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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 233.22+1.8%Nov 28 9:30 AM EST
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To: Alomex who wrote (157689)6/5/2003 11:47:06 AM
From: Oeconomicus  Read Replies (1) of 164684
 
Well, if the "tax cuts for the rich" label doesn't stick, then change the subject. That's fine. So, now the issue is the size of future deficits (never mind that these projections have rarely been reliable in the past). OK, let's figure out how to reform entitlement programs, cut pork and generally make government more efficient to reduce spending. Got any ideas? Or how 'bout ways to increase revenues without sapping incentives or simply imposing punitive taxes on the rich so that you can redistribute wealth out of some socialist idea of "fairness".

BTW, on the dividend issue, perhaps it would have been better to simply make dividends deductible for corporations like interest. That way people like Warren Buffett can't claim they got a 90% tax cut.;-) Seriously, the way they've done it, average tax rate comparisons between income groups become meaningless and potentially misleading. The issue will come up again and again with the "fairness" demagogues conveniently forgetting that the payment of a dividend implies taxes on the corporate level (i.e. they are after-tax dollars). On the surface, it looks like Buffett got a windfall, but the reality is that a punitive double tax was eliminated in part to remove perverted incentives for corporations to favor debt over equity financing and in part to stimulate investment in equities. Making them deductible on the corporate level would have achieved that without making it appear to be a giveaway to the rich.
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