$ $ $ $ $ $ $
COMPARE THE ABOVE PROPOSED EFFECTIVE TAX RATES UNDER THE FAIR SHARE TAX 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 from 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 contribute roughly the same fraction of their wealth toward the services our governments provide. Those with the who pay the highest fraction of their income in taxes are partly compensated by paying a somewhat smaller fraction of their accumulated wealth in taxes.
TABLE ESTIMATING TOTAL TAX PAYMENTS AND TAX RATES UNDER THE FAIR SHARE TAX SYSTEM PROPOSED HERE
Note the “Total Tax” numbers include all taxes (income, net worth, war and excise) and replaces all your federal, state, local, payroll, sales, gas, and property taxes. If you make under $200,000 in wages it is almost certain less than the taxes you are paying now.
The table assumes a family of three with two 40 year old parents; benefits at 8% of income; 8% tax-free account contributions; and $8000 health expenses per year. Typical net-worths were assigned at each income level.
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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FAIR SHARE TAX REFORM - A comprehensive tax reform plan for federal, state and local governments, that reduces total taxes on the working-poor and middle-class by thousands each year, encourages stable economic growth, vastly simplifies our tax laws, and slashes the national debt.