Elon Musk Wants To Simplify the Tax Code

[rightwinger]

The big yellow slice is the top 20%, and you’re complaining they’re “rich”? The median net worth of that quintile is $608,000.

News flash: as a well-paid government worker with a cushy inflation-adjusted pension, you’re no doubt in the yellow slice - and even more likely in the top 10%.

(That’s the problem with the elitist libs. They’re always clamoring that the wealthy should pay more, not realizing that they are the wealthy.)

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finance.yahoo.com

Do you know what median means?
It is not the same as an average

The numbers are heavily skewed by ultra wealth

 

[hadit]

Boy, I'm glad that whole thing is complete fiction.

 

[dudmuck]

Boy, I'm glad that whole thing is complete fiction.

ya, in Trump's first term he restricted H1b. but now he is for them?

 

[Lisa558]

A flat tax with no deductions, else its just the same old same old. the tax must include all wealth increases to be a true fair and flat tax.

It will of course not happen.

The problem is that it will take about a 15% sales tax to equal revenues under the current system, and that means lower-income people - who currently pay nothing - will be hit with an unaffordable tax, especially when you factor in Biden’s inflation on groceries and gas.

Still, it’s not fair that HALF of all Americans pay nothing toward the federal government, and the top 5% pays 2/3rds of all revenue collected. So, we need a “compromise” system:

Certain categories of basic groceries (fruit, veggies, milk, cheese, bread, eggs, chicken, beef, fish, etc.) would be exempt from sales tax. This way, the bottom half could still buy the basics tax-free, but would be contributing to the tax revenues (which they now do not) elsewhere.

Same thing with food stamps: the poor who stick to the basics don’t pay sales tax. But loading up on soda (the #1 purchase with food stamps), junk food, etc., would be deducted as sales tax.

 

[Zincwarrior]

The problem is that it will take about a 15% sales tax to equal revenues under the current system, and that means lower-income people - who currently pay nothing - will be hit with an unaffordable tax, especially when you factor in Biden’s inflation on groceries and gas.

Sorry to clarify, flat income tax on persons and corps.