Taxes on American Families
In the United States, 90% of people earn less than $90,000 per year. The median income in the United States is $27,000 per year - meaning half of all people in America earn less than that amount.
Yet, those in the middle and lower classes carry the heaviest tax burden. Here in Florida, we enjoy not paying state personal income taxes, relying on the businesses and industries in the state to pay their fair share of the tax burden. We should apply that policy nationally, where those considered lower class pay 0% personal income tax, those in the middle class pay just 10% (2%-14% lower than the Trump tax rate), and those in the top 10% pay higher rates that increase with income.
Before the Reagan era, when America’s middle class was strongest, the richest Americans paid tax rates as high as 94% on income over $2.5 million. Trump dropped the tax rate on American’s wealthiest few while raising it for everyone else. A strong economy means a strong middle class.
Our entire economy is income-taxed based - meaning 90% of the federal government’s money comes from our income taxes. Only 10% comes from business and other taxes. Those proportions are one of the many reasons why our federal deficit continues to climb.
Check out this tool from the Wall Street Journal that tells you what percent you are based on your income in the USA, and this website that details how tax rates have changed under former President Trump.