Anything they'd pay in fed taxes would be token, anyway. I don't think people at that level should have to pay - that's tough to get by on as it is.
after the standard deduction and personal deductions it should leave them with a tax of around $2000-2500, unless they qualify for some credits.....
after the standard deduction and personal deductions it should leave them with a tax of around $2000-2500, unless they qualify for some credits.....
My question was, what do you think would be fair for them to pay?
LOL
Why isn't it their fair share when that's the amount they owe according to tax laws? Are you saying tax laws are unfair?
I know an older couple, limited education.
They made a total of 37,452 last year. Not old enough to qualify for Social Security yet. They both work very hard.
What do you think is fair for them to pay in Federal Taxes?
YES, the poor should pay less and the wealthy should not get away with so many loopholes. When EXXON pays 0 in taxes and these people pay $2,000, that is a HUGE injustice.
I would perfer to tax wealth and do away with income tax. That way those willing to work hard could move up more easily, while those who inherit would have to work to keep it.
The poor do pay less. Which part of the math has you confused?
I know they pay less. When I said less, I mean they should pay less than what they currently pay.
I dont like that we tax income, income is the result (usually) of work. We should tax wealth, thats not always the result of work.
Corporate taxes should tax wealth. But doing it for individual taxes would be even more invasive than the income tax and harder to enforce. I dont want to list all my assets and could easily devalue them. It would not work.