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U.S. Supreme Court Justice Oliver Wendell Holmes, Jr. notably said "Taxes are what we pay for civilized society." We should be proud that the vast majority of American citizens pay their taxes honestly and of their own free will. In an ever more complex and global world, we cannot take for granted this cornerstone principle of our democracy.
A regressive tax is a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases. In simple terms, a regressive tax imposes a greater burden (relative to resources) on the poor than on the rich — there is an inverse relationship between the tax rate and the taxpayer's ability to pay as measured by assets, consumption, or income. "Regressive" describes a distribution effect on income or expenditure, referring to the way the rate progresses from high to low, where the average tax rate exceeds the marginal tax rate. It can be applied to individual taxes or to a tax system as a whole; a year, multi-year, or lifetime. Regressive taxes attempt to reduce the tax incidence of people with higher ability-to-pay, as they shift the incidence disproportionately to those with lower ability-to-pay. The
Anyone still wondering why the only balanced budget and federal surplus during the past 20 years came while Clinton was in office? It's because of ridiculous stunts like this that the republicans like to pull, where their only concern comes from increasing their wealth as opposed to the nations'
Originally posted by MoonMine
reply to post by Total Reality
Isn't it strange that Ron Paul has not signed this bill (yet)?
How odd, I would suspect he would be frontrunner on this one.