I am OK with giving up tax deductions on mortgages and charitable giving if that means a flatter and lower tax rate.
Let us say 15% flat tax rate with a $10K per person deduction. That is it.
This way a family of four that makes $40k pays zero tax. So it is still pretty “progressive” for our progressive friends.
However, an upper middle class family of four that makes $250K, now pays $250-40 = $210K x 0.15 = $31,500 in Federal Taxes.
Now, they dont get a mortgage deduction but then their overall tax bill is relatively low
This way seniors and fixed income people will end up paying little to no tax and still the top 10% of americans will pay over 90% of the tax
“This way a family of four that makes $40k pays zero tax.
This way seniors and fixed income people will end up paying little to no tax and still the top 10% of americans will pay over 90% of the tax.”
What part of that seems like a good idea ?? EVERYBODY needs to pay painful tax rates to get EVERYBODY to care about how wasteful government is. You’ve just turned a majority of the populace into freeloaders who couldn’t care less what government does because they only benefit from additional government and don’t actually pay for it.
We already have a system that punishes success and rewards failure, and you want to make it worse.