Conclusion
People want to be able to dream and to pursue their dreams. People want the liberties for which our founding fathers fought and DIED. People want to pay their fair share to keep this Country safe and great. As Dr. Benjamin E. Mays, late President Emeritus of Morehouse College said, “It isn’t a calamity to die with dreams unfulfilled, but it is a calamity to have no dreams.” The current tax system not only destroys the ability of people to dream and make their dreams real, it causes too many people to just give up.
We need The FairTax -- a tax system more appropriate for a free society. The current tax code CANNOT BE REFORMED to achieve the stated objectives. It MUST BE REPLACED. Please use the power of the Congress to replace our current income tax code.
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[1] $155.40 less 7.65 percent in employee Social Security ($11.89) and Medicare payroll taxes less 28 percent in federal income taxes ($43.51) leaves $10,000.
[2] Neither the flat tax nor the USA Tax would remedy the current bias against education.
[3] $15,540 less 7.65 percent in employee Social Security ($1,189) and Medicare payroll taxes less 28 percent in federal income taxes ($4,351) leaves $10,000.
[4] Economists generally agree that the employer share of payroll taxes is borne by the employee in the form of lower wages. This figure assumes that employees bear the burden of the employer payroll tax and that they are in a seven percent state and local income tax bracket. $20,120 less $5,634 in income tax (28 percent), $3,079 in payroll taxes (15.3 percent) and $1,408 in state and local income taxes (7 percent) leaves $10,000.