I come from a family of multiple upper-middle class. They're the most frugal motherfuckers you'll ever meet. Big fucking houses, vacations overseas, but still shop at Target and Kohls. They'd pay no more in taxes than your average 5-figure American.
When Bezos, Musk, and Zuckerberg make $115B in one year, do you think they'd be spending that money on taxable items in the USA?? They'd buy their yachts and aircraft and homes overseas and wouldn't be taxed on a cent of it.
Flat income tax with the first $50,000 untaxed and no tax loops/deductibles is superior in basically every way. All the lower class and a fair chunk of the middle class would pay basically nothing in taxes. Dual-income married couples don't have to file jointly, so effectively they could earn up to $100k untaxed.
I prefer a sales tax. Rich people will naturally pay more when they consume more
I come from a family of multiple upper-middle class. They're the most frugal motherfuckers you'll ever meet. Big fucking houses, vacations overseas, but still shop at Target and Kohls. They'd pay no more in taxes than your average 5-figure American.
When Bezos, Musk, and Zuckerberg make $115B in one year, do you think they'd be spending that money on taxable items in the USA?? They'd buy their yachts and aircraft and homes overseas and wouldn't be taxed on a cent of it.
Flat income tax with the first $50,000 untaxed and no tax loops/deductibles is superior in basically every way. All the lower class and a fair chunk of the middle class would pay basically nothing in taxes. Dual-income married couples don't have to file jointly, so effectively they could earn up to $100k untaxed.