There is only one thing you need to know with respect to your federal taxes despite what politicians say – they will go up.
Yesterday it was reported that 47% of families in the U.S. pay no federal income tax. This is an example of everything that is wrong with our progressive tax system.
This simply crazy. A tax system where ten percent of the earners pay 73% of the liability is not sustainable.
Until we achieve tax equality in the form of a flat tax on income statements like “we expect everyone to pay their fair share” will continue to ring hollow.