wow, how about..
1) NO taxes till $40k-50k for a family 2) Free healthcare 3) Not so crazy tution fees
all these are doable.. just like raising minimum wage..
1) NO taxes till $40k-50k for a family 2) Free healthcare 3) Not so crazy tution fees
all these are doable.. just like raising minimum wage..
You're talking about quite literally like 80% of the entire tax revenue generated by the government. Income taxes we're devised because an industrial nation cannot collect property taxes on non land owning tax payers. As the cities grew, governments realized that they could only tax the wealthy and prominent land owners so much before they had to generate it in another way.
This is wrong.
$50k/yr is below median household income so we're talking about eliminating income taxes for the bottom half of taxpayers (less than that actually, but whatever). The bottom half pays roughly 3% of income taxes.
Now, that number gets somewhat bigger when you take into account payroll taxes but it's nowhere close to 80%.
FICA Payroll taxes paid 50k * .0765 = 3825
Tax Burden 50k - 24800 (Standard deduction MFJ) = 25600
25600 = $2676.90 in FIT taxes owed before credits
Child tax credit $4000 EITC ~$750
Total Credits $4750
Total Federal tax burden -4750 + 3825 + 2677 = 1752/50000 = 3.5%
So not zero, but pretty darn close.