Taxes, taxes, taxes

Todd

So, as I emotionally prepare for a Democratic president, I have some question for my readers:

  1. Who is going to pay for socialized medicine?
  2. Do you think capital gains and dividend taxes are fair? (I hope you answered number one first!)
  3. Are you supportive of having 50% or more of your income and profits confiscated?
  4. Do you think I’m overreacting?

Happy Monday everyone!
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8 Comments

  1. March 24, 2008 at 9:47 am — Reply

    1.We’ll finance it the same way we’re financing the war. Devalue the dollar and borrow more money.

    2. My favorite book when I was a kid was Robin Hood.

    3. Possibly.

    4. You’re last question is more of a worldview question. If you’re supportive of having 50% of your income confiscated then you’re overreacting. If you’re not supportive then you’re not overreacting.

  2. March 24, 2008 at 10:01 am — Reply

    Ditto Steven.

  3. March 24, 2008 at 10:08 am — Reply

    Why are you both (possibly) supportive of capital gains and dividend taxes?

  4. March 24, 2008 at 10:27 am — Reply

    Because I don’t make any money and he’s European.

    In all seriousness, I’m not affected by dividend taxes, and at the moment my capital gains are unrealized so it’s not something I’ve given a ton of thought to and so I say possibly. But, I don’t mind paying my taxes and I don’t think that will change when I’m in a higher income bracket. I do mind when tax money isn’t used wisely and that’s the real kicker. I would happily pay the majority of my income in taxes if there was some way to guarantee that the money would be used wisely. But of course there is no guarantee so I’m constantly riding the fence on tax issues. We’ll see what I think next year when my wife is through with grad-school and we enter the world of DINK-dom.

  5. March 24, 2008 at 10:41 am — Reply

    Also the fact is that redistribution of wealth will happen whether we like it or not. The Bear Stearns fiasco is just a bubble on the surface. The big news today is that JPMorgan may pay $10 a share rather than $2, financed of course by the Federal Reserve. So the Fed can bail out the shareholders or it can let them lose their money, effectively making the share holders less rich. We might as well face the fact that the market is eventually going to put us back to a more even playing field and beat the market to the punch. This is just my opinion and I’m not an economist, but I think it’s a better option than bailing out Bear Stearns.

  6. March 24, 2008 at 11:00 am — Reply

    a 1% national sales tax would bring in the same tax revenue that the government pulled down 10 years ago. With some cutting of waste we would have no problem making that amount work. I hit the 31% tax bracket this year and it hurt to see my money going to waste.

  7. Brad
    March 24, 2008 at 6:21 pm — Reply

    1. Even if a socialist is elected there is no way to pay for socialized medicine. It costs too much.

    2. What tax is fair? Other than the fair tax?

    3. No. Nothing will cripple an economy like punitive tax rates.

    4. No. But I’d like more conservatives to give McCain a chance. He did promise no new taxes, I believe he meant it. The dems on the other hand are openly promising higher taxes, and we know they mean it.

  8. March 25, 2008 at 1:24 pm — Reply

    Todd —

    I don’t think that it’s a matter of “fair”, that’s why. It’s always fair for the richer to give to the poorer. And it’s just as fair to tax one source of income as it is another, and possibly more fair to tax income that makes no productive contribution to society per se.

    The better question is whether it’s good policy. Some taxes are more prohibitive to fostering the economy as a whole than others because of the structure of the financial markets (the “fair tax”, for instance, is frankly shite in terms of actually working with the economy as it functions in real life, because of how investments work). As a rule, though, it’s a bad idea to tax capital gains and dividends (much) because if you tax capital at a high rate, then that stalls investment and lowers overall revenue. Or so my friends at the Chicago Board of Trade tell me.

    So I’m opposed to raising them as a matter of policy.

    Actually, I think we should finance socialized medicine by collecting an extra five percent income tax from people who brag about their income by whining about their tax bracket. Where I come from, that’s just in poor taste. At least as poor in taste as suggesting that medical attention for the poor equals “waste”.

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Taxes, taxes, taxes