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Iso
by AustinC. 05/21/24 05:01 PM
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Re: Why do you get taxed on savings?
[Re: Remington270]
#2770266
03/25/19 11:32 AM
03/25/19 11:32 AM
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Joined: Jun 2015
Posts: 14,092
Some Marriott/Auburn
AU7MM08
Booner
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Booner
Joined: Jun 2015
Posts: 14,092
Some Marriott/Auburn
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A flat tax of 20% with zero deductions or credits. Both personal and corporate. I'd venture to guess that 99.123% of the people on this forum are not paying an effective federal tax rate of > 20% now. $100,000 household income is right at 16% effective federal. So I'd think you're right. Average household in US is right under $60k I think. That's why maxing out a 401K is so crucial. Reduces your taxable income. But I absolutely agree with Dallas Co, Alabamas middle class is in the $50,000-80,000'ish range and 20% flat would increase their taxes substantially. The national average is $56,000 if I remember right.
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