Wednesday Links
Downtown. Photo by AllWaysNY. Obama Clinches Nomination; 1st Black Candidate to Lead Major Ticket [NY Times] Bloomberg Said to Explore Third Term or Albany Bid [NY Times] Coney Island ‘Mayor’ Resigns Over Redevelopment Plan [NY Daily News] Fewer Stabilized Apartments in ’07 [NY Daily News] The Target Effect, 3 Months In [Bklyn Junction] Studio B…
Downtown. Photo by AllWaysNY.
Obama Clinches Nomination; 1st Black Candidate to Lead Major Ticket [NY Times]
Bloomberg Said to Explore Third Term or Albany Bid [NY Times]
Coney Island ‘Mayor’ Resigns Over Redevelopment Plan [NY Daily News]
Fewer Stabilized Apartments in ’07 [NY Daily News]
The Target Effect, 3 Months In [Bklyn Junction]
Studio B Operated Without License? [NY Shitty]
To the poster who claims that a 20% flat tax across the board is more “fair” than a progressive tax, simply put, you’re wrong.
If you stopped long enough to think about the marginal utility of money, you would realize that 20% reduction of income for someone making $10,000 will have a greater impact than a 20% reduction of income for someone making $1 million. That’s because a greater portion of the former income is going to basic necessities such as food, clothing, shelter than the latter income. A person can still live pretty good on $800,000 a year. The flat tax is one of the greatest canards ever raised by Republicans/Libertarians.
And for the same reason, daveinbedsty, capital gains tax is fair because it taxes the people who benefit the most and who can most afford to pay taxes. its a tax on investment income, and investment income is by definition income that is discretionary income. If you’re using returns on your stock portfolio to pay coned, you either better get a job, or you don’t need one.
cmu I hear France is a nice place to live, especially if you like to pay high taxes.
What are your thoughts on capital gains taxes?
Agreed, it’s easy to fall back on simplistic statements. I guess one either believes in progressive taxation or one does not. And even if one does, it’s a gray scale, as your definition of “fair” (progressive, not flat) rates may not jibe with mine.
The comment about “others” was meant to say that, in general, the lower your income the fewer your options in evading taxes. So if my taxes increase, while the very rich may, indeed, be paying more than me, they have more options to not pay. A second home mortgage deduction for example. Why is this good policy? But this debate can be endless.
Yes, I do believe one of the government’s prime functions is to ensure a decent society for all, and if that means “redistribution” of income, that’s ok. It’s happening now anyway. Arguing against it is no more valid than saying it’s not fair to pay school taxes if you don’t have kids (a favorite libertarian stance.)
And as far as fairness is concerned, whatever Obama can/will do will only correct the massive decrease in taxes that the rich pay as a result of 8 years of Republican control. If you believe in a flat tax, this is not an argument, of course. But if you believe in fairness in its original sense, it would restore it.
2.21, spare us your own stereotypes – I guess you think everyone earning good money got their job through nepotism/has a trust fund/earns dividend income onlyor has the mythical tax shelter and pays less tax than the guy earning 40K. BS.
If the current C student that resides in the white house can take direction(from daddy of course) then Obama wont do any worse. If Hillary goes along for the ride ,she can add her 2 cents if she isnt busy tracking Bill down instead.One thing, Obama is the better alternative to Mcpain who wants to keep our troops in Iraq 100 years .Why should he care? He probably sees himself six feet under in a few years anyhow.As proven by our bumbling fearful leader literacy, experience and a brain are not needed to occupy the white house as commander-in-chief .So I say congratulations to Obama and I will pray for him because between racist joe schmoe trying to off him and Hillary as well,he will need it. Too bad the first African American president is left to clean up the mess left by that incompetent dummy and his sidekick when he takes office.
cmu (communist manifesto urger) is exactly why I won’t be voting for Obama. But I don’t want McCain either.
CMU – the point of the tax system is not to redistrubute wealth from those who earn it to those who didn’t. It is to support government spending, whether that be welfare, military, roads or section 8. Eaxch earner (and there’s plenty who don’t earn) paying the same percentage on each dollar they earn is just plain fair.
being generous with other people’s earned money does not somehow equate with fairness. What is fair is a system that treats all earners the same.
Your first paragraph is disingenuous. Those who earn more already pay more. What you are advocating is that they should also pay more in percentage terms, thats hardly fair. (of course, they already do pay more in percentage terms).
As for your last comment – they already pay more taxes than you. No doubt you are conflating those with earned income with those who didn’t earn their income, and then concluding that the rich pay less income tax with you. But we’re talking about payroll taxes here, so keep on point.
And whats others paying it got to do with you paying it? If you think someone earning the amount you do should pay more taxes, then go ahead, the IRS only says the minimun you have to pay, not the maximum.
1:19: Note para 2 12:55 above. Your definition of fairness has nothing to do with being “fair” to people. Those who make more money can afford more taxes, it’s as simple as that.
1:24: This tired rhetoric again. You really think the average Joe has a choice of jobs? I guess you believe that everyone making less than you do is just lazy? Or stupid? And welfare queens are riding around in Cadillacs? Whether or not an individual is at his capacity is beside the point. There will always be people who are marginal, or just plain poor, or unlucky, or whatever.
1:27: Equally absurd statement. How do you equate a statement saying that the tax system could be made more progressive, with what an individual does?
I’d be happy to pay more taxes, btw. As long as those who earn 10 times what I do also do so. And I’m sure that’s fair, is it not?