Intel Strategy for Achieving Wealth and Off Topic Message Board

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Technology Stocks : Intel Strategy for Achieving Wealth and Off Topic

INTC 40.16

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Oct 30 3:59 PM EDT

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To: sea_biscuit who wrote (26901)	5/3/2001 5:46:42 PM
From: David R	Read Replies (1) of 27012

At $128K adjusted gross income, your itemized deductions begin a gradual phase out. With less deductions, you pay more tax. Clinton put this one in in 1993. In his defense, $128K was a decent amount of money in 1993 (1/2 the cost of avg home in San Jose). However, $128K is now about 1/4 the cost of avg home, and living in SJ on $128K is a struggle. They can fix this by simply raising the phase out to 1/2 the cost of a median home in San Jose (approx $250K). THis is what burns my hide with regard to the tax plans being put out. If they want to help the avg tax payer, all they need to do is adjust the many various income levels in the code (i.e. tax brackets, exemptions, etc.) so that they make sense in today's dollars. It is really that simple. AMT is the grossest example, established in 1969 when $50K was a lot of money. In 30 years the $50K limit has never been adjusted. THis is just plain stupid.

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