RE: [DMCForum] Re: THE US TAX SYSTEM IS A FLAT TAX NOT A PROGRESSIVE TAX SYSTEM

["timnagin" <timnagin@xxxxxxxxxxxxxx>]

I would bet that if you made that kind of money you would be lobbying to
keep more of it for yourself.  Inasmuch as people with lower incomes
shouldn't be penalized for their income/marital/kids status, why should
someone be penalized because they made a lot of money?

Greg




-----Original Message-----
From: Flavia [mailto:frvianna@xxxxxxxxx]
Sent: Sunday, October 24, 2004 11:20 PM
To: DMCForum@xxxxxxxxxxxxxxx
Subject: [DMCForum] Re: THE US TAX SYSTEM IS A FLAT TAX NOT A
PROGRESSIVE TAX SYSTEM




Yep, you are right. If you made a million dollars and paid 40% of
taxes, you still have 600,000 in your pocket :) as opposed to someone
who made 100,000 and paid the same 40% that taxpayer will have
60,000. Now who has a more comfortable life?
Of course that it will never be 40% of the income bc of the
deductions, as noted, but I don't quite agree with getting rid of the
deductions. Instead I think there should be some kind of extra
payment for huge fortunes, sort of like the minimum amount that is
paid according to the tax braket plus a percentage over the excess
of... that percentage should be incread for those who make more than
1 million, for example.

Flavia, poor student who needs the deductions on tuition payment :)

--- In DMCForum@xxxxxxxxxxxxxxx, Marc Levy <malevy_nj@xxxx> wrote:
> We do not have a flat tax because of all of the
> deductions.
>
> Wealthy people have more tax shelters.. more ability
> to make deductions.  I would guess that wealthy people
> pay a lower percentage of their income in taxes than a
> low income person... even if we ignore all of those
> limits you talked about.
>
> Get rid of all the deductions, set a tax rate, and
> everyone pay it.
>

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