LogFAQs > #931314968

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Topic	My very liberal friend posted this on Facebook. Give me a good response.
Blaqthourne 12/09/19 6:59:22 AM #29:	Mead posted... yeah I hear what youre saying, but still think everyone would be better off lower class folks generally cant make ends meet to begin with and rely on assistance programs that are constantly being targeted and slashed tax every dollar made at the same rate and theres a lot more money going into the system to be there for the folks that need it If you went with your 40% flat tax, assuming full time 40 hrs/wk (2000 hrs/yr), someone making that $15/hr min wage that that movement is aiming for would go from paying $3413 to $12,000, a 251% increase. That would likely put them squarely in the poverty level, while there's a decent chance that they aren't under the current system (going from a take home of around $26.5k to $18k). Someone making the federal minimum wage of $7.25 would go from paying $1553 to $5800, a 273% increase. Someone making $500,000 would go from paying $150,689.50 to $200,000, a 33% increase. Someone making $1 million would go from paying $335,689.50 to $400,000, a 19% increase. Someone making $1 billion would go from paying $369,965,689.50 to $400,000,000, an 8% increase. I pulled the taxes owed from the 2018 1040. If you went to a 40% flat tax, you would be greatly increasing the number of people who would need government assistance. --- Montreal Expos (1969-2004) http://www.backloggery.com/Blaqthourne Now playing: Fire Emblem (GBA) -- started 9/25/2019 <cite>Blaqthourne posted [p:931314968] in My very li... [t:78231301]...</cite> <quote>Mead posted...</cite> <quote>yeah I hear what youre saying, but still think everyone would be better off lower class folks generally cant make ends meet to begin with and rely on assistance programs that are constantly being targeted and slashed tax every dollar made at the same rate and theres a lot more money going into the system to be there for the folks that need it</quote> If you went with your 40% flat tax, assuming full time 40 hrs/wk (2000 hrs/yr), someone making that $15/hr min wage that that movement is aiming for would go from paying $3413 to $12,000, a 251% increase. That would likely put them squarely in the poverty level, while there's a decent chance that they aren't under the current system (going from a take home of around $26.5k to $18k). Someone making the federal minimum wage of $7.25 would go from paying $1553 to $5800, a 273% increase. Someone making $500,000 would go from paying $150,689.50 to $200,000, a 33% increase. Someone making $1 million would go from paying $335,689.50 to $400,000, a 19% increase. Someone making $1 billion would go from paying $369,965,689.50 to $400,000,000, an 8% increase. I pulled the taxes owed from the 2018 1040. If you went to a 40% flat tax, you would be greatly increasing the number of people who would need government assistance. --- Montreal Expos (1969-2004) http://www.backloggery.com/Blaqthourne Now playing: Fire Emblem (GBA) -- started 9/25/2019</quote> ... Copied to Clipboard!
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