Fair Tax Plan

[dellinger63]

I believe the President is finally on to something here in principal however his numbers, as usual, are way off.

No one could argue a person making a million a year should pay at least as much (as a percentage) as a secretary making the country’s median income of say 35K/year.

Using tax tables for the current year, 2011, that $35K/year secretary, if single with no deductions has a $4,881 Federal Tax liability for a 14% effective Federal tax rate. If we take a single secretary somehow making 100K/year the tax bill for the year is $21,610 for an effective rate of 21%.

Now following through with Obama’s plan should millionaires pay 14%, 21% or should those making $35K and $100K be raised up to a 30% rate allowing millionaires to be taxed at what Obama seeks.

Not sure how easily the average secretary making 35K would cope with an additional $5,600 a year in taxes, at $107 bucks a week that’s going to put an end to many pizza nights or end eating out all together.

The fact is the rich already pay more than their fare share and the Buffet plan should be nicknamed the Alice in Wonderland Plan.

Buffet is an enigma and the only way his secretary paid 30% in taxes is if he’s paying her a million a year. If that is the case, Buffet like other job providers should be encouraged rather than taxed for providing the means for her to foot a $300K/year tax bill.

[geeker2]

OMG

RoRRRR

[bigrun]