INEQUITY IS MORE THAN DISPARAGEMENT IN INCOME
I just paid my IRS tax for 2020. I am on a fixed retirement income and I pay what is owed every year with virtually no deductions. What gripes me in not what I have to pay out, which hurts; but that I have paid multiple times more then the X-President of the United States. The New York Times published that Trump paid $750 income tax in 2016 and 2917 and zero taxes in ten of the prior fifteen years.
This isn’t just Trump. When I was a first-class (E-6) enlisted man in the Navy I paid more taxes than President Ronald Regan his first year in office.
This inequity sux. My opinions don’t amount to a rat’s ass in the big picture, as I have no power. But the U.S. tax code needs to be reformed. The answer is so simple: One standard tax rate – no deductions – money from every source counted as income.
Let’s say 7%.
People making below $20,000 pay no taxes.
If you make $50,000 you pay $3,500
If you make $100,000 you pay $7,000
If you make $1,000,000 you pay $70,000
If you make $1,000,000,000 you pay $70,000,000 (One billion pays seventy million.)
The federal government could balance their budget and pay off the national debt in short order.
Of course, the plutocrats, the people with all the wealth that control the politicians, will never allow this.