The Liberty Amendment Options

[Timbo]

http://libertyamendment.org/

What excites me the most is the bit about Ron Paul's legislation.

[impala454]

timbo, if you replaced the current income tax system with a flat tax or national sales tax, you still cut the govt budget by an insane amount, as well as completely screw over the poorest people & middle class. i'm not sure if you realize how income tax currently works, as the more money you make, the larger the % the govt takes.

i got the 2.2 trillion number from some shitty website... forgot where. not sure if it's accurate but it seems consistent with our GDP of ~13 trillion.

[theIncredibleEdi...]

i'm not sure if you realize how income tax currently works, as the more money you make, the larger the % the govt takes.

Isn't there some kinda cap on that? Doesnt that percentage plateau at some point and those people making millions actually save some money? Or am I mistaken?

[impala454]

Isn't there some kinda cap on that? Doesnt that percentage plateau at some point and those people making millions actually save some money? Or am I mistaken?

here's the tax bracket breakdown for 06 for single people:
10% $0 -- $7,550
15% $7,551 -- $30,650
25% $30,651 -- $74,200
28% $74,201 -- $154,800
33% $154,801 -- $336,550
35% $336,551+

basically the way it works right now, the richest people pay the most in taxes by far. they don't ever really "save" money since it's a percentage, they simply take home a smaller percentage of what they make.

[Billy]

here's the tax bracket breakdown for 06 for single people:
10% $0 -- $7,550
15% $7,551 -- $30,650
25% $30,651 -- $74,200
28% $74,201 -- $154,800
33% $154,801 -- $336,550
35% $336,551+

basically the way it works right now, the richest people pay the most in taxes by far. they don't ever really "save" money since it's a percentage, they simply take home a smaller percentage of what they make.

The rich pay the least in taxes. Literally. Talk to some accounting professors if you don't believe me. It is very likely you pay more taxes than those making several million a year.