Love them or hate them you have to pay them, I believe everybody should pay the same amount of Income Tax, when I say same amount, I mean the the amount, and not the same percentage, for example $7,000. So each individual citizen will pay $7000 to the Federal government .
Under the current Tax Regime the federal government earns 2.2 Trillion Dollars from the Income Tax, and there are about 319 Million people in the US. So, if we divide the total tax income by the number of citizens be get an amount just south of $7,000.
The obvious problem with this system is that everybody doesn’t have $7,000 a year to pay as taxes. Almost half the population in the US makes less than $30,000 a year and almost 10 million people make less than 10,000 Dollars a year, so they can’t really afford to pay $7,000 in Taxes.
I still believe the ideal system is one in which everybody pays the same amount, everybody is equal before the law, everybody gets the same government, why should some people have to pay more. It’s not like you get more services if you pay more. In an Ideal system a poor street urchin and the richest person in the city should be treated with the equal care by the government.
A compromise I would be happy with is one where the poor would get tax breaks according to their income, the poorest will get the highest tax break and the richest will get the least, but who will finance the tax break ? For that problem to be solved we’ll have to increase the Tax amount. After all of that is adjusted this system will almost be identical to the current progressive Tax system but the underlying Ideal system will be visible and will give the Taxpayers some perspective.
I also believe Individual Income Tax and Corporate Income Tax should be the only taxes we have to pay, but I’ll write about that later.