Re:13 States join the IRS direct-file test after tax prep fi...
by FireBeyond on Thursday October 19, 2023 @12:43PM
(#37945212)
In an in a very high income bracket, as I imagine many here are.
I’ve also lived in “more socialist” countries where I paid higher taxes before moving to the US.
I would have little to no problem passing higher taxes if there was any reasonable assurance that those taxes would go to worthwhile purposes (infrastructure, healthcare, education), and not to the military or pork. Sadly, in America, land of the middleman, we know how unlikely that is.
If we want a UBI of $24,000/year ($2,000/month) for an adult population of 250 million we are talking 6 trillion dollars in additional government spending. Assume for a minute we can cut 2 trillion in spending so we are talking about a spending increase of 4 trillion. This would mean roughly doubling current government revenues. If you wanted to do so with a flat tax, you'd see rates near the top rate now on all income.
Are people ready for a world where you get $24,000/year from the government and pay something like a 40% tax on all your income? Compared to the current tax code you probably break even at roughly $75,000/year and for incomes above that you'd pay more in tax.