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Politics : Bill Clinton Scandal - SANITY CHECK -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (12374)	11/2/1998 4:51:00 PM
From: one_less	Read Replies (1) \| Respond to of 67261

<<Still another Democrat, Michelle Harris, who is running for Governor in his state said in a speech yesterday, "If you work just 5 to 10 hours of overtime a week or have your spouse take second job, then paying your taxes is a breeze.">> Michelle had a sex change?

To: Les H who wrote (12374)	11/2/1998 5:09:00 PM
From: Peter O'Brien	Read Replies (1) \| Respond to of 67261

Marginal rates are also effectively much higher than advertised... This is something you rarely see discussed, but it's true due to various "phaseouts" littered throughout the tax code, e.g., phaseout of personal exemptions (hits big families particularly hard) phaseout of itemized deductions phaseout of Roth IRA eligibility phaseout of 401K contributions for "highly compensated" employees I think I could construct examples where an employee's effective marginal rate is >100% if he/she is currently earning slightly below some of these phaseout levels. In that case, he/she would literally be better off declining their next raise! I suppose the Democrats think this is "fair"?