The Fair Tax Plan

Income tax is a part of America. Every working citizen must pay them. Some more than others.

No one wants to pay taxes. Rich or poor. The rich because they feel that their wealth should belong to them. The poor because they feel strained enough financially as it is.

The history of a form of taxes in America goes back to the 1800’s. In the 1900’s, those who made the most income began to pay a percentage of taxes on it. Eventually, all citizens began to pay taxes and our system of federal, and state taxable income was born.

With the disproportion of riches and wealth in this country maybe it is time to change the income tax laws so that the middle class and poor do not have to pay. Maybe it is time for the two percent rich and wealthy to shoulder the load as income tax first intended. Maybe it is time for the government to spend on America and provide it with what income tax was meant to do.

This would not go over well with those that have money. There are rich people who can understand the plight of the middle-class and poor. There are those that cannot. This is the same with the wealthy. Which is a shame, because they could do so much to help others while still having enough for themselves.

The late comedian Redd Foxx said this while playing the role of Fred Sanford on “Sanford and Son.”

“If the have-nots could get something from the haves, say the haves gave the have-nots half of what they have then the haves would still be the haves and the have-nots would be the have somethings.”

Wouldn’t it not be nice for the rich and wealthy to give some of what they have so that the have-nots would become have-somethings?

The rich and wealthy in America own about $156 trillion in assets. If they were taxed a flat rate of ten percent federal that would be $15.6 trillion. In states with income tax if they were charged five percent that would be $7.8 trillion. That is $23.4 trillion to the have-nots. This would leave the haves with $132.6 trillion.

Overall, the federal government collected $4.47 trillion dollars in revenue during fiscal 2023. $2.18 trillion in income tax. All can see that 15.6 is almost eight times more than 2.18.

What a financial windfall. The country would have eight times the money from income tax to use. The national debt could be wiped out in three to five years without a penny coming out of the poor and middle-classes pockets.

All of this and the haves would still have more than half while the have-nots would have something.