Sonny wrote:Honest question for ya laxfan25.... How much of my paycheck should I be able to keep each week? And how much should go to taxes?
Your fair share, based on your ability to pay, the same as every other taxpayer. Is that 5%? 20%? 35%? Hard as it might be to believe, we are low on the global tax scale, with rates from 0 - 35%. (Here's a chart if you want to compare
http://www.worldwide-tax.com/index.asp#partthree) Our upper range is not as high as many, and a big difference is that most countries have a substantial VAT or GST on spending.
One problem is that the extremely well off (and the extremely well off are EXTREMELY well off - a look at the distribution of income and distribution of wealth in the US would likely shock you) pay much less than one would expect, since they have teams of accountants and financial advisors that take advantage of tax breaks and shelters to protect their income - breaks that you and I can't avail ourselves of. They would also be VERY happy to eliminate the estate tax, since then all of their wealth - whether it was gained tax-free or not, would be passed on to their heirs. There is already an estate tax exemption that will more than protect you and I, but it should definitely be kept on estates of two million or more.
Of course, when congress is basically made up of millionaires (given the cost to run a campaign, its no wonder) there is no one in there looking out for the common man's interests -although they'll campaign like they do.
A flat tax is not the answer - it is disproportionate to those on the lower end. A fair progressive tax, with the elimination or reduction of unproductive tax breaks or shelters, is the fairest method.
A balanced budget for the Fed gov't is also a good idea on the surface, but it can be pointed out that during the Depression, it was massive gov't deficit spending that kept the country alive.
I think a policy of "Pay as you go", where tax cuts or spending increases have to be paid for is a start. It's the way each of us has to live at home - why not do the same in the gov't.
Now if you want lower taxes, you can also reduce expenditures. That is often not a popular option, since you're taking away something from somebody. I think things like capping Social Security for those that are not really in need would help, since that is a huge part of gov't spending. I know I'm not planning on living on my Social Security check.
No one likes taxes, including myself. But the concept of a government providing for the greater good is noble, and needs to be financed, by all, by their fair share. Don't let them divide the middle and working class by fighting amongst ourselves while the elite make off with all the money!