Andir said: I put it originally. Think of it this way. (Not real numbers) Someone getting paid 15,000/year is getting hit for 20% taxes in an income tax system. They take home about 12,000. |
Aperson who made 15,000 dollars a year would pay $1,863 without thout the standard deduction in todays system with the standard deduction $1,038. Now under this tax proposal 23% of this guys income will now be taxed or $3,450 unless he is a thrifty spender and manages to save a significant chunk of that. Even if he only spent half is income on taxable stuff eh would still be paying more than he woudl today.
I have to wonder would this apply to rent or mortgages. even if it doesn't apply to rent but applies to mortgages than rent will still go up. On the plus side richer people with larger houses that cost more would pay a lot more. On the negative side many peopel who can barely get by today will pay a lot more
