Are US taxpayers paying their fair share of the income tax?
Laffer's curve says no government can really collect more than a quarter of GDP in taxes, no matter the tax rate, but growth and revenue is highest in the high teens or 20%. You're not going to increase federal revenue by upping taxes, and weighing more heavily on those who do work hard won't help those who aren't working at all.
A lot of federal spending today is going to redistribution, not government spending. And we need to cut back both to get actual GDP growth, as more come back into the workforce and stop working under the table to avoid taxes.
I think most taxpayers are paying their fair share. But not all of them. And the money that comes from taxes is being misspent by the "defense" budget instead of being returned back to the taxpayers in a beneficial budget that works for the people (citizens).
We don't need to be 50 times more powerful militarily than any other country on earth. We've proved that we are the best military in the world. We already have the biggest military budget. We could obliterate the middle eastern countries 5 times over already.
We need to spend our taxes on US! Build infrastructure, build the best standard of living, get rid of American poverty. Educate our citizens. become the greatest country on Earth!
Actually, we already are the greatest country on Earth, but we can do better!
I am pretty sure because the IRS go over the tax returns looking for any mistakes that will benefit them. I am sure most people are honest on their income tax returns. However, I am sure if somebody wins some money on a scratch-off ticket, they might not claim it-since maybe what they spend on these tickets is way more than they actually won.
I am sure that there are ones who claim vacations as business expenses or do not claim money they made doing a business out of them home, and so on.
Just off topic: This happened to me. The other day I got a call from the IRS saying that I owed back taxes and they said I had a warrant out for my arrest if I didn't wire money to them. This is a scam and I called them on it. The IRS never calls they use certified mail to communicate with you. Just spreading the word.
by ptosis 12 months ago
federal income tax rates history, During the eight years of the Eisenhower presidency, from 1953 to 1961, the top marginal rate was 91 percent. (It was 92 percent the year he came into office.)What does it mean, though? For the duration of Eisenhower’s presidency, that rate affected individuals...
by Ralph Schwartz 10 months ago
Can someone define what their, or anyone else's "fair share" is?Each day I hear complaints about rich people not paying their "fair share" of taxes - someone define "fair share" for me.
by Grace Marguerite Williams 11 months ago
Do you feel that you are taxed too much? Are you for less taxes? Do you also feel that the government use taxes as a subterfuge for their oftentimes wasteful spending?
by GA Anderson 2 years ago
Much is heard of a demand that corporations and the wealthy pay their "fair share" of taxes, but I have heard little of what that share should be.With only a single restriction; that the discussion is about legal tax actions, what should that "fair share" be?One could say that...
by kerryg 7 years ago
Funding for our country's children is being cut, but we allow a hedge fund manager to make enough money to pay the salaries of every public school teacher in New York City. Most of his earnings are taxed at a rate less than that of his secretary.We haven't been able to do anything about it because...
by Shyron E Shenko 21 months ago
Trump said at the first debate that it is good business not to pay taxes, do you agree with him?At the same time he is talking about the Military shrinking. Maybe he doesn’t know that taxes pay for the Military. Taxes also pay our infrastructure, schools, police…etc.
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