Quote:
Originally Posted by redpoint5
The wealthy would end up paying more since there would be no tax deductions.....
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No, they won’t. Not unless you apply a sales tax to investments. The wealthy don’t spend their whole income like lower income people. They invest much of it. They also spend a lot more of their money outside of the USA.
Last year my wife and I paid 22% in total taxes, invested 51%, and lived on 27%. We are comfortable within the top 10% of households but nowhere near the top 1%.