How much federal tax do you think a person should pay % wise?
Don't forget we all get to pay FICA, state, county and sometimes city tax besides all the others, property, sales tax, utility tax,and the countless others you din;t really think about on a day to day basis.
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The optimum tax rate is around 15%. It varies some places for different reasons. But history shows us that if taxes are too high or too low you lose revenue. Taxes being too low is obvious. If the tax rate was 2% we would lose revenue and soon go bankrupt. Raising taxes above a certain level also cause revenue loss, and the higher you raise taxes the more you lose. This is not so obvious but is also true.
Let me give you some examples.
New York City raised the hotel tax and promised an INCREASE of $11 million a year in revenue. In the first 6 months they LOST $4 million. People stayed in hotels outside of NY to avoid the high taxes.
Maryland passed the Maryland Millionaire Tax. It was a huge tax on all millionaires who lived in the state. They promised an INCREASE or $150 million a year. The first year they LOST $240 million in revenue. The millionaires moved to another state to avoid paying the high taxes.
Oklahoma passed a 65c a pack tax on cigarettes. They promised an INCREASE of millions in revenue. They lost over $3 million the first year. People quit smoking, smoked less or bought cigarettes outside the stat to avoid paying the high taxes.
In the 1930's FDR put a 100% tax on all wages over $25,000. He promised a huge INCREASE in revenue. Do you know how many people made over $25,000 that year? ZERO. Seems no one was willing to work for free.
In the 1980's congress passed a 10% luxury tax on all boats costing over $500,000. They promised millions in INCREASED revenue. How much extra luxury tax was collected? ZERO People bought their boats from other countries to avoid paying the high taxes.
And in everyone of these cases jobs were lost. And not just in the industry taxed but also in related industries. The luxury tax on boats for example. Not only did boat builders lose jobs but so did industries that supplied them. Fewer boats means they buy less paint, lumber, power tools, rope, sail material, hardware, etc, etc. That one tax increase not only lost millions in dollar revenue, it also cost over 30,000 Americans their jobs.
The only way to get more revenue through higher taxes is if the taxpayers agree to pay the increased taxes. But for some strange reason people will not willingly give their money to the government. They won't work for free, they won't buy the product or service, or they move away to avoid paying the higher taxes.
Now lets look at the other side of the equation. Presidents Coolidge, Kennedy, Reagan, and Bush all LOWERED personal income taxes and revenue INCREASED. President Clinton LOWERED Capital Gains taxes and and revenue INCREASED. 3 Republicans and 2 Democrats lowered taxes and raised revenue. Why? Because lower taxes stimulate the economy and increase revenue. Higher taxes worsen the economy and lower taxes.
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