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The Income Tax System is Broken - CBS News (CBS) On April 15, don't be surprised if the line at your local post office is a bit shorter than usual. That's because your neighbors may not be paying any income taxes this year. An astonishing 43.4 percent of Americans now pay zero or negative federal income taxes.
Wow..almost hit that nail right on the head.
I said 43% and it's 43.4%. See folks, even as I type the number is increasing
I'll go with the flat tax at 10% to be assessed at the state level and distributed to the federal government according to the state's population. So Nevada pays very little, NY and CA pay a bunch. The state keeps the amount in excess of its federal outlay for its budget. All states and the federal adjust its expenses within that 10%. And ALL federal not directly related to Cabinet staff and support are apportioned among the 57 states by population.
Then we'll see which is most productive, socialism or capitalism.
The Income Tax System is Broken - CBS News (CBS) On April 15, don't be surprised if the line at your local post office is a bit shorter than usual. That's because your neighbors may not be paying any income taxes this year. An astonishing 43.4 percent of Americans now pay zero or negative federal income taxes.
43.4% of Americans pay no taxes at all is ridiculous. This has to be changed.
43.4% of Americans pay no taxes at all is ridiculous. This has to be changed.
Change is in the works. Within the next 3 to 7 years the government will dictate the pay of any employed persons with in the U.S. and with tax all companies income in excess of reasonable profits.
I'll go with the flat tax at 10% to be assessed at the state level and distributed to the federal government according to the state's population. So Nevada pays very little, NY and CA pay a bunch. The state keeps the amount in excess of its federal outlay for its budget. All states and the federal adjust its expenses within that 10%. And ALL federal not directly related to Cabinet staff and support are apportioned among the 57 states by population.
Then we'll see which is most productive, socialism or capitalism.
What we are talking about is federal income tax paid after filing for the year. I am certaqinly in favor of the falt tax as many pay no tax at the rate of 505 and 69% actually get more service than they pay in taxes.O the rate my taxes have gone upo very year even with Bush's tax cut ;just not as high a increrase.
People refer to the rich and them needing to pay more taxes, is if it's something they don't do already.....they pay more.....they pay a lot more. People feel that they get deductions that they can't take because they're not rich. The deductions are generally for things that will benefit the country or the economy in some way so, as an incentive the government allows for some type of a deduction on certain "things" so that less or no tax is paid on the money spent or invested on those "things".....it's not a deduction they get to take just because they're rich.
Let me make a point of something by using two examples, that people seem to forget when they talk about tax rates. Citizen A is married with 4 dependents and makes $50,000 a year. Citizen B is single with no dependents and makes $1,000,000 a year. Just to make things simple I'll use a a flat tax rate and a very low one at thet.....10%. Citizen A gets a significant deduction for his 4 dependents (whom many will argue over as to whether they help the country or the economy in any significant way)...what is it $1,000 or $1,500 each and then along with what ever other deductions he may be able to take (mortgage interest....if he can afford a home....and isn't being foreclosed on...lol)....so he ends up paying let's say roughly $4,000-4,500 (at least in this example). Citizen B gets to deduct for himself and who knows what ever deductions he may be able to qualify for but, the point is he's starting off with a tax bill of $100,000 minus whatever his deductions will give him, instead of $5,000. Let's say he was able to deduct $200,000 (which is pushing it to say the least), that's still $80,000 in taxes he'll have to pay. That's a lot more tax that citizen A will have to pay and he's just one wage earner (without a family) like citizen A is (but, with a family).
Now, don't start replying to me that he can afford to pay more since he makes so much excess income and citizen A is having a rough time with a family to take care of......I already understand all that......along with all the other reasons he should and is paying more in taxes. The example I'm giving is just to point out that people seem to forget that what a person's tax rate is and what they pay in taxes are two different things.
The feds and state government just need to quit spending beyond their budget and live within their means.
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