Income tax should be percentage proportionate; no breaks above a limit
Posted 2 years ago
Income tax is vital to funding the government, but it needs to be streamlined. Leave sales tax to individual states, but do not make a flat rate for everyone. While the same percentage means, basically, "the more you make the more they take," low income families need the room to breathe, while those who make far more than ever necessary even to live beyond their lifestyles should be willing to give more to help provide the services to those who need them. This is not a Socialist view, but a simple tit-for-tat: a majority of wealthy people make their money as executives in companies where the "little people" do all the legwork.
As for tax breaks, let's look at the word "break." In essence, it implies it is much needed. So, giving tax breaks to a single parent of 3 children makes sense. Giving tax breaks to a small mom-and-pop company makes sense. Tax breaks to multi-million-, if not -billion-dollar corporations? They don't need it.
I couldn't agree more with your position on this. Proportional taxation is the way to go.
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Posted in Income & Wealth Inequality
2 years ago