Young Real Estate Investor | Info

The current income tax system is always under attack. Some people want to switch over to a flat rate and others want to scrap the entire system altogether. The question is, should the system be scrapped because it is unfair to rich people, because it's confusing, or because there is a better way to raise revenue?

In the order that the above questions were asked, the answers are: no, yes, maybe. Rich people are not punished by the income tax system; they benefit from it the most. The income tax system is confusing and there may be a better way to raise money for the government.

Who Does the Income Tax Affect the Most?

The income tax is levied on people who earn their income and not those who have their money making money for them. This means that the richest people, such as Warren Buffett, Steve Jobs, and Christy Walton, do not pay income taxes. Rather, they pay capital gains taxes, which is currently 15%.

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