November 18, 2014 by JImbo
(via the American Enterprise Institute)
It’s actually a very interesting if short article. All you really need is this graph though:
The US population split into 20% “quintiles” based on income.
Second $15,501- $29,600
Highest $234,000 Plus
A -35% tax rate for the working poor is basically the government GIVING YOU 35% more cash and benefits when you file your taxes (earned income credits, food stamps, etc)
Can we PLEASE shut up with this “fair share” crap?
How about we simply go to the Flat Tax or the Fair Tax?
No deductions and fancy accounting loopholes.
Just a flat 20% tax rate AFTER the first $20,000.
It’ll fit on a post card.
We wouldn’t need the IRS either.
That’d save us a few billions dollars (making our taxes even CHEAPER!)