Advocates promised the new tax would bring in over $1 billion a year in new revenue. And they quickly saw their predictions surpassed: the state Department of Revenue estimates it will generate over $1.5 billion this fiscal year.
A flat tax would likely cause even less taxes to be paid and arguably I wouldn’t consider it a fair. The lowest bracket does carry only 2.3% with the next bracket after that jumping to 7.6% of the tax. There is no argument that the rich doesn’t pay more than the overall person, the argument is that since they make more and they very easily are able to comfortably live with a higher tax bracket that they should be taxed more.
And honestly I agree with that, it’s doing nothing just sitting in a bank account I shouldn’t be helped to better the society that everyone lives including that person. Why should the person making minimum wage be expected to contribute these same percentage as someone who’s making 45- or 70 an hour after incentives, that’s just my viewpoint on it
A flat tax would likely cause even less taxes to be paid and arguably I wouldn’t consider it a fair. The lowest bracket does carry only 2.3% with the next bracket after that jumping to 7.6% of the tax. There is no argument that the rich doesn’t pay more than the overall person, the argument is that since they make more and they very easily are able to comfortably live with a higher tax bracket that they should be taxed more.
And honestly I agree with that, it’s doing nothing just sitting in a bank account I shouldn’t be helped to better the society that everyone lives including that person. Why should the person making minimum wage be expected to contribute these same percentage as someone who’s making 45- or 70 an hour after incentives, that’s just my viewpoint on it