I'm not much of a fan of the fair tax, but I am a fan of everybody paying. The top 20% of wage earners in this country pay close to 90% of all collected federal income taxes. Why should they be paying the taxes the rest of us should be paying, because they have it?
Yes, that's the way the tax structures are in the rest of the world.
At the same time nearly half of our population pays no federal income taxes at all.
Well, with republicans passing tax cuts for corporations and the rich, eventually, some people are so low on the progressive income tax scale that they will pay $0 in income taxes.
Look how it was before Reagan.
The median taxpayer for 1981 had an AGI of $13,497 and owed $1,394 (10.3 percent of AGO in federal income taxes. Figure A shows the approximate effective tax rate for the average, or more specifically, the median taxpayer for selected years since 1950.
Figure A.-- Effective Tax Rates on Median AGI, All Returns, 1950 - 1981 Tax Median Adjusted Effective Year Gross Income Tax Rates
1950 $2,721 5.5%
1955 $3,528 8.1%
1960 $4,281 8.7%
1965 $5,143 8.4 1%
1970 $6,784 9.8%
1975 $8,929 8.9%
1976 $9,556 8.8%
1977 $10,222 8.5%
1978 $10,972 9.0%
1979 $11,869 9.3%
1980 $12,824 9.9%
1981 $13,497 10.3%
The following example shows how income tax' before credits was computed for 1981 for a married couple tiling a joint return, claiming four exemptions, having $4,880 in itemized deductions and with an adjusted gross income of $48,796. Joint Return with Income Subject to Tax at Regular Rates Only Derivation of Income Subject To Tax: $48,796 Adjusted Gross Income -1,480 Itemized deductions in excess of zero bracket amount -4 000 Exemption amount *43:316 Income subject to tax
And when the left wants money for their stupid projects, their solution is to increase taxes on people that are paying most all of the tax now!
And when right wants more $$$ for their stupid projects, they lower taxes on the people that came up with their stupid idea.
My idea is similar to the fair tax plan, except I think we need a national consumption tax to pay for any deficit spending and that's all it should be used for. Increase deficit spending, up goes the consumption tax.
It's ALL deficit spending.
If we all had a dog in this race, you'd see how fast people would revolt against all this unnecessary spending by the Democrats with their vote buying and pork stuffed bills.
Sure, like this?
June 11 2020
U.S. Treasury Secretary Steven Mnuchin told Congress Wednesday that the Trump administration intends to keep secret the names of the businesses that have received more than $500 billion in COVID-19 bailout funds through the Paycheck Protection Program (PPP), claiming the information is “confidential.”
You want to fund the Ukraine war, the consumption tax goes from 7 cents on the dollar to 9 cents on the dollar.
You want to fund a border wall, republicans should pay for it.
You want to send Mexican immigrants further into the US, republicans should pay for it.
You want to have college loan forgiveness, then it goes from 9 cents on the dollar to 12 cents on the dollar.
Democrats should pay for it.
You'd see how fast this shit would stop in no time at all. That's kind of the idea McCarthy is proposing.
NO, he isn't.
Kevin McCarthy had a hell of a time getting elected as House speaker, and a list of all the concessions he made to the most conservative members of his party wouldn’t fit here. But one of the more important was a
concession to hold a vote about a radical tax reform proposal known as the FairTax.
The FairTax, at its heart, is simple enough: It would take almost every federal tax and replace them with a fat 30 percent sales tax on everything. Virtually every American would get a monthly check from the government to cover the cost of paying the tax on essentials. It’s a radical idea, but one which since its
first introduction to Congress in 1999 has been a favorite of conservative Republicans. Rep. Buddy Carter (R-GA) already has 23 co-sponsors for the
current iteration. Prominent party figures like
Ted Cruz,
Mike Huckabee,
John McCain,
Rick Perry, and
Herman Cain have all championed the idea over the years.
