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.

1 comment:

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.