Income tax rates…what is “fair”?
As we wrap up the annual waste-of-lives-endeavor (the federal income tax system), a poll again seems relevant.
The poll reported in the Wall Street Journal asked what would be a “fair” tax, not on hard-earned, everything-at-risk, rags-to-riches American success story individuals but rather, for a lottery windfall. The results revealed that less than one-fourth chose a rate for the mega-million lottery winners of over 30% (this progressive administration wants to go to 35% and eventually MUCH higher for high earners, not including social security). Even more stunning is that:
The vast majority thought that a reasonable amount to pay was much lower, with the average being only 15%. Democrats and Republicans differed only a little: The average rate preferred by Republicans was 14%, compared with 17% for Democrats. [emphasis added]
..over half the respondents chose a tax that amounted to 10% or less of the lottery winnings.
Read more here…