Talkin’ Bout A Revolution

Taxes

Postby BeerCur on Thu Jan 22, 2004 1:29 am

I consider all money taken out of my check by the federal government and given to the federal government to support "whatever" a tax. This includes the social security. Out of every individual income, up to $85,000 per year (as of 2002), 6.2% out of every paycheck no matter the income level goes to support social security with an additional 6.2% being paid by the employer, ultimately reflected in the employee's salary, or by the self-employed themselves.

To correct the injustice that the wealthy ironically pays less than the Average American as a percent of annual salary, if you include Social Security, we should institute a flat tax that includes Social Security. My idea is to have a flat tax with no deductions what so ever except for dependents (Including oneself). The flat tax rate of 30% should fit the bill of current taxes collected.
The dependent reduction is as follows...
A deduction of $10,000 if the person is single, against taxable income.

A deduction of $20,000 if married and taxes filled jointly, against taxable income.

An additional $5,000 per child that's a dependent under a parent's or a guardian's care (Only one deduction per child), against taxable income.

Examples
If a a single person makes $20,000 they pay $3,000 or else 10% of their income.

A Married Coupled with 4 children making $40,000 will pay nothing.

A person who makes a million with no children will pay $297,000, or else 29.7% of their income.


This is fair and just. The Wealthiest in society pay a higher amount while not over taxing them. The average American does not have an overwhelming percent of their income taken away.

This sytem will take take much of the weight of the boot of government off the neck of its people. Lets make the tax system simple and just. Not to mention saving 1% of all taxes collected going to the IRS.
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