What if I told you we could get rid of the Federal Income Tax all together? The majority of Federal Income Taxes collected in the United States each year are paid for by people making less than half a million dollars a year.
Have you ever heard of the statement, “tax the rich”? It’s a statement from millionaire politicians who continue adding loopholes for the wealthy. To make myself clear, I am not against people being wealthy and successful. If I could find ways to keep more of my money and not pay taxes, I would do it. Everyone else would do the same thing. If you do not agree, when you get your Tax Return in 2024, tell the IRS to keep the money. Won’t happen…
Nine states currently have no State Income Tax—for example, Texas, South Dakota, and Florida.
In Texas, the total Tax Revenue from all funds in Texas for 2022 was just over $250 billion, the majority from Sales Tax. Texas has more than sixty separate taxes, fees, assessments, and program applications that produce revenue for the state. This revenue comes from a population of just over 30 million people.
In California, the total revenue from taxes in 2022 was just over $280 billion. This revenue comes from a population of more than 39 million people. California has a state income tax ranging from 1% to 13.5%. They also have a sales tax of 7.5% which could be as high as 10.5%.
If you truly want equal taxation, initiating a Sales Tax program is the best solution.