Reply to Let Lower Income "Pay Their Fair Share"!

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[quote=Anonymous][quote=Anonymous]They do - sales taxes, fees, etc.

Regressive taxes.[/quote]

Those are taxes that go to states NOT FIT.   All income levels pay those taxes which do not go into the computation.  FIT has phaseouts for various credits and deductions which do NOT appear to have any consistency.  CCTC has some level of unlimited-10m maghi it's available.  Casualty losses? huge phaseout.  Child refund-huge phaseout.  Education? huge phaseout.  Even itemized deductions have a phaseout feature.

If you have a higher income and donate over 50% to charity?  Phaseout.  Many for example in the DMV and other high cola areas pay over 39% FIT and  FICA/SS/Medicare is another percentage.   So what's the effect of the 125k free college?  SS for SAHM?  2000 [doubling] Child refund?

Ever wonder who actually pays for destroyed /flooded beach front/bayou property?  Chinese drywall?  Ponzi schemes?  There are even tax relief moments if a tree falls , misses a structure, and has to be dealt with by a tree company!  https://www.irs.gov/publications/p547/ar02.html  But check phaseouts-some kick in on different categories.

Anyone have flood insurance?  It is a separate plan from home owners and has some really screwy underwriting.  We looked at a place that had the most unlikely/best rating.  2 blocks away was the worst rating and a freakin swamp and interconnected development drainage mechanisms.

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