A Runaway Train Wreck
What is ‘Flat Tax’
Flat tax is a system that applies the same tax rate to every taxpayer regardless of income bracket. Typically, a flat tax applies the same tax rate to all taxpayers, with no deductions or exemptions allowed, but some politicians such as Ted Cruz and Rand Paul have proposed flat tax systems that keep certain deductions in place. Most flat tax systems or proposals do not tax income from dividends, distributions, capital gains and other investments.
It is realistic to describe the current Tax system with multi-thousands ofpages that take a law degree or CPA degree to decipher as Legal Thievery at the point of a gun where individuals who do not comply can receive fines and even jail time. Completing tax forms are laborious and, as a result, countless hours are invested at a monetary cost that wiggles its way into the BILLIONS of dollars.
The average American who works does so for free for the first 4 months of the year to pay off their Tax burden. Yes, 4 months of honest labor to fulfill one’s Tax burden. Another starling fact is that 20% of Taxpayers are responsible for 95% of the Tax burden. Translation: 80% of Taxpayers contribute a mere 5% of the total Revenue collected by the
government. Is that FAIR and BALANCED? FAIR and BALANCED means that everyone MUST have skin in the game. No one should be exempted, NO ONE. Free Stuff is NEVER free. SomeoneMUST pay. The government does not produce anything. The government TAKES. Not only does the government TAKE but it SPENDS.Look at the administrations of Presidents Coolidge, Kennedy, Reagan and Bush regarding Tax Cuts. In every Taxpayer reduction in the percentage they paid, the Federal gross revenue INCREASED. That means that more dollars entered the government’s bank account. The more dramatic the cut, the greater the savings to the Taxpayer and the more the government collected. A strategy that works. But why then after cuts, the government eventually increased and the Revenue collected decreases
The problem is not Tax cuts but the problem is SPENDING. Tax increases result in less Revenue collected? Reckless and out of control SPENDING is the major player in yearly Deficits adding to the national Debt. That DEBT in 2017 is more then $20,000,000,000,000 (TRILLION). Such an enormous debt incurs huge yearly INTEREST payments that do not go back into the Economy to create jobs, invest or spend to buy Goods and Services. But, DEBT does not stop at $20,000,000,000,000 but rises to over $200,000,000,000,000 of unfunded Liabilities that include Social Security and Medicare. These social Programs are close to Bankruptcy.
What is the current and past Presidents and the Congress doing to stop this financial crisis from completely blowing up and laying the burden on We, the People? They are doing NOTHING. Their political capital is in SPENDING and kicking the can filled with DEBT down the road without a care about the repercussions. This reckless DENIAL only adds DEBT to your children and their childrenand ALL posterity.
There is no magic wand to wave or a Genie to arise from a magical container.ONLY Common Sense and sound economic policies can effect the runaway train of political over indulgence.
Ranting that the rich don’t pay their “fair” share is a total lie and solves NOTHING. Creating one entitlement after another ONLY adds to the Deficit and increases the Debt.
A simple and direct Tax system is the Fair Tax. More money in the hands of individuals is the solution. More money collected by the government ONLY adds more fuel to the fire of Bankruptcy who know NOTHING but SPENDING.