10/14/2005

Taxes

I read this article concerning the tax rate and am a bit surprised at what it had to say. It makes sense that the smaller the tax base, the higher the tax rate must be. However, when they say that we can cut our taxes in half if there were not so many deductions, credits and other tax loopholes, one may get excited. I know that was my first reaction. Then after thinking about it, I am one of those who benefit from several deductions (work related). Therefore, the idea of all personal income being taxed is not so appealing. This is exactly my point in writing this blog. Often politicians tell us of these wonderful programs or ideals that will benefit everyone and at first they appear to do so, but after crunching some numbers they tend to not be so beneficial for most of us.

7 comments:

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Elijah said...

Well, aside from everyone and they dog telling you that they have a blog to look at, i liked what you had to say. i think that the majority of the time, we as a nation tend to jump at things that supposedly help our living style or status. That's how this country works! Nobody wants to tell the truth about the con's of their proposal, but instead try to catch you on a whim to jump on the band wagon so they can get what they want. I guess we can see why politicians get such a bad rap. I think that we need to look more into the detail of each situation and get the big picture of what is going on in our world.

Savannah said...

I know that we all seem to benefit from deductions and credits but I think if there was a flat tax then the majority of the public would save more because we would all be paying a smaller percent of our income.

ethan said...

Taxes are an expense that I am going to have to pay my whole life. This means that I need to think about my whole life before I agree with a tax cut with the loss of deductions. I currently don't have a lot of deduction. In the future I plan to have as many as I can. I might have to bite the bullet now so I can pay less in the future. I disagree with the tax cuts along with the loss of deductions.

Dr. Tufte said...

-1 on Ethan's comment for spelling errors.

-1 on Elijah's comment for spelling errors.

The problem with looking at this as a deductions issue is that if you are the one benefitting from deductions, then there is someone else without deductions who is paying extra.

For most of you students, this means that you will be paying too much in the near future when you're young and don't have many deductions.