OK peeps, Ya'll are confused, and that's why Done is saying what he is
FEDERAL income tax
Federal income tax is only a percentage of taxes taken out.
What people don't realize, you can replace the FIT with a flat/fair tax, and you're still
going to be paying social security and fica(medicare) taxes aswell. So the great
majority of people would see an increase in taxes, plus(or minus) the fact that many tax
credits received now would go away.
So you might pay >15% in tax, but unless you make about 250,000 or more, you aren't paying 15% federal income tax.
"That's what she said"
Too many people get back FAR more than they paid into income taxes... thousands more, to be precise. If you doubt it, research the earned income tax credit. I know personally several people that typically pay in a few thousand a year, and get back at least twice that. Several of my past girlfriends with children, so I am intimately aware of what they paid in, and what they got back.
Not only do they NOT actually pay taxes, they get back more than they paid in.
I consider the state income taxes that I pay to be a tax on my income.
Not all states have an income tax.
The basic idea of a flat tax, and few people will argue the basics of it.... one flat tax. No income taxes, no FICA... one, flat tax.
Many people currently pay more than 50% of their income in taxes of one form or another. They just don't realize how deep it runs.
Last edited by jonny; 08-22-2011 at 03:46 PM.
"Scars heal... glory fades, and all we're left with are the memories made, Pain hurts, but only for a minute, Yeah life is short so go on and live it; Cause the chicks dig it" - Chris Cagle
Can we make sure they abolish the AMT as well?
300c SRT-8 ~ 12.52@109mph
(CAI, 180-stat, catback, 315s, FTI 3200, 91oct canned tune)
Crossfire SRT-6 ~ 12.84@107mph
How about Fair Tax?
Americans For Fair Taxation: Americans For Fair Taxation
Net is where I be......Nathan is me
2006 Charger SRT8
Inferno Red (Just a blur to most folks) with All Factory Options / Groups, SRT8 Mats, Side moldings/rear ram's head shaved
Billet Technology all over + valve covers and coil covers, KillerGlass Pipe, LMI FIV CAI, 180 Tstat, Magnaflow 3" exhaust
BES/HHP Stage II Heads/Cam/Intake/BBK 85mm TB, NoESP TranZformer
Hotchkis sways and BFGoodrich 275/40/20 Sport Comp-2 paws
Predator + CMR = "Custom Dyno/Street Tuned PCM"
The people who have the most money, the ones that are the true "upper class", did not build a business. did not work their ass off to get where they are. they do NOT pull in all sorts of incoming from a storefront, or service center, or anything. This isn't to punish the true winners of the "American Dream"
Its referencing all the people who have a yearly paycheck of $1, but a net income of Multi MILLIONS. Stock options, dividends, benefits, etc, all sources of income that go directly around income tax and get taxed at a *much* lower rate.
THAT is where all the money is in the country.
The 50% of income earners that don't pay "income tax" have so little income for ALL COMBINED, that even a 50-75% tax rate for them wouldn't even come close to just "adjusting" the 15% rate on investments to something that's in line with actual income tax levels.
Warning: The above post probably contains 2 or 3 times as many words as necessary.
2005 SXT AWD. Purchased in March of 2009. Totaled on January 16th, 2013. 75k excellent miles together.
1982 Isuzu I-Mark Diesel. Haphazardly acquired January 2010.
1981 Honda Twinstar. Salvaged from my backyard in 2009.
2006 Volvo S60R. Acquired Feb 1st, 2012.
1966 Ford F100. Acquired March 30th, 2012.