Friday, September 17, 2010

Death and taxes

As we all know, the Bush tax cuts are set to expire at the end of this year, at which point they will revert back to the Clinton-era level of tax rates. A few number crunches shows approximate increases for a few brackets: an individual making $40,000 per year would see an increase of about $400, that same individual making $80,000 should expect to pay $1,600 more. But the most dramatic changes will be at the top-most level, with a family of 4 making $5 million likely paying upwards of $325,000 more. Now, only very few people (4%) make more than $200,000, so for the vast majority the increases would not be significant, but in our current economy, can the average tax payer really afford less money in their pocket than they already make? The lower and middle classes are already experiencing enough money troubles as it is, and making even less might crumble what they have. The upper class, on the other hand, seems to be fairly well-off, and personally, I believe they can take one for the team, so to speak. With a skyrocketing national debt and plummeting economy, we need to tread carefully on the issue of money and what we do with it.

10 comments:

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  2. For most tax systems it's just the rich people who benefit. Pretty unfair.

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  3. I definitely have experienced the strain on middle class life. This doesn't seem like it would help at all

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  4. Yep....it's only in the last what. Twenty years that the richest of the country has had this advantage, too. At times not so far in the past they were loosing up to 90%...now i don't think it should be that high. But millionaires should be paying a hell of a lot higher percentage than people who can barely make the rent.

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  5. Well seeing that USA has 14% of people living under the poverty line (1 out of 7 people), I could say that the rich should pay a whole lot more than they are right now.

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  6. Nicelu said...glad to know theres still intelligence in the world.

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