Quote:
Originally Posted by OrangeBlossomBaby
10% is fine too. Make all the uber wealthy - that other 10% of taxpayers, take the standard deduction, and pay 10%.
Good luck convincing anyone to pass THAT through senate and congress though. The top 5% of wealth in this country itemize enough that their tax obligation is much less than 10%, and some of them pay nothing at all in taxes.
So sure - bring it on. 10% tax, with standard deduction ONLY, no more itemizing at all, for everyone.
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Not true. See the chart in this article:
Here'''s What the Average American Pays in Federal Income Taxes | The Motley Fool
INCOME RANGE (AGI). AVERAGE TAX LIABILITY EFFECTIVE TAX RATE (% OF AGI)
$1 to $25,000 $208 1.7%
$25,000 to $50,000 $1,871 5.2%
$50,000 to $100,000. $6,251 8.7%
$100,000 to $200,000. $16,977 12.6%
$200,000 to $500,000 $55,536 19.5%
$500,000 to $1 million $173,678 25.8%
$1 million to $10 million $632,146 29%
$10 million and above $7,884,775. 26.1%
Overall average $9,118 13.9%