Leave mine alone
A letter bemoaned what the author described as “corporate welfare”. The example used was that of GE who they said paid no income tax. Tara DiJulio, a spokeswoman for General Electric, called that claim “deeply flawed and misleading”. She further stated that “G.E. is one of the largest payers of corporate income taxes,” she said. “Over the last decade, G.E. paid $32.9 billion in cash income taxes worldwide, including in the U.S., and pays more than $1 billion annually in other U.S. state, local and federal taxes.”
She added: “The tax code is complex and outdated, which is exactly why tax reform must happen this year. G.E. has long been advocating to simplify and modernize the tax system — even if it means we pay more in taxes.”
Forty seven percent of wage earners pay no federal income taxes. The top 20 percent of wage earners pay 84 percent of the federal income taxes collected. That leaves just 16% for the remaining 33% of the wage earners to pay.
Tax reform and simplification has been something for which a lot of us have been asking a long time. So why isn’t is being done? Because no one wants their special deductions taken away. If everyone paid a flat tax, the 47% who now pay no taxes will be upset that they have to pay towards the cost of government. Students and single parents will be upset because they can no longer get more of a refund than the amount of taxes for which they paid in. Families will be upset that they can no longer get a credit and deduction for each child.
People want someone else to pay taxes: Take away their deductions but leave mine alone. If you want fair then every wage earner must pay an equal share. Every wage earner, no exceptions.
Submitted by Virtual Newsroom