To put it in perspective, if someone who makes the bare minimum to reach the higher tax range pays 31%, after taxes they are left with $172,500 at the end of the year. Someone who makes the national average, $51,000, pays 27% and takes home $37,230. Finally, someone working sixteen hours a day making minimum wage will make, before taxes, $31,200. After paying 15%, they take home $26,520. That’s literally working twice as much or more than the average 40-hour a week job. The yearly budget those in the highest bracket have to work with is literally more than six times that of the people likely working for them. It’s difficult to feel pity for someone who complains that they can’t make ends meet when taking home, even paying all of their taxes, at least four times the amount of the average American.
The aforementioned across the board tax reform on both personal and corporate taxation is the key. By bringing in more money, the deficit will go down. Run the country as a smart person runs a household. You pay the necessaries first, then take the rest and put half into savings and the other towards paying off debt. Does it mean that you can’t always have all the things you want right now? Of course. Does it mean that, down the line, you’ll have in essence bought the freedom to do so once you’re finished with the hard stuff? Yes. We suffer now to prosper later. We teach our children that lesson from an early age while, somehow, forgetting it ourselves. It’s time to remember.
In order to right this country, economically, we need to face the hard facts, that what we have now is broken beyond repair and must be scrapped and remade into something more reasonably workable. The tax code should be simple, clear-cut and without exception, from the heads of the wealthiest corporations to the most impoverished worker. There should be a static set of exemptions, for things like family-size and the repayment of debt, which benefits the economy directly. Finally, all assets should be considered and taxed as a lump sum, regardless of source. If a waitress must claim tips, then a CEO must claim investment revenue. The same rules will apply to corporate taxes, as well, because, as is so commonly heard said about immigrant workers, if they wish to be treated as citizens, they must pay the same dues.
The aforementioned across the board tax reform on both personal and corporate taxation is the key. By bringing in more money, the deficit will go down. Run the country as a smart person runs a household. You pay the necessaries first, then take the rest and put half into savings and the other towards paying off debt. Does it mean that you can’t always have all the things you want right now? Of course. Does it mean that, down the line, you’ll have in essence bought the freedom to do so once you’re finished with the hard stuff? Yes. We suffer now to prosper later. We teach our children that lesson from an early age while, somehow, forgetting it ourselves. It’s time to remember.
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