Excellent point on the definition of wealthy. My family in MN has no concept of east coast salaries. To them, we're rich (not that we divulge actual numbers, but my mother knows the ballpark figure). Her amazement is considerably tempered when I explain what houses sell for out here.
Interesting, the idea of adjusting tax brackets based on local cost of living, but isn't the tax code complicated enough already?
I'll take a flat tax. Take gross income, subtract a significant exemption (maybe $30-40K?), multiply by some percentage (.17?) and there's your bill. No deductions, no credits, no social engineering through the tax code. Simple.
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Date: 2008-10-17 07:20 pm (UTC)Interesting, the idea of adjusting tax brackets based on local cost of living, but isn't the tax code complicated enough already?
I'll take a flat tax. Take gross income, subtract a significant exemption (maybe $30-40K?), multiply by some percentage (.17?) and there's your bill. No deductions, no credits, no social engineering through the tax code. Simple.