We hear politicians spout it all the time when they are raising our taxes: “We’re just making them (of course not you) pay their fair share.” But what exactly is one’s “fair share” and at what point can one be considered to be paying MORE than his or her “fair share”?
25% seems like a fair cap in general but I don’t think it can be sold. At this rate I think it would be an improvement to say that if you take all taxation from Fed/State/Local income, property, wage, sales transfer or other taxes, no one should pay more than 50% of their income in taxes. That would be a huge improvement and could be implemented as a federal credit, a portion of which could get funded by holding back fed funds from appropriations to the states. We need some means by which a line in the sand is drawn. While I would like to see a world in which governments’ share of the overall economy is substantially lower I also recognize that there is $34 trillion of debt service that needs to get funded. As part of any reform there needs to be a 15 year plan to cut the debt in half. And there will need to be some real belt tightening to do that. We need to be prepared for the reality that when our court system is recognized as the joke that the Biden admin has made it, the United States will no longer be considered the safe haven it once was and US government bonds will no longer be considered risk free. When interest on the debt is all we can afford that will be a real crisis.
To cast taxing limits in cement, a constitutional amendment would be required. Check out this process for doing just that. We the people can “fix” this tragedy by amending the Constitution, adding fiscal restrictions, term limits, and limiting the power/ jurisdiction of the federal government as the founders intended and freedom loving Americans intend now. We can all help; sign the petition.
25% seems like a fair cap in general but I don’t think it can be sold. At this rate I think it would be an improvement to say that if you take all taxation from Fed/State/Local income, property, wage, sales transfer or other taxes, no one should pay more than 50% of their income in taxes. That would be a huge improvement and could be implemented as a federal credit, a portion of which could get funded by holding back fed funds from appropriations to the states. We need some means by which a line in the sand is drawn. While I would like to see a world in which governments’ share of the overall economy is substantially lower I also recognize that there is $34 trillion of debt service that needs to get funded. As part of any reform there needs to be a 15 year plan to cut the debt in half. And there will need to be some real belt tightening to do that. We need to be prepared for the reality that when our court system is recognized as the joke that the Biden admin has made it, the United States will no longer be considered the safe haven it once was and US government bonds will no longer be considered risk free. When interest on the debt is all we can afford that will be a real crisis.
To cast taxing limits in cement, a constitutional amendment would be required. Check out this process for doing just that. We the people can “fix” this tragedy by amending the Constitution, adding fiscal restrictions, term limits, and limiting the power/ jurisdiction of the federal government as the founders intended and freedom loving Americans intend now. We can all help; sign the petition.
#cossquad #cosproject
https://conventionofstates.com/?ref=1102