Quote:
Originally Posted by GrantMercury
No. We need a graduated income tax. You can't tax the first $30,000 at the same rate as income over $1,000,000
How do you live when the government takes 25% of your $30,000? When they take 25% of $1,000,000, one can still get by quite well. The first $40,000 is far more precious to you, and necessary for life, than the last $40k any one of the Walton family (Walmart) takes in. That's why we need the graduated income tax.
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A progressive tax makes more sense to me than regressive taxes, such as the various flat
tax plans that get floated every election cycle.
What needs to occur is a lessening of the loopholes which undermine a fair progressive tax system.
ADG