Remember, this is just federal taxation…
I’ll come right out and say it; I’m hooked on those man-on-the-street interviews that end-up calling out leftie idiots.
Especially those interviews of (usually) rich, spoiled, and bratty white kids who wouldn’t know an honest day’s work if it bit them on the ass.
Just a quick note for all those majoring in Psych or Soc or Lesbian Affirming Dance Theory… whatever… this pertains to you.
I understand that you want “the government” to pay for everything. Just be advised that the same government that you want to foot the bill, here’s what you get to look forward to when you’re on your own, then one of two things happen;
- Daddy cuts you off financially.
- The trust-fund dries up.
I honestly hope that whatever job you eventually focus on, your taxable income is way north of $11,600.
Sincerely, I’m one of those old-fashioned folks that will never scream, “It’s unfair that you have a million dollars!” I’m more along the lines of asking, “Did you make the million dollars fairly?”
I really do want young people to be financially secure in whatever their chosen profession may be, but they need to be equally reasonable and rational. These pie-in-the sky schemes to simply “tax the rich” are unworkable and blatantly unfair.
Progressive taxation is nothing more than a penalty for being successful.
From the official website of the IRS (emphasis mine);
Marginal rates:
For tax year 2024, the top tax rate remains 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly).
The other rates are:
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)
The lowest rate is 10% for incomes of single individuals with incomes of $11,600 or less ($23,200 for married couples filing jointly).
To better break this down, those at the top end of federal personal income taxation… for those who work a five-day work week, as of roughly 12 noon Thursday until the end of the work week, all that money goes to the federal government. That’s not even factoring in state taxes.
For those at the bottom end, for every penny you earn as of 2PM on Friday, the federal government gets that. Keep in mind, these folks need every single cent they earn.
While I’m at it, both “the flat tax” and “the consumption tax” have their merits and drawbacks. I really haven’t come down hard for either camp.
But I do now this, not only does a progressive income tax not work, taxing our personal income is nothing short of government-sanctioned theft.