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To: Dan3 who wrote (79696)	5/8/2002 9:48:21 AM
From: Joe NYC	Respond to of 275872

Dan, <Somewhat OT> Of course, Bush's policy of cutting taxes for the wealthiest couple percent of the population while raising taxes on the remaining 95% or so is sucking the life out of the economy. I updated the withholding rates in a payroll software recently, and there are reductions across the board for all income categories. I base my information on IRS Publication 15, Employer's Tax Guide. What is your source? There are some provisions in the fiscal policy, which automatically increase spending during economic slowdown or recession, such as unemployment payments, eligibility based social spending. If the Keynesian economic theory (and I am not much of a fan of it), the Keynesian economic recipe is being followed. Social security, medicare, sales, state/local income, excise, and property taxes make up the bulk of tax collections, and they have become a burden on the middle class that's squeezing the economy. It is the siphoning of money from private sphere to government sphere. Spending is the cause of increasing tax burden. How do you suppose the money could be raised if the middle class was turned into free loaders, just like the low income people already are (not only not paying their way, but being a burden). The cap on social security and medicare taxes should be removed, which would allow the rate to be drastically reduced. Medicare taxes don't have the cap. It has been removed (resulting in a tax increase) eliminating any pretension that this is a pension program, rather than a welfare program. The Social Security cap is going up like crazy, by 5.6% this year, far above the rate of inflation, which is yet another tax increase, and yet another step of turning a "pension" style program into a welfare program. Self occupancy rent payments should be deductible, just as self occupancy mortgage interest is. Hmmm... let's see. This would be result in a retarded system being even more retarded. How about making it less retarded and eliminating the mortgage interest deduction instead? That would put some spending power back into the hands of people who would spend the money on something other than italian yachts and 4th or 5th vacation houses. You may not be aware of the fact that spending premium dollars by the evil rich on vanity items like the fastest CPU, fastest graphics card, anti-lock breaks, 4-whell drive, Palm Pilots, cell phones, plasma or LCD displays etc. pays for all the R&D, and brings these products to masses. The evil rich pay for all kinds of experiments that may never lead to anything, like the latest space tourist, or they may lead to something. But we would never know if the evil rich didn't try these off the wall ideas, paying for them with their own money. What desirable effect does spending on cigarettes, booze, satellite subscription for all sports channels, crack cocaine, Hustler magazine, more Oreo cookies produce? Joe