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Politics : FREE AMERICA
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To: goldworldnet who wrote (3851)4/18/2006 9:57:12 AM
From: michael97123  Read Replies (1) of 14758
 
steve forbes had $40K in income shielded and a 17% tax on anything above with zero deductions--a true post card tax return. The problem with the flat tax for me is that we already have two--FICA and Medicare. The combined rate for folks making 94K under forbes would be about 25%. And then in a high tax state like NY if you average the state tax, you end up at 30% for the 94k. The onese who really get screwed are folks between 40k and 94k. In order to make it work you need to make fica tax lower and across all income, not just first 94k to prevent this negative bubble.
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