Re: working to swiftly rectify the situation

On Sat, 22 Feb 2025 11:44:17 +0100, D <nospam@example.net> wrote:

I am against all taxes on principle

I'm not aware of a tech-based society existing without some economic
means for supporting a military/etc. 

March 8, 1996

Flat tax legislation sponsored by Rep. Dick Armey (R-Tex.) and
endorsed by presidential candidate Malcolm S. "Steve" Forbes, Jr.
would raise taxes on the vast majority of Texas families, while
showering enormous tax cuts on very wealthy people such as Forbes
himself.

Armey's flat tax bill calls for a 20% tax on wages, fringe benefits
and self-employment earnings, with exemptions for interest, dividends
and capital gains. The flat tax rate is supposed to fall to 17% after
two years-the figure usually cited by Forbes-but, in fact, the rate
would actually have to be considerably higher than the proposed 20% to
avoid enormous additions to the federal budget deficit.

A computer microsimulation analysis of the effects of the Armey-Forbes
flat tax plan on Texans by Citizens for Tax Justice finds that under
the plan at its proposed 20% tax rate:


    Federal revenues would plummet by at least $49 billion a year.

    Despite these huge revenue losses, the vast majority of Texans-all
income groups but the top 4.6% of Texas families-would pay higher
federal taxes.

    In contrast, the very best-off Texans-the 1.1% making more than
$200,000 a year-would see their federal taxes cut in half.

CTJ also found that if the flat tax rate is increased to avoid revenue
losses:

    Federal taxes would increase on all Texas income groups except the
best off 1.1%.

    Texans in the $20,000 to $75,000 income ranges would face tax
increases of 24% to 70%. That would mean $900 to $1,900 a year in
higher federal taxes for these families.

(A February CTJ analysis found that under his flat tax plan, Steve
Forbes personally would save a total of $1.9 billion over the rest of
his lifetime.)

"Because the flat tax cuts taxes so drastically on super-rich people
like Steve Forbes, it inevitably means much higher burdens on everyone
else," noted CTJ director Robert S. McIntyre. "Our new analysis
quantifies the size of those increased burdens on residents of Texas."

https://ctj.org/dick-armey-steve-forbess-plot-to-raise-taxes-on-most-texans/