The IRS released it’s new tax brackets. It’s a tax hike. No Congressional approval or executive orders needed. Just bureaucrats following policy. During the inflationary 1970s they called this “bracket creep”. Here are the new brackets.
I have blogged about the Fair Tax before. It is now a super-great idea whose time has come.
Here are the highlights:
The IRS would cease to be an agency. That saves the government a lot of money.
The Sixteenth Amendment would be repealed
Illegal aliens would pay taxes
The wealthy wouldn’t be able to avoid taxes. Warren Buffett would pay as much as his secretary
People would get more in their paychecks, no more taxes.
Business value would increase
Stock market would increase in value
Businesses would make business decisions without worrying about taxes, or tax effects
Lobbying Congress for tax breaks, or to get tax breaks would end
There is no way to avoid the Fair Tax except barter. Bartering is hard. The underground tax evasion economy would pay the tax.
Fair tax is simple, unbiased, and objective.
We need the Fair Tax now.
You realize the 3 last ppts (unbiased, simple and objective) are anathema to Dems, right? How would they play their privilege game, then?
They will never agree.
35% for incomes over $243,725 ($487,450 for married couples filing jointly)
32% for incomes over $191,950 ($383,900 for married couples filing jointly)
24% for incomes over $100,525 ($201,050 for married couples filing jointly)
22% for incomes over $47,150 ($94,300 for married couples filing jointly)
12% for incomes over $11,600 ($23,200 for married couples filing jointly)