I don’t know about this graphic. I know for my wife and myself, $250k range, we will pay a little more. But I am all for the elimination of SALT deductions. In fact I am in favor of eliminating all deductions including the standard and child tax credits. Every individual should be paying the same percentage of gross income in federal taxes. That way everyone has skin in the game. And if you pay no taxes, you have no business voting. It is a direct conflict of interests.
We should encourage married tax payers to have children, we should reward it, especially people that stay married. Healthy families are much less of a drain on fiscal budgets.
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But I am all for the elimination of SALT deductions. In fact I am in favor of eliminating all deductions including the standard and child tax credits.
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Concur. I understand the idea of ‘promoting family, but govt doesn’t, not while picking their pockets, supporting a welfare state\single-mothers (more kids = more $$).
Course, I’d rather see a return to non-fiat currency, where total elimination can occur. As it stands, it’s all one big shell game and We the People the ultimate shills.
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Every individual should be paying the same percentage of gross income in federal taxes. That way everyone has skin in the game.
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Sorry, but unless there’s *only* a NRST (Fair Tax’ish), you’re still talking not having 100% w/ ‘skin in the game’.
Flat-tax would still require an IRS, still involuntary, still anti-Rights.
No, every individual should be paying the same %...on a *voluntary* basis. Fedzilla has NO inherit right to the fruits of any one’s property. 5th explicitly indicates as much.
Buyer > seller > State > Fed. All new/initial purchases only; we got enough 2x+ taxation.
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And if you pay no taxes, you have no business voting. It is a direct conflict of interests.
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Believe that’s a given around here ;)
“In fact I am in favor of eliminating all deductions including the standard and child tax credits. Every individual should be paying the same percent.”
If you are taxing income (as opposed to consumption) there have to be deductions to account for the minimum cost of living expenses which are not really income.
To illustrate the point, are you suggesting the small business owner should pay taxes on gross revenue? Of course not, because a low margin, high turnover business like a grocery store would get killed that way, whereas a high margin low turnover business like an architect would get off relatively easy.
The same principle applies to employees. For example, an employee earning a salary just barely covering the cost of living would get killed with no deductions vs a highly paid salaried earner for whom living expenses is but a small fraction of his salary.
The point is, income tax should be on profit not gross revenue - and while that concept is covered for small business owners by the schedule C deductibility of expenses, the salaried earners mechanism for deducting expenses is the standard or itemized deductions. Take that away and you are taxing revenue, which is not a fair representative of one’s earnings.
If you have to spend it in order to keep working and getting your paycheck - i e, transportation, work clothes, (and you do need a minimum of food and shelter just to make it to work another day), those should be treated as deductible expenses just like business expenses.
A person earning a $25k salary is arguably earning zero after paying even the most minimal expenses - why shouldn’t that person be able to deduct basic living expenses? That’s what the itemized and standard deduction is for, and I think it’s fair.
Having said that, the tax code is full of innappropriate deductions, credits and incentives which were put there as manipulative tools to redistribute wealth, encourage PC behavior, buy votes for crooked politicians and foist all sorts of social engineering experiments on the public. I don’t think the government should be subsidizing the housing industry, procreation, or certain approved energy alternatives, etc.
The purpose of deductions should simply be to account for basic living expenses which should not be considered part of taxable income.