The table above gives close estimates of total taxes (federal, state, and municipal) and effective tax rates for different incomes under the proposed FAIR SHARE TAX system (details). It assumes a family of three with two 40 year old parents. Typical net-worths were assigned at each income level.

COMPARE THE ABOVE PROPOSED  EFFECTIVE TAX RATES TO THE RATES UNDER THE CURRENT TAX SYSTEM:
 
Under the current tax system the working-poor and middle class typically pay total taxes amounting to 25-40% of their income and capital gains, while the wealthiest pay 10-25%, a clearly regressive system once you include all taxes we pay. Compare that to second column from right above. You see that under the Fair Share Tax Reform we would finally have a progressive tax system in terms of income.
 
Under the current tax system the working-poor and middle class typically pay total taxes each year amounting to 30-1000% of their net worth (total wealth), while the wealthiest pay 2-5%, very regressive when you consider accumulated wealth, the best measure of how households have profited form the economic infrastructure our governments provide with all our taxes. Compare to the far right column above. You see that under the Fair Share Tax Reform all, except those under the poverty line, contribute roughly the same fraction of their wealth toward the services our governments provide. Those with the highest tax bill relative to income are partly compensated by "getting away with" their tax bill being a somewhat smaller fraction of their accumulated wealth.


Click here to download the Tax Change Calculator. Use it to more accurately calculate your current taxes and taxes under the proposed system for your particular situation. Contact me if you want an unprotected version to manipulate.
[All down-loadable forms on this site have been virus-scanned on a Mac before they were up-loaded to the site.]


IF THE WEALTHY PAY THEIR FAIR SHARE, THE TAXES OF  EACH MIDDLE CLASS HOUSEHOLD COULD BE REDUCED BY THOUSANDS, AND WE COULD CUT THE DEFICIT.


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