Romney's Gross Income was 13.7M and his bottom line liability from line 61, form 1040 = 1.5M for a 10.9% effective rate under the current system. This is a simplistic way of looking at effective taxes which combines earned and unearned income taxes, thereby taking us out of the “Warren Buffett” discussion.
The Romneys famously gave 30% of their income to charity last year which would have left 9.6M to spend. Assume they put another 30% into savings and investments, net…
All over the country including in the halls of Congress, Americans are beginning to see the Income Tax as a failed system that cries out for fundamental reform. The question is no longer, how can the Income Tax be improved, but rather how can we reduce collecting revenue to its simplest, fairest form? In 2005, then President, Bush, convened a panel to answer that question. His charge to them included the requirement that whatever they came up with must encourage economic growth. As with…Continue
We all have to make tough choices in life. Choosing between the current income tax and the FairTax is not that tough.
How would you like to get your entire paycheck, for an immediate 10% raise, maybe more?
How would you like to never have to file another income tax form for the rest of your life?
How would you like to see a number for the cost of running the federal government on every cash register receipt?
How would you like to see trillions of dollars returned…Continue