Hey America, Are You Ready for Fair Taxation?
15 hours ago
- #taxation
- #income inequality
- #economic reform
- The U.S. has passed four major tax cuts since 2001, totaling $7.11 trillion, with potential to reach $11.5 trillion if another proposed cut is enacted.
- Despite these tax cuts, public satisfaction with the tax system has not significantly improved, with fairness perceptions declining over time.
- The top 1% of earners saw the largest tax cuts but also the biggest increase in tax payments due to skyrocketing incomes, now earning a quarter of all U.S. taxable income.
- The U.S. tax system is criticized for its complexity, acting as a 'tax sophistication reward system' that benefits those who can navigate its intricacies.
- Addressing the U.S. debt problem will likely require raising revenue, as cutting social programs would not significantly impact the budget deficit.
- The author advocates for a simpler, more transparent tax system that ensures fairness, even if it means giving up certain credits and deductions.
- Despite current challenges, the author remains optimistic about the U.S.'s ability to manage its fiscal issues, given the country's strong economy and tax base.