![]() It is simple math…but you missed something… Fifty-eight million US households have an annual income of less than $50K. That’s how much each person who filed a tax return in 2020 would have to pay. If you divide the $1.7T by the number of taxpayers you get $10,793.65. In 2020, taxpayers filed 157.5 million tax returns, reported earning nearly $12.5 trillion in adjusted gross income (AGI), and paid $1.7 trillion in individual income taxes. You take the standard deduction.It’s simple math. It is taken out of your pay for you every payday. Worker would pay a percentage of the money your boss pays you every week. All of the above are part of your tax form now and they would be just the same under flat tax. How about your boat? Ever take out a customer on a fishing trip?Īnyway…. Your truck, and finish machines don’t last forever, so you can depreciate them. So you can deduct the cost of the concrete, your truck that is loaded with forms, the cost of labor, lots of things are deductions, taking the builder out to lunch a couple of times. You only have to pay flat tax on money you actually make. You will still have deductions and the IRS will still be there to monitor what you are claiming as a deduction. ![]() ![]() ![]() and I wll propose taxes that will spur business and jobs for everyone".Īnd what I actually do is change the tax code to give the big business that helped get me elected tax breaks and credits and deductions that shove the burden of taxes on to the rest of the electorate. I instead say " Well, I believe in low taxes for business, and for those "JOB CREATORS". if they ask again "Senator Jaeger, what will you do in the first six months". "Senator Jaeger, what will you do in the first 6 months?"Īnd I said "well, I am going to take public money shift the burden of taxes onto 90% of folks to help the big businesses that got me elected." I would get run out on a rail. The problem is that the politicians and more importantly big business would NEVER go for it because it removes the largest tool for politicians and businesses to be at the trough for public money. ![]()
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