I said this many many many years ago:
What should be done to fix a lot of these issues is to force the super rich to pay more taxes and not to tax anyone below the poverty level.
Change my mind.
Discussion
No man has the right to the fruits of another man’s labor.
The rich already pay more taxes than the poor, and nobody below poverty level pays federal income taxes in the US.
Changes to state taxes should probably be made, but federally it’s one of the most progressive tax systems in the world.
Where did you get this information?
If you're only making ~ 20k a year with two people in the household for more than 6 months out of the year, you're considering below the level... And I'm pretty sure you still have to pay taxes. I know people that make less and still pay taxes. If you flip burgers 3 days a week and make 165 each week it's probably because you already paid $50-100 in taxes.
People living below the poverty level are often, but not always, eligible for tax deductions and credits... The specific income requirements for tax breaks are not tied to the same income thresholds as the poverty guidelines.
The standard deduction for a married couple in 2023 will be $27,700.
Last year it was around $25k.
Anyone married and paying taxes below that income level should adjust their withholding. They will get it back regardless.
Anyone over the age of 25 also qualifies for EITC (Earned Income Tax Credit).
Bruh.... I already wanted a donut... Why you gotta... 😭
You're only going to get about 2-3k for that EIC.
Assume that you're not married and only one of you works. You're still going to pay about 20% of your earnings and maybe get back 7-12% ... Depending.
Not everyone is married. If the other person can be claimed as a dependent you still could get a credit for that. It's supposed to be about 3.5k per dependant... But that's a general estimate, it really depends on other details.
I think the financial system is propped up on the fact that a majority of people can not understand how wealthy people manipulate the law to their advantage and because they can not collectively understand how the law works against them or how fiat currencies are built on debt, Nothing changes. The wealthy keep using offshore banking to exploit the labor market, But never make it out of debt, On a corporate level. Bitcoin is the only way people can cross from being robbed of profits by a low level banks,to leveraging fractional reserve banking and tax free asset management. The government should not tax anyone who is a citizen of the United States and social services should be a right. This seems common sense if you are from a developed nation, Especially the current monetary policy hegemony. If the government can pay itself from debt the citizens should see a benefit by right.