Tax collectors not out for only the 'rich'
As part of the Spend-and-Tax program by the administration, the president proposes paying for the Democrats' $4 trillion spending by taxing the "rich," corporations and taxpayers who have more than $400,000 of family income. Sounds simple enough
Lets revive some "old" math based on Gov. Pritzger's failed plan to increase the income tax rate on the "rich" by 3% last year as an example.
The "rich," those earning more than $250,000, would pay 7.5% and those earning above $1 million would pay 7.9%, while the rest of us would pay the current amount, 4.9%.
In this real-world example, Lets see how that increase of 3% on the "rich" works.
My research shows there are 6.25 million tax filers in Illinois, of which 20,000 have net incomes of over $1 million and 775 over $10 million. The tax increase on the millionaires will generate an extra $753 million at the proposed rates.
Let's now assume that the government increases the tax rate on the rest of us who make less than $250,000 by only 1%. Since there are 6.23 million remaining taxpayers, at, say, an average of $50,000 net income, that would produce an extra $3.12 billion dollars, four times more than the increase from the "rich." This is due to the fact there are a lot more non-rich than there are "rich." That's how math works.
The point of the above example is the majority of the taxpayers can generate more tax at lower rates than the minority of the taxpayers. All that the federal government needs to do is change the $400,000 threshold lower, or increase the tax rate on the majority of taxpayers higher, or both. Simple, old school math
Folks, don't be fooled by the claims of politicians of having the "rich" and corporations paying "their fair share" for this extra federal spending
They are not out to get the "rich," they are out to get you.