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I sure am happy that you people do not write tax law. With an income well into six figures, and only the interest on my house as my tax write-off my Federal income tax was only 13% with a family of 5. You people would be killing me, and again that is without any fancy write-offs.
I think most of you should try this simple exercise write down your gross income and then take the amount of tax you actually owed on your 1040, 1040A or 1040EZ (not what was deducted). Now divide the amount actually owed by the Gross income, that is your actual Federal tax burden. Most likely if you are paying more than 15% of real Federal Tax (does not include SS, State, Local, or Sales taxes: they will not be affected by Federal Tax Reform) you are paying way too much and need to learn how to do your taxes properly or need to buy a home. I did this for several colleagues and neighbors who thought as you did, and almost all of them paid between 9 and 14% Federal Income Tax. Their incomes ranged from as little as 45K to 140K, on average they were 3 individual families.
For the two who were over 15% I offered to do their income tax and pay the local equivalent of HR Block to verify it for them. Both were done with no gimmick tax deductions and they both were under 15%, The local eqivalent of HR Block verified that I was correct by having almost identical results (they actually took an additional deduction for college expense of a 1st year student and lowered one of the parties by an additional percent.
So if you think a real flat tax at 15% or greater is fair you have not done your homework.
[Edited by Logical on 02-10-2001 at 11:04 PM]
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