Originally Posted by GermanStar
Either you lost me, or you didn't understand me -- I'm not sure which. In case it was the latter, allow me to clarify. I want every person in the country to pay the exact same amount, not the same rate based on income.
I think I understood....I was probably too obscure in my reference to the blues song "Taxman".
In any case, let's roll with that idea.
Using very rough numbers, individual taxpayers cough up 33% of the US budget each year in the form of income taxes. We'll use simple math.
300 million people, covering 1/3rd of a $3 trillion budget (or $1 trillion).
$1,000,000,000,000 / 300,000,000 = roughly $3,333.33
This is a 'tax cut for the rich' if ever there was one. The minimum wage strawmen just entered the 33% tax bracket, while those earning over $1 million per year are in the 0.3% tax bracket. Wooo hooo! Yay, capitalism!
If you want to eliminate all other taxes, under this plan, those earning less than $9,999.99 per year are subject to a 100% tax on their income. Hope they don't need to eat, drive to work, turn on a light, make a phone call, flush the toilet, etc. Oh, and those earning at least $1 million now have to pay a full 1% of their income in taxes. Very equitable.