Quote:
Originally Posted by MonkeyMama
Ah, if it only it were so simple. I show almost six figures on my tax return and only pay 9% federal income tax. I mean, come on. Yes a new car tax would be way more expensive than my entire income tax bill.
Also, since the current sales tax pays for local taxes I wondered what would come of that. If the federal rate were to be 23% (& the state would want to get a piece as well). So say we added 30% to our already 8% sales tax.
40%??? So I go from paying 9% on ALL income to 40% on some income? I have always thought this would hurt the middle class more than anything. There is a prime example.
I mean it's awesome for the poor, to remove the social security taxes (believe me they aren't paying any income taxes). But likewise, it's just one more middle class squeeze.
If they want to exclude the seniors and poor they will have to have something like the IRS administrate that. There will still be a lot of red tape in that regard. (Though certainly not near as much as we have now).
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I agree.
And we're showing a few thousand shy of six figures ourselves (although luckily, that's a single income ... mine).