New tax plan from leading GOP senator would require all Americans to pay federal income taxes.
Senator Rick Scott (R- FL) has proposed a new plan to ensure that every American pays a federal income tax. He claims that currently there are over 50% of Americans aren’t paying federal income taxes. Although this number has dramatically fluctuated over the years it does seem to hover around 50%. This 50% is referencing low to moderate-income earners. In order to accomplish this task, tax credits such as the Earned Income Tax Credit, and the Child Tax Credit will be removed, and the standards deduction will need to be significantly reduced. He expresses that every American must have skin in the game if we are going to gain some control over our current fiscal responsibilities.
With the current state of the nation’s GDP, and astronomically rising national debt, along with the ever-looming inevitability of higher interest rates to try to stave off unprecedented inflation, do we need to take these drastic measures to increase revenue for America’s coffers? As the author proposes at the end of the article, contributions to society exist outside the monetary realm, should it be a requirement for them to pay a nominal federal income tax? How would this affect the average American family? Is it a necessary inevitability? What do you think?
Note: There were other things that were a part of his plan, however, for the sake of this class, I decided to stay outside of the political sphere, I felt it necessary to keep it focused on the tax aspect of it, and not the politics.
Reference
Stein, J. (2022). New tax plan from leading GOP senator would require all Americans to pay federal income taxes. The Washington Post. Retrieved from https://www.washingtonpost.com/us-policy/2022/02/23/rick-scott-campaign-plan/
