At present Americans pay an average of $4600 in individual income taxes. It would be fair to jack up the taxes for SocSec and Medicare, which are underfunded, and borrow a few more 100’s of Million annually from China. Do both and we can cut the average income tax in half.
Some would say that $2300 per each person, young or old, rich or poor, would be the fairest tax. But if you think about it this discriminates against the rich.
The rich use private schools — is it really fair to make them also fund public schools? They often have their own private security — why should they have to pay as much for police as the people in crime-ridden ghettos? The rich shouldn’t be forced to subsidize national parks — they vacation in the Caribbean or on the Riviera. And what sense does it make for the rich to help fund the Dept. of Labor??
A fair tax would be progressive; something like this:
- Earning less than $75,000 per year — pay $3000
- Earning $75,000 to $150,000 — pay $2500
- Earning $150,000 to $350,000 — pay $2000
- Earning $350,000 to $550,000 — pay $1500
- Earning $550,000 to $750,000 — pay $1000
Anyone earning more than $1,000,000 is probably a Job Creator. The government should be subsidizing them, not taxing them. I know the Trump plan won’t accomplish all this, but it will be a big step in the right direction.
Yes, the $3000 tax would be burdensome on many freeloaders. I think the tax would motivate them to find work! And the prohibitions against cash for kidneys and other organs should be repealed of course — Win, win!