That's interesting! Especially since the tax bill hasn't passed yet and negotiations on changes are still underway. I think the only thing we know for sure is that taxes will increase dramatically for everyone at the end of the year if they can't reach a compromise.Originally Posted by frugal-one
"Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein
I don’t have a problem with paying my fair share of taxes for services. I find it grossly unfair, however, for the wealthiest to pay the least. That seems to be the agenda of the current administration. DOGE was supposed to equate to efficiency but not so! A massive millions of dollars parade is not conducive of lowering our debt but contributing to it.
In 2022 the top 1% of income earners paid just over 40% of all federal income taxes. The top 10% paid 72%, the top 50% paid 97% and the bottom 50% paid 3% of all federal income taxes. Which group do you think is not paying their fair share?
"Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein
I know it’s not anything final, but a piece I saw said the standard deduction would go up but personal deductions would go away, raising trillions. I assume that includes mortgage interest on a home? That could raise some eyebrows if it goes through and I’ve understood correctly.
"what is it you plan to do with your one wild and precious life?" Mary Oliver
I think the piece you read may have confused the personal exemption with itemized deductions.
In a double check, yes it's quite likely I'm confusing person exceptions with itemized deductions. Thanks for the correction.
It sounds like any concerns over a big increase in government debt have been overruled. I was starting to like Rand Paul. It seems like the national debt is not quite the GOP concern that it was during the Biden regime.
"what is it you plan to do with your one wild and precious life?" Mary Oliver
Wouldn't it make sense that the top 1% is paying a larger percent since they are earning more money and the taxes are coming from that? If the bottom 50% is making a small percent of what the top 1% earn, then wouldn't their taxes be a much smaller number, so that this is a result of how much money the person was taking in, and then paying out in taxes?
In other words, you can't get blood from a stone; if you are earning 25000 a year, you are not going to be making much of a contribution in terms of taxes. How would someone at this bottom 50% come up with the money to pay a higher percentage of the taxes?
Yes, under a progressive system it makes perfect sense, I'm just curious to know what those who believe the top 1% or 10% or whatever aren't paying their fair share, what would be fair and who would it be fair to?
"Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein
What a wonderfully amorphous term “pay their fair share” is. So full of righteousness. So void of concrete definition.
For being a self professed billionaire, trump doesn’t seem to pay much. That doesn’t seem fair.
https://www.nbcnews.com/politics/don...tles-rcna62408
"what is it you plan to do with your one wild and precious life?" Mary Oliver
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