FreakyLocz14
Conservative Patriot
- 3,498
- Posts
- 14
- Years
- Seen Aug 29, 2018
Lowest income tax: 10%
Highest income tax: 35%
30 years ago
Lowest income tax: 14%
Highest income tax: 70%
So the taxes for the poorest citizens have dropped a 4%, while the taxes for the richest have dropped by half. And now the deficit is crazy, so what's the solution? Increasing the taxes for the richest citizens back (not even to their previous levels!!!)? Nah, it's much better to cut down the benefits of the poorest since there are more of those and, after all, the richest could run away and avoid their legal obligations to contribute to the taxes.
Seriously, I find it horribly disgusting to live in a world where our leaders have such ideas. Sadly, they are all over the place lately.
I believe we should have a flat tax rate, but even under the current system, 35% of your income is a very large portion. A better solution would be to flat tax and lift the $250,000 cap. Under the capped system, certain taxes like (such as Social Security) only tax the first $250,000 a person makes in a year. Reforming that is a more feasible and fair option to just increasing income tax rates.
Raising income taxes across the board would indeed penalize small businesses because $250,000 falls well short of the definition of millionaire that people seem to demonize. My proposal would be feasible if personal income tax reforms are kept separate from the income their business generates. Legally, businesses and corporations are separate entities than the individuals that own and operate them.