A Taxing Matter

Our federal tax code is too confusing, too complicated and quite frankly unfair to many Americans.  We believe our tax code is in desperate need of an overhaul.  Think about the following:

  • Next week President Obama will introduce a FYE 2013 budget calling for higher taxes on those who earn over $250,000, including a repeal of the “Bush tax cuts.”  If the U.S. Tax Code is used to penalize success then we will see much less success achieved.  Taxes should be collected to fund our country, not as a political platform of “class warfare.”  We need a flatter, and less complicated system of individual income taxation as recommended by the Presidents own Simpson Bowles Deficit Commission.
  • 23% of all personal tax returns that were filed in 1979 paid no federal income tax.  Thirty years later (in 2009) 42% of all personal returns that were filed paid no federal income tax.
  • There have been approximately 4,428 changes to our tax code over the past ten years.  That is an average of more than one per day.  During 2010, there were 579 changes to the code.
  • The wealthiest 1% of our population earns 19% of the income but pays 37% of the income tax.  The top 10% of income earners pay 68% of the income tax tab.  Meanwhile, the bottom 50% – those below the median income level – now earn 13% of the income but pay just 3% of the taxes.

Talk, talk and more talk……we hear many politicians speak of the need for change.  When will someone take the lead on real tax reform designed to drive growth and opportunity for all and start to make it happen?

Source:  Internal Revenue Service

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The information in this material is only as current as the date indicted, and may be superseded by subsequent market events or for other reasons. Statements concerning financial market trends are based on current market conditions, which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. While all information prepared in this document is believed to be accurate, any statements of opinion constitute only current opinions of Payne Wealth Partners, Inc., which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. Accordingly, you should not put undue reliance on these statements.

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