The Alternative to ‘Alternative Taxes’

Ninety-one percent is a “fascist tax rate,” period. And it happened to be the top marginal rate for the federal personal income tax right here in America until the mid-1960s. True, no one actually paid 91 percent. But to avoid paying statutory rates, like 91 percent, we must do as our overlords want us to do. We must buy a house on credit and buy an electric car and dance like a Russian circus bear if we want to knock our effective tax rates down to something a little less fascistic. Tax rates are high because Congress wants to control us and to get us to do what they deem is best. Congress does this by offering the taxpayer a vast array of exceptions: the adjustments, deductions, exemptions, write-offs, loopholes, and such in the Internal Revenue Code that allow us to pay less to the IRS. But the exceptions had become so numerous and so large that it had allowed some high-income Americans to pay income taxes at scandalously low rates. That situation might have even...(Read Full Article)