Redfish
Diamond Member
I disagree with thatIOW you're hawking a fantasy.
You're going to put a $2400 annual income tax on someone making minimum wage of what, 16,000 a year...
lol good one.
It's not a fantasy as It's already the case; go look up the distribution effects of inflation and then see what it does to a person making $16K a year buying power then go ahead and add in all the other hidden taxes that person pays and see what you come up with. That's the great "benefit" of current system of progressive taxation you seem to love so much, the "rich" get to claim "See how much we pay in taxes!" while at the same time using their legions of attorneys and accountants to wring every advantage out of it, the poor and the middle class get royally screwed and aren't even aware of it.
At least moving to a flat income tax levels the playing field from both a practical and moral perspective, of course the "rich" and well connected will never allow a flat tax system because it's not in their best interests.
Not to mention, most flat tax proposals I have read exempt a certain level of income, usually the federal poverty level. So, the tax doesn't kick in until about $20k or so.
If we are going to tax an earned dollar then tax every earned dollar
Well, I respectfully disagree. I think levying an income tax on the working poor is counterproductive.
How about the non-working poor? should welfare payments be taxed as an incentive to get off the dole?
but seriously, I do think that there should be a floor on a flat tax. If you make under $X, you pay no income tax, or you pay it and get it back as a refund at the end of the year.
the problem is that there is no incentive to make $X+1 since if you did that you would go from zero tax to paying the flat rate and have a net loss of income.