Reply to Do you think taxes will increase to pay for the nation's debt?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]At a minimum we should stop cutting taxes for billionaires.

[/quote]

I am in favor of abolishing loopholes. However, that alone is insufficient.[/quote]

More people need to pay more tax.  The progressive nature of our tax system means most of the population is subsidized by a tiny fraction of more productive and more successful taxpayers.

The average income tax rate in 2022 was 14.5 percent. The top 1 percent of taxpayers paid a 23.1 percent average rate, six times higher than the 3.7 percent average rate paid by the bottom [u]half [/u]of taxpayers.

The top 50 percent of all taxpayers paid 97 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 3 percent.

How is punishing success even remotely "fair"?  A flat tax is fair.  No deductions, no credits, no use of the tax code to reward or discourage specific taxpayers behaviors, just a mechanism to collect enough money to pay for essential government services, with no ulterior social or political purposes.  [/quote]

It’s really not “fair.” 5% of 50000 would be felt vastly more than 20% of 500000[/quote]

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