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Re: Taxing the rich - what is the cutoff?
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Originally Posted by Schneed10
Philosophically, I'm right there with you. From a practical standpoint, a flat tax just won't work. Either our government would experience a drastic reduction in revenues, or way too many people would be thrust into poverty.
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I agree. I would like to see us move to the Fair Tax. The Fair Tax would still be progressive in that those making more will spend more dollars, therefore paying the same or very close to the same percentage of the federal tax bill that they are paying now. I know there are some disagreements in the details of rate and who will actually be paying what portion of the federal tax bill, but the disagreements can be overcome (ref. to the FactCheck.org article). A new method of collecting federal taxes that reduces our tax code to something manageable, cuts the IRS to a fraction of its current size, taxes the underground economy, brings more businesses & jobs back to the U.S., and shuts down half of "K St." has my support.
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