I favor a progressive income tax code. Having said that, if a flat tax were set at 10% - a person making $1 Million pays $100k and a person making $50K pays $5k - so the millionaire paid $95K more in taxes for infrastructure usage.
#100 | Posted by BellRinger at 2021-09-08 05:33 PM | Reply | Flag:
That's the argument the billionaire want every schmuck who isn't a billionaire to make for them.
Right now someone making a million with three kids pays $370,000 so they walk away with an extra $270,000 per year.
Someone making $50,000 with three kids right now pays zero so their taxes increase by $5,000.
Someone making $50,000 per year with three kids does not have an extra $5,000 laying around.
That is why the GOP loves the idea of the flat tax and they will argue any way they can to push it from lying to tell everyone they would save money because the tax rate will drop from 37% to 10% so everyone saves to the tax code is too complex.
Yes it is complex for people with lots of exotic investments, but in fact for 80% of America the tax code is incredibly simple... you get your W-2, add what puny amount of interest income you earn on your savings account, subtract the standard deduction and figure the tax from the tax tables.
However, carried interests, FACTA reporting, foreign earned income exclusions, qualified business income, intangible drilling costs, historic rehabilitation credits, research and development credits, etc all make the tax code extremely complex due to the nature of their income and they pay CPA's and lawyers to figure it out.