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45% of Americans pay no federal income tax

  • Offline MalabarJag
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#29
04-19-2016, 09:49 AM

Quote:Here's an idea everyone including the poor is paying to much in taxes. This is where I disembark from conservatives, you can't preach governments to big, taxes are to high, and then moan the single mom making 20k a year doesn't pay her fair share of income tax. What the hell do you want to tax her food stamps?


No one should be paying income tax that's the problem not that we don't soak the poor enough. Hell yes the rich pay to much in income tax but why the hell is the solution to further spread the misery?


These are garbage studies anyways, when you factor in sin taxes, county and local taxes, state income taxes, transportion taxes and everything else the poor are also paying a majority of their disposable income to uncle Sam, that is after they are forced to offer him an interest free loan anually.
 

Right. The big tax hit on the poor is the FICA (Social Security / Medicare) tax.


 

I'm a big advocate for the Fair Tax. It's a consumption tax that rebates the tax payed by the poverty-level income to everyone, so anyone making poverty-level or lower wages effectively pays no tax, but still has a strong incentive to earn more since the rebate does not go away as you earn more. The tax itself is large (~30%) but the rebate check compensates for basic expenses.


 

It replaces the income tax, the FICA tax, and corporate taxes. By taxing consumption it automatically evens out the taxes on American-made vs. foreign-made goods, so free trade becomes fair trade. Eliminating corporate taxes would eliminate the advantage of a corporation moving it's headquarters to a foreign country. Eliminating the IRS means no tax returns, and no use of the tax code for corporate welfare.


 

The Fair Tax creators claim that elimination of corporate taxes would cause prices to drop comparable to the tax itself for American-made goods. That's probably overly optimistic, but prices would move lower over time as competition kicks in.




                                                                          

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45% of Americans pay no federal income tax - by MalabarJag - 04-19-2016, 09:49 AM



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