With all of the "Tax the wealthy" rhetoric out there this election cycle, I want an idea of what people think a "fair" tax rate would be for the wealthy. I don't want partisan talking points, or unsubstantiated allegations (from either side). If you start quoting "facts", then site your sources. I'm looking for rational discussion on tax policy (an absurd expectation I know). For the purposes of this discussion, let's set my annual income at $500,000. So tell me: How much should I have to pay in taxes.
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There is a huge problem with this system in how it affects the poor, if you make 10 000 a year and pay say 15% tax that $1500 is very important to getting by and not having it affects your quality of life not so for someone making much more.
Well that is what they are paying now. I know this for a fact because that is exactly what my nephew makes per year. He is single w/out children. They eat him up.
The current system definitely needs work, no argument. My point was simply that flat tax hits the poor much harder in terms of affecting their quality of life.
I totally agree with you, But it is better than the 30% I was paying 15 years ago.
Most people who support a flat income tax suggest exempting the first X amount.