I'll go for a flat tax if it exempts the bottom 85%. Let the owners of the country pay for the maintenance. The rest of us will just get on with living our lives.
Now I understand. You just dont want to pay anything.
Neither do I, but the reality is that we have to. Being a socialist I'm surprised you dont want to just forfiet all assets & let the gov't decide what you can have back.
Honestly, I think worrying over tax law is silly at this point. We have created a huge gov't that costs trillions to run. Anyone serious about restructuring tax law in a way that will truly lower obligations has to tackle our problem of constant fiscal irresponsibility first.
That wont happen, just as serious tax reform wont happen, simply because the people we rely on to legislate tax law benefit tremendously by being part of a huge inefficient political machine & they make money off of taxes collected. Its like gathering up the nations junkies to help fight drug addiction.
The flat tax rules...Talk about being on the level playing field! No matter what you contribute or don't contribute to the economy you pay the same income tax %! The flat tax is equitable but also does not kill incentive to succeed.
I wish Congress would consider it but I don't believe it will any time soon.
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