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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Katelew who wrote (150426)	11/17/2010 2:29:39 PM
From: Steve Lokness	Read Replies (2) \| Respond to of 543691

I didn't know who she was so had to look her up in Wikepedia; Schakowsky is by some accounts the most[3] liberal member of the current US Congress. I liked a lot of her ideas too. Scary. I think a lot of her tax ideas are dead on arrival though......

To: Katelew who wrote (150426)	11/17/2010 4:32:04 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 543691

Is income averaging still around, or is that what this is?

To: Katelew who wrote (150426)	11/17/2010 4:43:46 PM
From: Katelew	Read Replies (1) \| Respond to of 543691

Hmmm....I don't know if income averaging is still around. Deferred compensation is a category all it's own, however as you allude, it functions in a similar manner, i.e. minimization of taxes. Deferred comp = I'll pay you $100,000 a year now and then you'll receive another $50,000 a year after you retire. Income average = a salesman has two great years and 3 mediocre years. He can average the great years against the mediocre on a 5 year averaging schedule and avoid being pushed into a higher bracket during the two great years.