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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (50066)	5/16/2004 2:25:42 PM
From: Elroy Jetson	Read Replies (2) \| Respond to of 74559

I'm afraid you got the wrong impression. The Current Tax Rate Brackets are 10%, 15%, 25%, 28% 33%, 35%. While Steve Forbes talks about a 15% Flat Tax for bait-and-switch purposes, U.S. Treasury analysis indicates a Flat Tax which eliminates all deductions, such as those for mortgage interest, would be revenue neutral at roughly 23.5%. Under Steve Forbes' Flat Tax those in the: 10% tax bracket would see a 135% tax increase; 15% tax bracket would see a 57% tax increase; 25% tax bracket would see a 6% tax decrease; 28% tax bracket would see a 16% tax decrease; 33% tax bracket would see a 29% tax decrease 35% tax bracket would see a 33% tax decrease. Of course, home owners in all tax brackets would see an additional tax increase to pay for a Flat Tax. I think a much more reasonable proposal would be a Bill of Attainder lowering tax rates by doubling the taxation on all Yale graduates. That way the primary tax burden would fall on economic dead-weights like: Steve Forbes; George W. Bush; John Kerry; and Howard Dean.