Pawlenty says “on the individual rates we need a simpler, fairer and flatter tax system overall. I propose just two rates, 10% and 25%. Under my plan, those who currently pay no income tax would stay at a zero rate. After that, the first fifty-thousand dollars of income or one-hundred thousand for married couples would be taxed at 10%. Everything above that would be taxed at 25%. That's it.”
To understand what Pawlenty is saying, look at the mechanics of his proposal: If you earn $50,000 a year from work and overtime your income will be subject to the income tax. If you make $50,000 a year from interest, dividends or selling stock you pay zero. If you make $100 million a year from interest, dividends or selling stock you pay zero. If you inherit $20 million there will be no tax.
The Pawlenty tax program, if enacted, would split the country in two. Most households would be taxed on all the income they bring in — because all the income they bring in is from labor — while the richest among us would pay little or nothing to support what would be left of the government.
In the end — and no matter how dressed up — what Pawlenty and others like him are proposing is not a new tax plan, it's a new society, one without a safety net, something along the lines of what they have in Mexico, Haiti, Romania and Brazil; places where a few rich live in great splendor, most live in poverty, kidnapping is common, bribery is rampant, and no street is safe.
Pawlenty says “on the individual rates we need a simpler, fairer and flatter tax system overall. I propose just two rates, 10% and 25%. Under my plan, those who currently pay no income tax would stay at a zero rate. After that, the first fifty-thousand dollars of income or one-hundred thousand for married couples would be taxed at 10%. Everything above that would be taxed at 25%. That's it.”
To understand what Pawlenty is saying, look at the mechanics of his proposal: If you earn $50,000 a year from work and overtime your income will be subject to the income tax. If you make $50,000 a year from interest, dividends or selling stock you pay zero. If you make $100 million a year from interest, dividends or selling stock you pay zero. If you inherit $20 million there will be no tax.
The Pawlenty tax program, if enacted, would split the country in two. Most households would be taxed on all the income they bring in — because all the income they bring in is from labor — while the richest among us would pay little or nothing to support what would be left of the government.
In the end — and no matter how dressed up — what Pawlenty and others like him are proposing is not a new tax plan, it's a new society, one without a safety net, something along the lines of what they have in Mexico, Haiti, Romania and Brazil; places where a few rich live in great splendor, most live in poverty, kidnapping is common, bribery is rampant, and no street is safe.
http://www.ourbroker.com/news/the-worst-american-tax-plan-ever-061311/