Why should someone be taxed simply due to the effects of inflation? That used to be the case with income taxes until around 1981 - people who got pay raises simply tied to inflation were being pushed into higher tax brackets. One of the first things that Reagan pushed through Congress was indexing income taxes to inflation.
This same thing needs to happen across many tax programs - they should be indexed. For example, until this year, the maximum amount anyone could contribute to an IRA (Roth or conventional) was $2000. That $2000 limit had been in place for over 20 years. It was absurd. Similarily, the Alternative Minimum Tax as passed many years ago to keep a handful of rich people from paying less income tax than some thought proper. It has never been indexed to inflation, so now it affects a growing number of middle income people. It just goes to show that many taxes aimed initially at "the rich" end up biting a growing number of average people.
Current Events » in reply to Re: The single most useful (and fair) thing they could do in regards to capital gains..
How is the premise flawed?
The whole thread (28 posts)
- Anyone think this stuff is cumulative?
- Re: Anyone think this stuff is cumulative?
- Dunno, did 4 days of bombing work for the impeachment hearings? n/t (n/t)
- Just Refinanced the house...Will have it paid off in half the time...