40% of Americans Pay No Taxes

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Are you one of the 40% of Americans who pays $0 in taxes? That is right. Over 40%, almost half of U.S. households, do not pay taxes. This means there is a minority of Americans left footing. A majority of the bill, a bill that totaled a whopping $4.8 trillion in 2022. And tax day in 2023 comes and goes. The story will be the same.

Now, you might think this would mean that many people would be happy with the current tax situation, given the fact that almost half of Americans pay little to no taxes. But if you are on one side of the aisle, all that you ever want is to make the other half of America pay more in taxes. And if you are on the other side of the aisle, you give lip service to paying less in taxes while just saddling future generations with even more debt.

Debt, which right now is running up against a ceiling yet again, is facing another catastrophic risk of default. And given the Congressional Budget Office projection that the fiscal policy right now is large and unsustainable, it is an understatement to say that the tax situation in the States is a little bit of a mess right now, but I'm going to clean it right up for you and explain exactly what the problems truly are and what can be done to fix them both from a societal standpoint and from an individual standpoint.

Timecodes
0:00 The State of Taxes in the US
1:27 Who Pays Taxes and Who Doesn't
3:56 The Misconception About Taxation and the Wealthy
5:44 The Problem with Government Spending
6:20 The Income Tax as Theft: A Historical Perspective.
9:43 What is an Income
10:40 Alternatives to Income Tax: Pros and Cons
13:51 The Most Patriotic Thing you can Do

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I am not a CPA, attorney, or licensed financial advisor and the information in these videos shall not be construed as tax, legal, or financial advice from a qualified perspective. Linked items may create a financial benefit for Heresy Financial.

#Taxes #UncleSam