My Fair Share

moneyThere are lots of stories about people who have started with nothing, worked hard and over time achieved success.  It is the American Dream in action.    So what do these successful people pay in income tax?   Top earning workers have a federal tax bracket of 39.6%.  Add, state and local taxes, not to mention social security tax, and they end up dishing out about 50% of what they earn to the government in taxes.  (Note this does not include other types of tax such as real estate, personal property, sales, etc.)   So is 50% not enough?  Hillary plans to pay for all her ‘hand-out’ programs by raising taxes on top income earners so they pay ‘their fair share’.  If giving 50% of what someone earns to the government is not enough,  what does she think is fair?   60%?  70%?  Should anyone have to give more than half of what they earn to the government?

Trump is proposing a top tier income tax  of 33%.   Add 10% for state, local, social security tax and that’s about 43% total.    So people in the top tax bracket who work 5 days a week (40 hours) get to work almost 3 days for themselves and their families and a little over  2 days (43%) for the government.  It’s still a lot of taxes but in the big scheme, better than what we have now.    He is also proposing to simplify the tax structure from 7 brackets to 3 and lower the tax rate for the middle class and for the poor.   Everyone gets a break.   So once again, We Win With Trump!

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