Reply #16: Tax Rates

[dugog55]

Why do regular working people get a tax book that looks like a pamphlet and the rich people get one that looks the the New York White Pages? They get too many deductions. Warren Buffet himself said it's ridiculous that he pays a LOWER percentage in taxes than his secretary. Regardless of what the tax codes currently say, the upper 1% pay less than 20% in taxes, nowhere near the 35-39% that is popularly used in the media.

How about a flat tax? The first $20,000 per individual/$40,000 per family is the standard deduction. After that, you pay 25% in taxes. Period. No other deductions, credits, or write-offs of any kind. A family that makes $100,000 would then pay 25% of $60,000 which would be $15,000, or 15% of their total earnings. Pretty close to what it is now. Everyone making less would pay less than they are now. And the rich would not be able to get away with all their deductions that are NOT available to the working family. It would ease the tax burden on low-income families, and really assist those on retirement incomes.

Apply the same formula to businesses and corporations (why not?, our SCOTUS gave them personhood). Tax everything they consider profits. GE made a profit of $10 billion and paid no taxes, and actually got a $1 billion tax credit (from "Capitalism a Love Story). That is bullshit. Hell, Exxon-Mobil made profits of $425 billion (2008 I believe) and paid no taxes. If the company is listed on any US Stock Exchange, they should pay their taxes.

Those Republican bastards (and most spineless Dems) are trying to cut every social service for real Americans, and look the other way when the "Rich", banksters and corporations are not paying enough or nothing towards our budget. Then, they go out of their way to help them out of financial jams they created.