Oh my, yet another pronouncement from the left that is immediately proved to be self contradictory.
It is amazing that except for payroll taxes, roughly 90% of income taxes are paid by the top 20%. Nearly by default, any tax cut will go to the top 20%. Personally, as someone in the top 3% of incomes, I’d rather see corporate income tax go away and keep personal taxes the same or maybe even slightly higher on top levels of income brackets as what I might lose up front, I’d more than make up for in equity appreciation and GDP growth.
b & b
I started my own company and had the misfortune to have a banner first year.
I got CREAMED on taxes. Fortunately I knew it was coming and saved a good chunk of my income off to the side to pay Uncle Sugar.
We won’t have a fair tax system until everyone pays. The Earned Incme Tax Credit allows “the poor” (including illegals) to get payment from the taxpayers, another welfare hand out. Mexicans can have it sent to “nieces” and “nephews” in Mexico, who may be fictitious. EITC payments amount to hundreds of millions dollars in fraud every year and should be eliminated in any new tax bill.
Each year, our debt interest and deficit spending pile on more national debt. This is unsustainable. Congresses past and present, are responsible for creating our national debt. Reducing expenditures to reduce and eventually eliminate our national debt must be coupled to any tax reform IMHO. Keynesian economics have led us to financial instability and it's contributing to the demise of the nation. There is no free lunch!!
"Woe to those who are wise in their own eyes, And prudent in their own sight!" - Isaiah 5:21
WHY THE INCOME TAX SHOULD BE REPLACED
In early January 2009 president elect Barack Obama made the comment that part of what was wrong with America was that not everyone “had skin in the game”.
Of course he was pushing his socialist view that everyone would have to sacrifice for the greater good - that the wealthy would have to start doing “their fair share”.
After all - weren’t the people on the lower rungs of the economic ladder already sacrificing because they couldn’t afford to live like the wealthy?
His observation that everyone should have “skin in the game” was on target but as usual he had the cause and effect completely backwards.
One reason the federal government gets off lightly on extorting so much from the private sector and spending and wasting so much is that almost 50% of American households pay no income tax. latest estimates put the actual number at slightly less than 80 million households.
They don’t have any “skin in the game”
So they don’t have an investment in America or in the government.
So they really aren’t concerned that much about government spending or how much the government extorts from others.
If we had a minimum tax for everyone, or better yet a sales tax instead of an income tax, everyone would have “skin in the game”.
Instantly we would have another 80 million households suddenly become interested in how much the federal government spends, where it is spent, how much is scammed from the government and how much is wasted.
They would begin to pay attention to what their elected representatives are actually doing - or not doing with their money.
That’s probably the main reason why most senators and congressmen don’t want to change the tax system.
We all know what opinions are like, so here’s mine: First, clean up the language of the issue. The word “fair” is one that should not EVER be used regarding taxes unless everyone accepts MY opinion of what “fair” means. Next, everyone should pay THE SAME, from dollar one. 15% of all earned income no matter what. Then we add a national flag sales tax on everything starting at 1%. If we spend more than comes in it gets raised. That way when we vote we can hold politicians accountable for how much their spending is costing us. Last thing: no deficit spending, no debt longer than the 10 year. Treasury.
Ping
To drain the swamp the 16th Amendment must be repealed.
Americans at almost every income level are paying a smaller percentage of their salaries in federal taxes than they were 10, 20 even 30 years ago.
The richest 1 percent of households in the nation pays 25 percent of all federal taxes.
The richest one-fifth... ― paid 69 percent of all federal taxes collected by the U.S. Treasury that year.
The poorest 20 percent saw their average federal tax rate drop from 8.7 percent in 1983 to 3.3 percent in 2013. The next one-fifth of households saw their federal tax rate drop from 12.8 percent to 8.4 percent.
Only the wealthiest one-fifth saw their average federal rate go up, from 23.8 percent in 1983 to 26.3 percent in 2013 -http://www.huffingtonpost.com/entry/republican-tax-cut_us_58f14cbce4b0da2ff860eaff?ncid=inblnkushpmg00000009