"Redistribute the wealth"....
It seems to me that anytime tax laws are changed, a "redistribution of wealth" occurs. Every time changes are enacted, new winners and losers are created.
Having said that, I must confess that Ryan's tax proposals make my mouth water. Paying zero taxes on investment income of every kind benefits my whole extended family in a big way, collectively speaking. Some less, some more. How much will depend on whether or not the trust payments from family farms is included. On both sides of my family "tree" large farm holding are held in trust and all of the current descendants receive annual income. With a few exceptions, none of us actively farm, and those people own their land outright and are buying more all the time, i.e. creating a separate estate.
Even if the farm income is excluded under a Ryan plan, the elimination of taxes on other investment income would be a real windfall. The Bush tax cuts on dividend income and capital gains to 15% was itself quite a windfall in the past ten years.
As for deductions, we have so few that losing them wouldn't count for much, so I'm really liking some of Ryan's ideas, personally speaking anyway. I guess most of the thread does, too? |
