General Discussion
In reply to the discussion: Just did my taxes and I feel ashamed [View all]Exposethefrauds
(531 posts)Anyway you do make an interesting point. I make between 100,000 and 150,000 a year, under 65, no kids and between all the legal deductions Mortgage interest, 401k, donations and state and local taxes the only ones I take....I pay a 15.5% federal tax rate.
Is it right and fair, not really but until one buys a home, you are pretty much screwed when it comes to taxes in America. Squirt out a kid or 2 or a dozen and you get even more for a tax break, which I think is wrong, the more kids one has the more one should pay in taxes because they are the ones consuming the most resources. But that if for another discussion.
If I were in charge the first 50k a year one makes would be tax free regardless of source, a flat 10% for incomes between 50k and 100k a flat 15% for incomes between 100k and 150k. Incomes above 150k start paying a graduated rate toping out at a 90% rate.