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Topic: Kerry on taxes

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  1. #1

    Kerry on taxes

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    Stephen Moore, president of the Club for Growth, writes in the WALL STREET JOURNAL on Monday:

    "According to the Kerrys' own tax records, and they have not released all of them, the couple had a combined income of $6.8 million in income last year and paid $725,000 in income taxes. That means their effective tax rate was a whopping 12.8%.... "Under the current tax system the middle class pays far more than the Kerry tax rate. In fact, the average federal tax rate -- combined payroll and income tax -- for a middle-class family is closer to 20% or more. George W. and Laura Bush, who had an income one- tenth of the Kerrys', paid a tax rate of 30%. ...

    "Here is the man who finds clever ways to reduce his own tax liability while voting for higher taxes on the middle class dozens of times in his Senate career. He even voted against the Bush tax cut that saves each middle-class family about $1,000." The Kerrys "have unwittingly made the case for what George W. Bush says he wants to do: radically simplify and flatten out the tax code. ... So before John Kerry is given the opportunity to raise taxes again on American workers, shouldn't he and Teresa at least pay their fair share?"
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    Eric Doggett
    MoonDog Media
    www.moondogmedia.net

  2. #2

    Re: Kerry on taxes

    Does this guy really want us to believe that Bush is the middle-class tax champion?

    Here's the deal: when they say they want to flatten the tax code, they mean that they want the top brackets to be lower with respect to the lower brackets. That would reduce Kerry's rate further.

    So how do the wealthy end up paying a lower rate than the rest of us?

    * Lower tax rates on capital gains than on income
    * Special exceptions, deductions and credits added to the tax code over the years
    * The ability to hire really good tax accountants

    What does Bush want? ZERO tax on capital gains. ZERO tax on inheritance - even in the billions.

    Bush is a friend to power and money, not the middle class.

    -JF

  3. #3

    Re: Kerry on taxes

    Quote Originally Posted by Eric Doggett
    Stephen Moore, president of the Club for Growth, writes in the WALL STREET JOURNAL on Monday:
    Man, you are REALLY desperate for something -- anything -- on Kerry. What a joke.

  4. #4

    Re: Kerry on taxes

    Quote Originally Posted by JonFairhurst
    What does Bush want? ZERO tax on capital gains. ZERO tax on inheritance - even in the billions.

    -JF
    What's so wrong with that? This is after tax money put to good use to begin with. If my parents died tomorrow, I'd have to pay out about half of my Dad's earned post-tax money to the govt. I most likely would have to sell their house instead of keep it for one of my children when they're older. I certainly wouldn't be able to re-mortgage the house! Why penalize the rich for being successful?

    Rob

    (who btw earns a measley $36000 CAD/year)
    Last edited by robh; 10-11-2004 at 08:12 PM. Reason: bad grammar

  5. #5

    Re: Kerry on taxes

    Quote Originally Posted by robh
    What's so wrong with that? This is after tax money put to good use to begin with. If my parents died tomorrow, I'd have to pay out about half of my Dad's earned post-tax money to the govt. I most likely would have to sell their house instead of keep it for one of my children when they're older. I certainly wouldn't be able to re-mortgage the house! Why penalize the rich for being successful?
    Most economists agree that a zero capital gains tax would not only fail to help the economy, it was more than likely worsen it. Reductions in capital gains taxes have traditionally resulted in a downturn in the economy.

    As for the rich, having to pass on a new house in the Hamptons this year is a pretty tough penalty...

    I really don't know what the problem is. I don't mind a bit paying taxes. I've certainly got more than enough money leftover to enjoy myself AND help my kids secure their future. What exactly is it people are complaining about? Being required to be responsible citizens?

  6. #6

    Re: Kerry on taxes

    Quote Originally Posted by robgb
    Most economists agree that a zero capital gains tax would not only fail to help the economy, it was more than likely worsen it. Reductions in capital gains taxes have traditionally resulted in a downturn in the economy.
    I wonder if that's because people are more likely to pull their investment out of the market when they smell a downturn - and a reduction makes it that much easier? (I have no hard evidence to back that up - just wondering.)
    As for the rich, having to pass on a new house in the Hamptons this year is a pretty tough penalty...
    It sure is! *sniff* It was such a nice house too!

    I really don't know what the problem is. I don't mind a bit paying taxes. I've certainly got more than enough money leftover to enjoy myself AND help my kids secure their future. What exactly is it people are complaining about? Being required to be responsible citizens?
    I guess here's my problem: I don't have any confidence that any level of gov't is using my money responsibly! Do you? When the gov't spends more than it takes in, that's irresponsible. When they spend money on crap, or short-sighted programs, (I'm sure you can list a few of Bush's that qualify - are you happy your tax money is going there?) that's irresponsible! I would rather not contribute to that irresponsible behaviour, especially when it seems to be costing me more than my annual "cost-of-living" increase can cover. That's my complaint.

    Correct me if I'm wrong, but I assume when you mean by "Being required to be responsible citizens", you are referring to taxes that pay for good social programs, right? I actually don't have a problem with that - except that I don't believe that gov't can actually do that as efficiently or as effectively as non-profit charitable organizations. Perhaps you have more confidence in government than I do.

    Rob

  7. #7

    Re: Kerry on taxes

    Quote Originally Posted by robh
    If my parents died tomorrow, I'd have to pay out about half of my Dad's earned post-tax money to the govt. I most likely would have to sell their house instead of keep it for one of my children when they're older. I certainly wouldn't be able to re-mortgage the house! Why penalize the rich for being successful?

    Rob

    (who btw earns a measley $36000 CAD/year)
    Rob,

    You must be talking about Canada. In the U.S. the current Estate Tax Law allows an exemption for all estate monies under $1 million. This effectively means that the first $1 million dollars of the estate can be passed to beneficiaries tax free. So unless you ARE talking about a multi-million dollar house...

  8. #8

    Re: Kerry on taxes

    Quote Originally Posted by robh
    I guess here's my problem: I don't have any confidence that any level of gov't is using my money responsibly! Do you? When the gov't spends more than it takes in, that's irresponsible.
    Do I like my taxes going to illegal wars? Of course not. But that doesn't mean I want to stop paying taxes. It simply means I want to get rid of the guy who has turned the faucet on and kept it on for four years: Bush.

    But a large portion of our taxes goes to things like the infrastructure and helping the poor and unemployed, which benefits all of us. Which is why I support candidates that actually have a plan to use our taxes wisely.

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