WorldWatcher
Platinum Member
All income tax cuts will always predominantly benefit the wealthy because the wealthy pay most of the taxes. Over 50% of US citizens pay zero income tax. The top 10% pay the vast majority of the income tax 72% to be exact. What tax cut could you pass that wouldn’t predominantly benefit the wealthy?
Now take a look at total tax burden as percentage by income levels when all taxes are included. These include:
- Federal Income Taxes
- State Income Taxes
- Local Income Taxes
- State Sales Tax
- Local Sales Tax
- Targeted Sales Tax (for example special taxes on hotels, restruants, etc.)
- Real Estate Taxes (and yes renters pay real estate taxes, bascially through their rent for the landlord)
- Property Taxes (addition taxes on owning high value items, such as vehicles)
- Various Directly Embedded Taxes (for example Federal and State taxes embedded in the purchase of fuel)
- Various Indict Embedded Taxes (those taxes that are paid by manufacturers and importers on goods and services that are then passed on to the consumer)
WW