The system of taxation we have in the US is insane. On my paycheck, I have 6 different lines for taxes. Social security, federal and state income tax, disability "insurance" and I have no idea really what the others are for... but there they are, eating away at what I earn.
The sad part about it really is as you make more money, a larger percentage of your earnings get eaten up by taxes. They scale up the percentages until in the higher tax brackets, you are paying more in taxes then you get to keep. Where is the justice in that?
I have heard people tell me, that people who make more... should pay more. And honestly... I agree with that. They should... but they should pay the same percentages. In a percentage based system, the more you make... the more you pay... in a much more fair way.
Another thing you have to look at is the stupidity of taxing the higher income earners at a higher rate... because... it is the people in the top brackets that create a majority of the jobs in this country. And typically, the more money they have, the more money they invest in either their own business, or in businesses of others. So by taxing them more... you are actually taking jobs away from people, and giving that money to the government. And I am sorry, but the government is extremely wasteful with it's money.
So... we need to really look at our tax system and reform it... to let people keep more of their own money, especially the higher tax brackets. Let them create more jobs in the US.
Subscribe to:
Post Comments (Atom)
1 comment:
In denmark, the top income tax bracket rate is something like 65%. But then the welfare system is like something out of some idealised vision of the future. So I guess it is swings and roundabouts, so long as you make the chosen system work
Post a Comment