Saturday, January 28, 2012

Tax Rates

Not to be overly political, but ...

I do not agree with lower tax rates for dividends and capital gains. My feeling as a voter and a citizen is that it is all income, and it should be taxed as such. And, of course, while there is a ceiling for tax rates, there is also a floor.

Thus, rates of 10/20/30% with fewer exemptions in the top rate ought to do it. The lowest rate should begin above the poverty level, and exemptions should be greatest at the lowest level. Of course, that would give some people lower rates on dividends/cap gains, while it would not discourage investment at any level. Additionally, the cap on FICA should be lifted to $250K, and both Social Security and, especially, Medicare should be means tested in terms of payout.

That should about do it. And, I can't imagine the arguments against it.


Darren said...

Of course you can't :)

mmazenko said...

Do you have any? It was sort of an invitation.

Mike Thiac said...

I can't let this one pass. It's call history.

Congress says “give us more money and we will use it to pay off the debt in the trust funds, shrink the deficits, pay off the debt, etc “ and guess what, they piss it away.

Your problem is you’re blind to what has happened over our history (with Congresses of both parties, but especialy the Democrat since the Great Society).

If we follow your idea the only thing that will happen is the government will take more money from people and the country will be deaper in debt.

mmazenko said...

Seriously, Mike?

You're opposed to 10/20/30 that kicks in above poverty and decreases deductions as the top bracket?

I'm not proposing taking more money - my rates actually drop the rates.

You're blinded to common sense by hating on the govt.

Elsa said...

I don't know it there is one real answer; all I can say it that after the Bush tax cuts; I paid more taxes. I teach school; I don'e make anywhere near the middle bracket; let alone the top.