I think my biggest problem with imposing a tax hike based on an income level is that based on where you live, the $ you earn can go really far or not far at all. Every family that makes $250,000 a year is not rich by any means. In the NYC area, although that sum is certainly not going to leave you starving, it absolutely does not go as far as it would in Boise or even DC. In the NYC area, you may not be able to afford the mortgage on a small house making that much money while in other places, you could have your McMansion pick. I understand that many of us "choose" to live in more expensive areas, but our choices do help contribute to the GNP. So, what I wish for is a way to tax based more upon standard of living and geography than upon a given amount of money earned per year.
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.
no subject
Date: 2008-10-17 06:18 pm (UTC)no subject
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.