See posts 38/40 for example.
Standard deduction is $12,500 or $25,000 for a married couple, plus a $3,500 personal exemption. These are the only deductions, you pay 10% on the first $100m ($50m for singles so we can still argue gay marriage), 25% on amounts above $100m/$50m.
A single guy making 70K would pay 6K in Fed taxes under Fred’s plan.
Crunch the numbers any way you wish under the current system
or the (so called) Fair Tax and it wont come close.
I get it now. Thanks. I like it. I would have paid a LOT less last year under this plan.