Comments by "mpetersen6" (@mpetersen6) on "Joe Biden's tax plan could lead to a combined rate of 62% for high earners" video.

  1. When it comes taxes a lot people think "Fair" means they dont pay any taxes and everybody else pays through the nose. That's not what "fair" means. Fair in this case should mean equal. I'm all for a flat tax system. Up to a certain amount you dont pay anything. But once you hit that amount every body pays a flat percentage. No deductions, no dependents. Every other tax structure aside from state or local income taxes in the United States is a flat system. What's worse is Social Seurity is a regressive flat tax system that you stop paying when you reach a certain income for the year. Be it sales tax, property tax or federal excise tax. If I have ten times the taxable income as someone else I pay ten times as much. But it will never happen. The tax code is how politicians reward their friends and punish their enemies. I hear people complaining because Trump only paid so much in taxes. Do these people really think he sat down at the kitchen table and did them himself? No, his lawyers and accountants did them using every legal deduction and write off they could. They used a system put in place by politicians. The corporate tax structure is a different matter. Not all businesses are equal in terms of their costs of doing business. What business would make capial improvements if they couldn't write it off. I am in favor of business paying the same rate as individuals on profits. Some would say why not just tax them on the total amount they take in. I you have 100M in sales and you get taxed 10% on that and it actually cost you 95M to run the business just how long do you think your business will survive. And if government raises the Federal corporate tax those businesses will simply increase their prices to cover those costs to whatever extent they can.
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