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- #21
it sounds like a huge tax increase for Matt and me....now that i am not working and bringing in any income, and Matt is only working a little more than part time, we pay a little less than 5% income tax, and pay more SS and Medicare taxes, (and much more in property taxes) than income taxes....at one time when we both were in our heyday we paid around 20% after we took all of our deductions on about $150k+ a year, and didn't miss a dime of it....(truthfully, we really didn't, other than wishing we had some of that income tax money we had paid, now, in our own savings to help us 'get by' now that we are poor )
A 15% flat rate income tax, would be a huge increase and a major burden on our survival....we are "just" making ends meet now.
How about 15% on all earnings in excess of $25,000 per year? I would be o.k. with that as long as ALL citizens earned their first 25k tax free.
How about we cease taxing income all together and go back to taxing commerce?
I like the way you're thinking, but I believe that for the tax code to be fair, those with higher incomes do need to kick in a bit more than their retail spending would require without making the consumption tax a true burden on the lower incomes.