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If you live in Washington I'm sure you have seen this proposal to institute an income tax.
There are a couple of things I want to touch on. First, this proposal is a tax on the rich. Why do politicians believe that it is fine to raise taxes on only the rich? Don't they pay more in taxes than others? What will these rich people do when we start singling them out with increased taxes? They might move somewhere where they aren't treated unfairly by the government. This tax proposal is merely a transfer payment from the rich to the poor, as is pointed out by this quote: Brown said any income tax proposal "would be targeted at the high earners. I'm not sure how high. But certainly not wanting to put an additional tax burden on middle class people or low-income people who are going to bear the brunt of the (budget) cuts."
So it is OK for the government to reach into your pocket, take out some money and give it to someone else? It sounds a lot like stealing to me. The other problem with the government doing this is that half of what they take gets wasted in the bureaucracy.
One reason given for wanting an income tax is because it is a "volatile" revenue stream. Are income taxes less volatile? When somebody losses their job they don't pay income tax anymore, but I bet they still buy some stuff. If people don't get raises the tax revenue doesn't increase. The final point on this is that GDP growth usually precedes a rebound in employment and personal income growth. This means that a sales tax would grow sooner in a rebound than an income tax.
Finally, this goes to what I have said before. If we give these people an inch they will take a mile. The income tax will start as a tax on the rich, people that make over $500k a year, then in the next recession it will be lowered to $200k, and lowered again in the next crisis until everybody is paying it. In this time when families and individuals are finding ways to make due with less why can't our government? Our government has been growing faster than GDP for years, it is time to say enough is enough, make due with what you have.
Obama’s Peace Ally Hamas Announces ‘Day of Rage’ in Jerusalem
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Hamas terrorists announced a “day of rage” set for Tuesday in response to
Israel reopening an ancient synagogue in the Old City’s Jewish Quarter. The
Hurva...
6 hours ago
4 comments:
The only way a state income tax would make sense is if we did away with sales tax a la Oregon. I agree that a state income tax is a terrible idea.
Sales tax already taxes the rich more. They spend more money, buy more cars, buy bigger tv's, bigger houses, more jewlery, etc.
I can't remember her name, but there's one state rep who introduces an income tax bill every year in our state legislature and it never goes anywhere.
What we need is Robin Hood. He robs from the rich and gives to the poor. Watch the movie, it totally works.
Yes, you are correct, there is a Rep. who introduces a new income tax bill every year, but I believe this one was introduced by another person.
The conventional wisdom says that sales taxes are regressive in that they hit the poor hardest, because the poor spend all of their income.
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