Quote:
Originally Posted by Major
The top 10% of wage earners pay more tax now than any time in U.S. history, including when the highest tax rate was 90%. While individual tax rates were much higher in the mid-20th century, a smaller portion of the population fell into those high brackets, and many used deductions to lower their actual tax burdens. We are taxing our high wage earners at an unfair amount. Our federal government would collect far more taxes if it had a flat tax, e.g., 15%, across the board with no deductions. Nearly half of all Americans pay no federal income taxes. This would have the added benefit that everyone is paying their fair share and has skin in the game.
Back to the topic at hand, let's hope and pray that the NH legislature resists the urge of implementing either an income or sales tax. (Although selfishly speaking, I would prefer that they implement an income tax since I pay Mass state income tax anyway.) Expense reduction is the key.
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You are correct. The old trope that the rich don't pay their fair share or that "back then" the wealthy contributed more just won't die... From an article just out from the Cato Institute: "A
t the federal level, the top 10 percent of income earners pay more than 60 percent of all taxes and 72 percent of income taxes, shares that have been increasing over time. " You can read it for yourself here:
https://www.cato.org/blog/tax-day-fi...-pays-how-much
As was said earlier in the thread, we have a spending problem not a revenue problem...