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Politics : Formerly About Advanced Micro Devices

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To: Dan3 who wrote (153222)	10/12/2002 11:13:20 PM
From: i-node	Read Replies (1) of 1585095

Re: The notion that the Bush tax cuts went to the "1% of wealthiest Americans" is Pretty much what happened. Well, you can say it 500 times, but that won't make it an accurate statement. Cutting your tax rate by 1% is huge if you're currently paying 5% of your income as taxes. Cutting your tax rate by 5% isn't a big deal if you're paying 40% of your income as taxes. You're confused. There was no "1%" cut. The tax rate was cut by one percentage point (not 1%) for those who were already paying some 38% of their income. Your statement makes no sense whatsoever, or at least doesn't support your position, when put in context. You also don't seem to comprehend that those in the highest tax brackets are creamed by the phaseout of itemized deductions and personal exemptions. They are further creamed by the inability to make prorata contributions to pension plans. And many of those who are paying zero or minimal income taxes in are actually receiving substantial welfare payments in the form of the Earned Income Tax Credit. And your notion that payroll taxes will take years to cut is patent nonsense - Bush was able to cut income taxes for the rich almost as soon as he took office. You don't know what you're talking about. Cutting "income taxes" is a minor task -- changes are done routinely and are anticipated. Changes in payroll taxes (SS & MC) are much more difficult. The structure of these taxes is well-established and has not changed since the 1986 Act, and before that since '54. It took about three years for most systems to fully integrate the changes from the '86 act. Luckily, those changes were relatively minor. Further, it is clear you are clueless when you talk about "cutting the payroll tax in half". The fact that you would propose such a cut clearly indicates you don't have any idea what the consequence would be. It is, as a practical matter, not possible. We differ fundamentally on the issue of who ought to be paying taxes. And this can never be resolved. Liberals want the wealthy to pay more, and conservatives understand that the wealthy create the jobs and so it doesn't make a lot of sense to punish them for making more money. After 15 years of practice as a CPA (a business which I have given up for the last time as of 12/31/2000), I really have no need to discuss this material with a neophyte. Let's just agree to disagree.

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