postman
Diamond Member
- Feb 23, 2017
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How would that be fair? Since (turning it into a math problem) everybody has certain minimum expenses, like food, shelter, clothing etc.everyone should pay the same TAX RATE no matter what their income is
According to the most recent report issued in January 2023, the poverty threshold for a family of four is $29,960. For an individual, the poverty threshold is $14,891.
Any income tax on someone at or below the poverty level, is money that has to come from their everyday expenses, like food. Someone making more than the poverty level actually has the surplus available for discretionary spending (and income tax). The further above the poverty level the greater the discretionary income available for taxes.
So the tax rate to be equitable would be (Income - poverty level) X standard tax rate.