"There is nothing scheming or priviledged about investing in tax free municipal bonds. Many people of modest means have these investments also.
There is no story here unless we want to be like the Democrats and inflame people based on sensational headlines."
There is a story here. You see, I am not disturbed by Terayzah paying 12.4%. Frankly bless her pointy little head that she can reduce her tax burden.
However, saying that, my family is fortunate enough to be patrt of that 200k income rate and with all my reductions I will still pay over 20%.
That is the story.
Your income is earned income. Hers comes from tax-free investments. There's a difference.
It's my belief that all taxes are too high and anything over 10% is too much, but that's arguing about what the tax law should be, not what it actually is.
However, saying that, my family is fortunate enough to be patr of that 200k income rate and with all my reductions I will still pay over 20%.
That is the story.
Exactly. The story is that wage earners like me get taxed on our W2 wages. The Uber-Rich people get to invest their money in municipals & have access to other shelters we do not. So when Senator Kerry says he wants to tax the "rich", what he means is tax people who are earning wages (in my case commissions). Really Rich people don't have jobs, ergo they don't get taxed at the rate I do.
I have no problem with THK owning munis, I do have a problem with having my tax rate jacked up when she won't be affected.