Posted on 05/19/2004 6:39:18 AM PDT by Gordon_Blair
Bush’s tax cut was a step in the right direction but it wavered a little off to the side, giving a lot of it to people who didn’t need it and not enough to the upstanding patriotic American worker.
Here is my work in progress take on some tax issues and what I would like to see Bush do this election season which would allow to keep deficits under control while putting the tax cuts where I think they should go:
Get rid of the Marriage penalty – Get rid of this entirely. We do not need to punish people for having family values. Keeping it around is an absolute joke.
Lower the Payroll tax – this is what we need to cut most importantly. Normal, decent hardworking Americans should be able to take home more of their paychecks. If you are working and providing goods and services in the USA, you should be able to keep more of your paycheck.
Investment Taxes – Let’s be honest, if you are making millions of dollars a year on investments because your daddy, granddaddy or great granddaddy made a ton of money and you just sit their sipping mint juleps all day then there is no reason you should be paying less in taxes than someone who is out there holding down multiple jobs to feed their family.
Dividends and interest should not get a tax break versus earnings made by normal, hardworking taxpaying Americans. Bush cut the dividend and investment tax rates too far. The one argument people might make is for senior citizens and their incomes which are off of investments, in which case let’s look at a way that senior citizen can get breaks on their investment income tax versus others.
That being said, let’s tax dividends and interest at least as normal income, possibly even at a slightly higher rate. A tax break for this type of income kills the American worker - why does someone who sits around all day get to pay less taxes than someone out there busting a-- to do their job? People might argue that this would decrease investment. Hardly. And we would be less worried about deficits and interest rates would be naturally lower sparking further investment.
Raise the threshold for Inheritance tax – The inheritance tax issue I wrestle with because there is a lot of money at stake on this one. I struggle thinking that the government gets a cut of someone’s wealth just because the person passes away. However, I think once you reach a certain point in wealth (I don’t know the number say $10 or $20 million) then maybe the government deserves to get a cut of the wealth for creating the framework to allow the people to make this much money (people like Kerry’s wife – or her kids more specifically – are the biggest beneficiaries of an elimination of these inheritance taxes). The old numbers on the threshold for the inheritance tax are far too low and should be increased significantly and these figures need to be indexed to inflation so we don’t have the problems like we do now.
My two cents, Gordon_Blair
I smell ozone.
Here's a better idea. Go to a flat tax and be done with it.
Oh please! You sign on yesterday and post a vanity with class envy the next day? Give us a break! Class envy doesn't work on here with most of us.
The Government does NOT deserve to take any part of anyone's inheritance IMHO! That is double taxing money! The person who earned it and paid taxes and the family that inherits the money and has to pay taxes no matter how much money is involved.
You should spend your two cents on the Fair Tax plan.
Get lost, lefty.
"Let’s be honest, if you are making millions of dollars a year on investments because your daddy, granddaddy or great granddaddy made a ton of money"
I believe something like 80% of the rich in this country are first generation rich. Meaning they earned it themselves. And phrases like "normal working people" scare me. Most rich work very hard.
Let’s be honest, You are a moron troll.
To those according to their need?
And there's where your credibility goes down the drain.
Who will make the descision where the "certain point" is? You? Ted Kennedy? The people of New York and LA on welfare?
The government deserves none of the money its citizens earn, as long as it's earned legally.
The government doesn't "allow" people to earn money. They do it. One way or another.
And maybe some are born into it - well that's fine. It didn't happen to me, so I have to work harder. But someone, at some point in the past, earned the wealth that is inherited.
There is no right of the government to re-distribute the earnings of any citizen. There is no cut-off point.
Sniff! Sniff!
Yep. Definitely a pre-ZOT ozone odor.
PhiKapMom,
You are right on double taxing of inheritance. I would change my comment above.
Class envy? As someone who works 80 hours a week for his family, I believe in what I believe in and I guess that each persons opinion on taxes is dependent on what suits them best. That's what shapes my ideas.
And as to being a newbie, please excuse if I have not learned the etiquette yet
Here Kitties, Fresh troll meat
I don't agree much with your perspective, but welcome to FR.
Why do you need to be so smarmy, using language like "daddy?"
This makes me think that maybe you should be venting somewhere else.
As far as I am concerned, the Alternative Minimum Tax needs the highest-priority attention.
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