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I think tax cuts exempting those on minimum wage would be a better approach since it would otherwise cause job losses, some businesses would not survive.
by orbit7 4y ago
I think tax cuts exempting those on minimum wage would be a better approach since it would otherwise cause job losses, some businesses would not survive.
- betwixthewires 4y agoRight now in the US, the bottom limit on federal withholdings and filing a return is around 12k per year. If you make less than that, you don't pay income tax. That needs to be doubled at least. A big chunk of lower tier earners get all or most of their withholdings back and pay 0 tax, of course after an interest free loan to the treasury. Some of them even get money back for having kids and things, effectively a negative income tax. Those thresholds should probably rise as well. All in all I don't think most people should be paying an income tax at all.