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Benson, my last post went out before I read your last two. Now I understand you better, but disagree. I don’t see people in the EIC range as not having a stake in the system. They are working — you have to earn income to earn the earned income credit. If people at that level had to pay taxes that ate into the money they need just to get by each day, they would actually have less of a stake in the system and would resent it more. This is not an incentive not to work, and in fact, if their income rises out of EIC range, they will have more disposable income even after taxes. So they have a stake in the economy, their jobs, schools, etc. And those at the top have a stake in the system continuing to provide those who are struggling with not only a stake in the system but a sense of fairness and opportunity. I also think that those in teh EIC range have many pressing needs that they do not have the funds for. The tax relief they receive is going to go straight into economic activity.
Go back 150 years, we relied almost exclusively on property taxes and tariffs. So it is far from a given that everyone must pay income taxes.
Dirty Hipster,
Just scanned the article. Guess she at least has a sense of humor – “Korean Abdul-Jabbar” is pretty good..
Think it got published because of it has a kind of urban legend aspect to it. And one of the victims probably knew the journalist.
Going back to Legion’s point: I congratulate Mayor Bloomberg for being a true mensch and going against the populist class-warfare tide. I always admire a politician who stands up for something on principle, even if it causes him to lose some popularity. That’s the difference between a leader, and an ordinary hack politican (Hack politician: see Albany).
etson, since I’m over 50 i receive statements from the social security administration and I know how much i will get from them. It’s likely to cover my truffle bill and a decent portion of my monthly wine bill once I retire so I want you to keep up your payments!!!
Ugh. The social security tax is the one that disgusts me the most. I’m fine with it for those that need it. But I don’t see why people my age should be subsidizing wealthy old people.
Benson, my last post went out before I read your last two. Now I understand you better, but disagree. I don’t see people in the EIC range as not having a stake in the system. They are working — you have to earn income to earn the earned income credit. If people at that level had to pay taxes that ate into the money they need just to get by each day, they would actually have less of a stake in the system and would resent it more. This is not an incentive not to work, and in fact, if their income rises out of EIC range, they will have more disposable income even after taxes. So they have a stake in the economy, their jobs, schools, etc. And those at the top have a stake in the system continuing to provide those who are struggling with not only a stake in the system but a sense of fairness and opportunity. I also think that those in teh EIC range have many pressing needs that they do not have the funds for. The tax relief they receive is going to go straight into economic activity.
Go back 150 years, we relied almost exclusively on property taxes and tariffs. So it is far from a given that everyone must pay income taxes.
Dirty Hipster,
Just scanned the article. Guess she at least has a sense of humor – “Korean Abdul-Jabbar” is pretty good..
Think it got published because of it has a kind of urban legend aspect to it. And one of the victims probably knew the journalist.
http://www.irs.gov/individuals/article/0,,id=150513,00.html
Going back to Legion’s point: I congratulate Mayor Bloomberg for being a true mensch and going against the populist class-warfare tide. I always admire a politician who stands up for something on principle, even if it causes him to lose some popularity. That’s the difference between a leader, and an ordinary hack politican (Hack politician: see Albany).
etson, since I’m over 50 i receive statements from the social security administration and I know how much i will get from them. It’s likely to cover my truffle bill and a decent portion of my monthly wine bill once I retire so I want you to keep up your payments!!!
Also. no matter where they move to, every state will be going after the top earners so I don’t think everyone’s going to up and move somewhere else.
People who retire however, do. You can have your primary residence in FL, NV and NH and pay no income taxes. You can still keep a residence here.
Ugh. The social security tax is the one that disgusts me the most. I’m fine with it for those that need it. But I don’t see why people my age should be subsidizing wealthy old people.
At what level does EIC kick in??? What are the determining factors???
i like patsy’s quote on ab fab, just tax the stupid people!
*rob*
OOOOH, OOOOOH AND I WANT THE 1954 CADDY!!!!! pg. 103
That is a beauty…look at the chrome on that baby.