Fresh Start Political Thread

[sdskinsfan2001]

Originally Posted by SunnySide

^^ projected 2021 tax bracket.

Ted Cruz suggested a 10% flat tax ... how would that work? Id pay maybe 5k less in taxes .. Kanye West would pay 5 million less in taxes.

Im not an anti flat taxer, I just dont see how it would work. Seems countries like Estonia and Ukraine use a flat tax but the US?

It would have to be higher than 10%, that's for sure. I'd imagine somewhere between 15-20% would be the landing spot.

I'm fine with people paying less in taxes. I want everyone to keep as many as their dollars as possible. As long as the system isn't gamed for cheating.

[SunnySide]

Originally Posted by sdskinsfan2001

It would have to be higher than 10%, that's for sure. I'd imagine somewhere between 15-20% would be the landing spot.

I'm fine with people paying less in taxes. I want everyone to keep as many as their dollars as possible. As long as the system isn't gamed for cheating.

If I make 86,376 next year, my payable tax is $14,751 ..

Under a 20% flat tax .. id pay $17,275.20 If my first 32k isnt taxed at all, id pay $10,875.20 ($54,376*.2)

Under a 20% flat tax where my first 32k isnt taxed .. id save $3,876 but id lose the ability to claim deductions etc so who really knows. I dont. So why even buy a house with mortgage interest, why invest in a roth ira .. you get no tax benefit from these under a flat tax (I assume)

Kanye on the other hand would save what? 5 million to 10 million per year?

Even if we do a 15% flat tax, Id save pennies compared to what the elite rich would save.

Wouldnt our tax revenue plummet?
Doesnt this just benefit the rich?
Wouldnt we have to slash all support like SS, medicare, medicaid etc .. just so Kanye can pocket 35 million instead of 30 million?

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I want corporations and the elite rich to pay taxes .. instead of focusing on us under 100k people who have to grind out a living.