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In reply to the discussion: Fox & Friends: “Unfair to the Job Creators - 650,000 Homeless Pay No Income Tax!” [View all]locks
(2,012 posts)Today on FOX Saturday Business show, the panel spent some time crying for France as they are sure France will soon be bankrupt if it raises the highest tax rate on all their millionaires and billionaires; they all will undoubtedly take citizenship in another country as Depardieu is doing. Then one of their "financial experts" (Nobel in economics I'm sure) said "It is not fair that so many people in the US pay no taxes; it means that they will never vote to decrease taxes because they depend on the government to take care of them. If they had to pay taxes they would have a stake in how the government is run." The next genius said, "That's why I'm for the flat tax; because it's so fair. Everyone pays the same percent of their income."
Took me a few minutes, since I don't have a PhD in econ, to figure: if my income is $20,000 (more than the minimum wage) and the often suggested flat tax rate is 10% I would pay $2,000 in tax, leaving me $18,000 to live on (without, of course, the free higher education and health care the French enjoy).
If your income is $200,000 you would pay $20,000, leaving you $180,000 to live on.
If your income is $2,000,000 you would pay $200,000 and you would have to make do with $1,800,000.
I couldn't go higher as my calculator is old and I was weeping for Depardieu.