According to an article in The Star yesterday, from an article in Bloomberg News (ironically enough), 5 days earlier, more and more high-earning Americans are avoiding income tax altogether. (I say ironically enough because Bloomberg News is rather famously owned by the uber-wealthy billionaire Michael Bloomberg).
IRS Finds One In 189 High Earners Paid No 2009 U.S. Tax
The percentage of U.S. taxpayers reporting adjusted gross income exceeding $200,000 who paid no U.S. income taxes increased in 2009 to 0.53 percent from 0.51 percent, meaning that one in 189 high earners avoided taxation, an Internal Revenue Service study found.
My point in mentioning this today is not to rail against the wealthy who are, more and more, escaping and evading taxes altogether but to ask the rather salient and altogether appropriate question--doesn't it make sense that we have a national "minimum tax" for both individuals and corporations so that these wealthy people can and do pay their extremely fair share for a) being in America and b) having access to all the benefits therein like our schools, sewer systems, air traffic, all other infrastructure and--maybe most important of all, our markets?
Doesn't this make sense?
I'd propose that it kick in when people make over, say, $200,000 or $250,000 annually and when corporations do the same. (This might have to be tweaked for the corporations, I'm not a tax expert).
It's just logical.
First of all, they can afford it and second, it really is their duty to pay at least SOME taxes in order to enjoy--and maintain--all we have here. And by "some", I mean a 20% minimum. That's still a bargain.
No more skipping out totally on taxes. It's the right thing for them and for the nation. No matter how many deductions you pull out of your hat, there's a 20% minimum income tax.
Someone needs to propose such a thing.
And please, whatever you do, don't tell me it punishes success.
Link to original story: http://www.bloomberg.com/news/2012-05-29/irs-finds-one-in-189-high-earners-paid-no-2009-u-s-tax.html