Time for a flat tax.
Should appeal to progressives because it taxes the well to do more on the basis of amount paid.
Should end the shenanigans because it there is no fooling around - Net Income X .10 = amount you pay.
Should end the disinterested electorate that pays nothing, everyone will have skin in the game.
I like the idea, but 10% wouldn't even come close to supporting the budget. How about a consumption based (sales) tax instead? Maybe a flat 35% coupled with drastic budget cuts? I'm a public CPA and I'd be out of a job, but I'd gladly find a new field if it were up to me. On a related note, think about this...
1. You pay income tax at between 0% and 37%. You might also pay the net investment tax, additional medicare tax and a variety of other taxes and penalties depending on your income and your financial moves throughout the year. On the state side you pay anywhere from 0% to 13.3% Some cities, like NYC have income taxes as well.
2. You pay 15.3% in FICA/Self employment tax on your first $140k. Half out of your pocket if you're an employee, half by your employer. It's all the same IMO.
3. You pay sales tax on most things you buy at an average of around 7-8% depending on locality.
4. Every time you stay in a hotel, take a flight, buy booze, tires, GUNS, tobacco, fill up your car... there are excise taxes built into the cost. Lots of misc. taxes too. IE, the "gas guzzler tax and the now defunct "shared responsibility payment."
5. You pay property taxes. Here in NC we pay this on tangible property including our vehicles when we file our registration. Not just our homes.
6. C Corporations (think publicly traded companies) pay 21% in income taxes. If you own shares, you pay another 0%, 15% or 20% from those investments depending on your income. Pre-Trump this was waaaay higher.
7. After you've given half (maybe more?) of everything you produce to the government over your lifetime, if you're lucky enough to die with a huge nut, crippling estate taxes come into play at up to 40%.
If you've ever wondered why the left is so hell bent on disarming the public, think about the list above. Taxation in the US is a shit show of smoke and mirrors to keep people from figuring out how much they're actually paying. This is also why your employer withholds taxes for you. When you never see it, you're less likely to raise an issue. If the public ever figures this out I sure as hell wouldn't want to be a politician.
